CBN allots N673bn as investors favour one-year T-bills

Résumé détaillé

Investors committed N1.08tn to Nigeria’s one-year Treasury bills at a recent auction, with the CBN allotting N673bn for the 364-day instrument. Read More:…

Investors overwhelmingly favoured Nigeria’s one-year Treasury bills at the November 11, 2026 auction, committing N1.08 trillion to the 364-day instrument as demand for shorter-dated securities remained weak.

The one-year bill attracted N1.079tn in subscriptions, almost 180 per cent of the N600bn offered by the Central Bank of Nigeria, accounting for about 96.2 per cent of total bids across the three maturities.

In contrast, investors submitted only N19.18bn for the 91-day instrument and N23.02bn for the 182-day bill, against N100bn offered for each tenor.

The distribution of bids highlights investors’ willingness to lock their funds away for 12 months rather than settle for shorter investment periods, particularly as the yield premium on the one-year instrument remained relatively small.

Data from the auction conducted by the CBN on behalf of the Debt Management Office showed that total subscriptions reached approximately N1.12tn, while actual allotments stood at N713.31bn against the N800bn offered.

The 364-day instrument received N672.91bn in allotments, exceeding its initial N600bn offer by N72.91bn. The 91-day and 182-day bills received N18.12bn and N22.28bn, respectively.

Consequently, the one-year security accounted for approximately 94.3 per cent of total allotments, further demonstrating the concentration of investor demand in the longest available tenor.

The preference for the 364-day bill came despite relatively narrow differences in stop rates across the three instruments.

The CBN maintained the stop rate on the 91-day bill at 15.40 per cent and the 182-day instrument at 15.79 per cent. However, the rate on the 364-day bill increased by nine basis points to 15.89 per cent from 15.80 per cent at the previous auction.

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