LAGOS – Investors poured a massive N3.38 trillion ($2.21 billion) into the 364-day Nigerian Treasury Bill at the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, July 29, 2026, nearly seven times the N500 billion on offer.
According to official auction results from the CBN, total subscriptions across all tenors reached N3.62 trillion. The Debt Management Office allotted N1.25 trillion against the original N700 billion overall offer.
Heavy demand for the one-year paper drove its stop rate down to 17.35%, falling 31 basis points from the 17.66% recorded at the previous auction on July 15.
The central bank capitalized on deep market liquidity to oversell the 364-day maturity, allotting N1.02 trillion to successful bidders while lowering borrowing costs for the federal government.
Institutional investors directed over 93% of total demand toward the one-year instrument, seeking to lock in elevated yields for a longer horizon amid expectations of future rate cuts.
Short-dated papers recorded subdued appetite, as the 91-day bill attracted N135.74 billion with N130.72 billion allotted. Stop rates for the 91-day paper closed at 16.30%.
The 182-day tenor received subscriptions of N104.74 billion against N100 billion offered, resulting in allotments of N99.18 billion at an unchanged stop rate of 16.50%.
The aggressive bidding follows the CBN Monetary Policy Committee’s decision on July 21 to retain the benchmark interest rate at 26.50%, balancing moderating June inflation of 15.91% against global risks.
