The Central Bank of Nigeria (CBN) allotted N731.75 billion at its Treasury Bills Primary Market Auction held on Wednesday, May 6, 2026, amid sustained investor appetite for longer-dated government securities.
Auction results showed total subscriptions rose to N2.41 trillion, far above the N700 billion offered across the 91-day, 182-day, and 364-day tenors.
Demand remained heavily concentrated on the 364-day Treasury bill, reflecting investors’ preference for locking in high yields amid lingering macroeconomic uncertainty and ample system liquidity.
The one-year instrument attracted subscriptions of N2.23 trillion against an offer of N550 billion, with the CBN allotting N600.49 billion.
For the 182-day bill, subscriptions stood at N105.33 billion compared to N50 billion offered, while allotment came in at N67.68 billion.
The 91-day bill recorded weaker demand, attracting subscriptions of N71.23 billion against N100 billion offered, with N63.58 billion allotted.
Stop rates declined marginally across all maturities, indicating strong market liquidity despite the heavy oversubscription.
The 91-day bill rate eased slightly to 15.949% from 15.95%, while the 182-day bill declined to 16.14% from 16.19%. The 364-day tenor also dropped to 16.15% from 16.20%.
Despite the moderation in stop rates, yields remained attractive to investors. The 91-day bill offered a true yield of about 16.62%, while the 182-day and 364-day instruments delivered approximately 17.57% and 19.26%, respectively.
Analysts said the strong demand for longer-dated Treasury bills suggests investors are seeking to lock in elevated risk-free returns ahead of a possible decline in yields as liquidity conditions improve.
The latest auction follows aggressive Treasury bills issuances by the CBN in April 2026. During the period, the apex bank conducted two major NT-bills auctions worth N700 billion and N750 billion, with total allotments rising to about N1.63 trillion due to strong investor demand.
At the April 22 auction alone, subscriptions surged to N2.36 trillion, prompting the CBN to allot N894.17 billion, with demand again dominated by the 364-day instrument.
