Yield on Nigerian T-Bills Rises Ahead of N750bn Auction
The average yield on Nigerian Treasury bills rose in the secondary market ahead of the midweek primary market auction, traders said in separate notes.
The market traded on a mixed note, with bearish sentiment at the short and mid segments of the curve. On the long end, yields widened by 4bps amid selloffs.
Market analysts noted that the local treasury bills yield increased as investors reduced their interest in the naira. The latest inflationary shift shifted the trading mood, prompting some portfolio investors to adjust their books.
The real interest rate has fallen, and the market thinks the monetary authority will find it much easier to maintain the status quo at the policy committee meeting than to raise or lower the interest rate.
The CBN has been slashing spot rates on Treasury bills, and the outlook appears negative for investors seeking a shift in the yield curve.
Despite the downward movement at the short end, the average Nigerian Treasury Bills yield edged up by 2 basis points to 17.44%, reflecting mild investor demand and pockets of sell-offs across the fixed-income market.
The Central Bank of Nigeria (CBN) is set to conduct its second Treasury Bills (T-Bills) auction for the month, tomorrow, April 22, 2026. The total offer size is N750 billion, split across three maturities.
