The Central Bank of Nigeria attracted N2.34 trillion (approximately $1.49 billion) in subscriptions at its N1.05 trillion Treasury Bills Primary Market Auction held on March 4, 2026, eventually allotting N1.01 trillion across the three tenors offered.
The auction results, released at the close of business on Wednesday, reflect sustained investor appetite for government securities, particularly at the long end of the curve.
Okay News reports that demand was overwhelmingly concentrated on the 364-day Treasury Bill, which recorded subscriptions of N2.13 trillion against the N800 billion offered, with N856.03 billion eventually allotted. The 91-day and 182-day instruments recorded bids of N80.92 billion and N136.54 billion respectively, with allotments of N64.27 billion and N91.43 billion.
Stop rates edged higher, especially on the 364-day tenor, rising by 0.83 percentage points to 16.73 percent from 15.90 percent at the previous auction, indicating investors’ preference for higher returns. The 91-day bill rate increased marginally to 15.95 percent, while the 182-day rate remained unchanged at 16.65 percent.
The auction was conducted using the CBN’s Scripless Securities Settlement System electronic interface through the Dutch auction system, which enhances efficiency and transparency in price discovery. The strong oversubscription signals that liquidity remains robust within the financial system as the CBN continues to deploy monetary tools to manage inflation. This Treasury Bills auction outcome reflects sustained demand for government securities amid an elevated interest rate environment.
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