ABUJA, Jan 23 – The Central Bank of Nigeria drew ₦3.438 trillion ($2.4 billion) in subscriptions at its Treasury bills auction exceeding the ₦1.15 trillion ($810 million) offered, as investors sought to lock in high yields.
The CBN offered ₦150 billion of 91 day bills, ₦200 billion of 182 day bills, and ₦800 billion of 364 day bills with demand clustered around the one year tenor. Investors submitted about ₦3.345 trillion for the 364 day bills, while the 91 day and 182 day papers drew a combined ₦92.64 billion.
The central bank allotted ₦1.06 trillion across the three tenors and rejected the balance. It sold ₦40.61 billion of 91 day bills and ₦42.16 billion of 182 day bills. It allotted ₦977.68 billion of 364 day bills, which was about 29 percent of bids on that tenor, according to the results.
Stop rates rose on the two shorter maturities and eased on the one-year paper. The 91-day rate increased to 15.84 percent from 15.80 percent, while the 182-day rate rose to 16.65 percent from 16.50 percent. The 364-day rate fell to 18.36 percent from 18.47 percent, the results showed with analysts saying this demand reflects investors positioning for higher yields as policy stays tight.
Market participants are watching short term rates as government borrowing needs rise. Nigeria’s 2026 fiscal plan projects a deficit of ₦23.85 trillion, with planned domestic borrowing of ₦7.55 trillion in the first quarter.
Economists projections are that the one year treasury bill yields could trade in the 18 percent to 20 percent range in the first half of 2026. Research by the FMDA also flagged a Federal Government bond maturity of about ₦1.03 trillion due on Jan. 22, 2026, as a near term liquidity event that could influence reinvestment and foreign exchange demand.