CBN Hikes Nigerian Treasury Bills Rates Across Durations
The Central Bank of Nigeria (CBN) hiked spot rates on Treasury bills across standard tenors as its primary market auction recorded N1.543 trillion in aggregate subscription.
The first auction in 2026 saw the Apex Bank extending its higher spot rates generosity across Nigerian Treasury bills with 91 days, 182 days and 364-day expirations.
The CBN floated its first treasury bills action, offering N1.15 trillion at the main auction for investors’ subscriptions amidst expectations that disinflation will persist.
The authority placed Nigerian Treasury bills with 91 days maturity worth N150 billion on the table for investors’ subscription. Auction results reviewed by MarketForces Africa showed that the paper was undersubscribed, reflecting weak appetite for short duration.
The CBN recorded N112.263 billion subscription for the short-term treasury bills and allotted N108.170 billion to successful investors with an appetite at the short end.
The Apex Bank also made a move to sell 182 days Nigerian Treasury bills worth N200 billion. Investors practically boycotted mid-tenor bills as demand came very weak versus total offer in the bucket.
The Apex Bank auction result indicated a total sum of N49.910 billion in subscription was received for 182 days bills, and allotment was N48.230 billion.
For Nigerian Treasury bills with one-year maturity, the CBN offered N800 billion for subscription,, as historical auction results showed demand always comes in multiples.
Proven right, investors staked N1.380 trillion on 364 days bills, but CBN only sold N987.784 billion to investors and rejected the remaining bids. Total allotments for the auction settled at N1.144 trillion.
The spot rates on the standard tenor bills surge, a development that started in the fourth quarter of 2025. The authority offered investors 15.80% for 91 days bills, up from 15.30% in the December auction.
The spot rate on 182 days Treasury bills was priced at 16.50%, up from 15.50% and discount rate on 364 days was raised to 18.47%, from 17.95% Naira Climbs to N1,418 as Foreign Reserves Hits $45.623bn
