CBN Sets to Raise N1.15trn from Treasury Bills Subscription
The Central Bank of Nigeria (CBN) is set to conduct its second Treasury Bills auction for the month on Wednesday amidst significant liquidity levels in the financial system and rate expectations.
The CBN will open N1.15 trillion in offer size across standard maturities, including 91 days, 182 days and 364 days Treasury bills.
A breakdown from the offer circular revealed that the authority will place N150 billion worth of 91-day bills for subscription. Also, the CBN will attempt to sell N200 billion worth of 182-day bills to investors.
Reflecting investors’ appetite for long duration, the CBN will invite investors’ subscriptions for N800 billion worth of Nigerian Treasury bills with 364 days to maturity.
Spot rates are expected to increase again, following the same trend experienced in the fourth quarter of 2025 due to disinflation reversal. The CBN had stepped up rates offering despite softer inflation in November.
In December, the spot rate on 91-day bills was increased to 15.80% from 15.50%, and 812-day bills was priced at 16.50, up from 15.95%, while one-year bills was sold at 18.47%, up from 17.51%.
In its commentary note, AAG Capital Limited said markets sustaining its resilience in the trillion auction-offer era, cut-off rates expected around the previous print.
The secondary market for Treasury bills traded on a calm-to-bearish note, reflecting a cautious undertone amid light trading activity, despite ample system liquidity.
Notably, only the 09-Apr-26 and 07-Jan-27 papers recorded yield movements, rising by 58 bps and 12 bps, respectively, while most tenors closed flat as cautious demand prevailed and attention shifted to the OMO auction.
The CBN allotted ₦2.64tn across the 203-day and 245-day papers at stop rates of 19.38% and 19.39%. The average yield on Treasury bills edged up by 4 bps to close at 18.14%, indicating negative investor sentiment driven by selloffs in the secondary market. #CBN Sets to Raise N1.15trn from Treasury Bills Subscription Nigerian Top 5 Banks’ Valuation Increases to N12 Trillion
