CBN to Open N1.15trn Treasury Bills for Subscription
The Central Bank of Nigeria (CBN) is anticipated to open N1.15 trillion worth of Nigerian Treasury bills for investors’ subscription on Wednesday, two weeks after the market opened with the first offer.
The auction will feature Treasury bills across standard tenors, including 91-day, 182-day and 364-day tenors. Analysts expect the auction to be oversubscribed given ample liquidity in the financial system.
Last week, the treasury bills market experienced a volatile and negative sentiment, despite ample liquidity surplus. The treasury bills market opened the week on a mixed note, with sell pressure concentrated in short-to-mid tenors amid cautious positioning and expectations of inflation data.
Notably, the average benchmark discount rate went as high as 16.64% mid-week, with notable widening on 4-Jun-26, 6-Aug-2026, and 3-Sep-2026 bills, AIICO Capital Limited said in its investor note.
Trading details highlighted that the secondary market activity remained largely subdued, reflecting limited repositioning and selective demand.
Towards the end of the week, sentiment improved slightly following the softer December inflation print of 15.15% and better system liquidity conditions. Mild demand emerged at the long end, particularly on the 07-Jan-27 bill, where the rate eased by 35 bps to 17.66%.
However, the early cautious trading offset the late positive sentiment as the benchmark discount rate edged higher by 20 bps to close the week at 16.65%, signalling cautious but improving investor confidence.
At the first auction in 2026, the CBN hiked spot rates on Treasury bills across standard tenors as its primary market auction recorded N1.543 trillion in aggregate subscription.
The auction result showed that the Apex Bank extended its higher spot rates generosity across Nigerian Treasury bills with 91 days, 182 days and 364-day expirations.
A total of N1.15 trillion of treasury bills was floated and N1.144 trillion was allotted across the three tenors Investors staked N1.380 trillion on 364 days bills. 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% First Holdco Gains 12.8% as Investors Tag Along with Otedola
