CBN Reprices Nigerian Treasury Bills Rates at Midweek Auction
The Central Bank of Nigeria (CBN) repriced spot rates on Nigerian Treasury bills slightly at the midweek auction. The authority conducted a primary market auction, during which a total offer of N650 billion was placed on the table for subscription across standard tenors.
The market showed a recorded healthy appetite for the naira asset with total subscription printing at about N2 trillion, according to the auction results.
The CBN offered to sell 91-day treasury bills worth N100 billion, but subscription came much lower at N68.626 billion. A total allotment of N67.446 billion was made in respect of the short-term investment instrument, priced at 15.950% at the previous auction.
Nigerian treasury bills with 182 days to maturity, with N50 billion offer size of N50 billion, were oversubscribed. The total subscription for the offer came to N81.045 billion, with an allotment of N78.59 billion at 16.140%, the same rate as the previous auction.
364-day Nigerian Treasury bills continue to attract significant interest from investors seeking long duration. Though the CBN target for the one-year bill was N550 billion, subscription totalled N1.839 trillion, according to the auction results.
The CBN allotted N683.289 billion in one-year bills to investors at 16.149%, a slight decline from 16.150% at the previous auction.
In the secondary market, trading activities soften with a mild bearish bias, as investors focus on the primary market auction, where the DMO offered ₦650bn across three tenors, attracting ₦1.99 trillion in total demand, with final allotments printing at ₦829.33 billion.
The Nigerian Treasury bill with 05-Nov-26 maturity was the only paper to record a marginal adjustment, with yields edging up by 4bps to 16.20%, while all other tenors closed flat.
The average T-Bill yield slipped 1 bp to 17.49%, reflecting increased investor demand and a slightly positive tone across fixed income market. CBN Reprices Nigerian Treasury Bills Rates at Midweek Auction NGX Slips, Investors Lose N1.6trn as Stocks Hit Overbought
