Lagos, Nigeria – The Central Bank of Nigeria conducted its Treasury Bills Primary Market Auction on April 8, 2026, with total subscriptions rising to about N2.95 trillion (approximately $1.89 billion), significantly exceeding the N700 billion on offer, despite a decline in stop rates.
Okay News reports that the apex bank allotted a total of N731.37 billion across the three tenors, about 4.5 percent higher than the planned N700 billion offer in its Q2 Issuance Calendar. The auction featured the 91-day, 182-day, and 364-day instruments, with the one-year bill again attracting the bulk of investor interest.
Demand remained heavily skewed toward the 364-day Treasury Bill, which attracted approximately N2.63 trillion in bids against the N500 billion offered, with N549.50 billion eventually allotted. The 182-day instrument recorded subscriptions of N227.94 billion, while the 91-day bill saw N96.78 billion in demand.
Stop rates stood at 15.95 percent for the 91-day bill (unchanged), 16.19 percent for the 182-day bill (down 0.23 percentage points), and 16.20 percent for the 364-day bill (down 0.23 percentage points). The decline in stop rates despite strong demand contrasts with the trend in the previous auction, suggesting investors are willing to accept slightly lower rates to secure risk-free government instruments.
This Treasury Bills auction reflects ongoing trends in Nigeria’s fixed income market, where investors increasingly favour longer-dated instruments amid easing yield expectations, underscoring strong system liquidity and continued appetite for secure investment options.
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