The Central Bank of Nigeria (CBN) allotted a total of N894.17 billion at its Treasury Bills Primary Market Auction held on Wednesday, April 22, 2026, following strong investor demand and stable stop rates across all maturities.
Auction results show that total subscriptions rose sharply to N2.36 trillion, far exceeding the N750 billion initially offered across the 91-day, 182-day, and 364-day tenors.
In response to the strong demand, the CBN increased allotments above the initial offer size, particularly at the longer end of the curve, while maintaining rates at previous levels.
Investor appetite remained heavily concentrated on the 364-day Treasury bill, which accounted for the bulk of both subscriptions and allotments.
The 364-day instrument attracted N2.12 trillion in subscriptions against an offer of N550 billion, with N753.45 billion eventually allotted.
For the 182-day bill, subscriptions reached N172.08 billion compared to the N100 billion offered, while the CBN allotted N76.24 billion.
Demand for the 91-day bill was relatively weaker, with N72.73 billion subscribed against the N100 billion offered, and N64.48 billion allotted.
The results highlight investors’ continued preference for longer-dated government securities, while demand for short-term instruments remained comparatively subdued.
Stop rates across all tenors remained unchanged, indicating a pause in the yield adjustments recorded earlier in the month.
The 91-day Treasury bill held steady at 15.95 per cent, while the 182-day bill remained at 16.19 per cent. The 364-day instrument also retained its previous stop rate of 16.20 per cent.
Despite the stable rates, stop yields were higher than secondary market yields across all maturities. The widest margin was observed on the 364-day bill at about 0.35 percentage points, suggesting that investors were willing to accept slightly higher primary market rates to secure allocations.
As part of its broader Treasury bills issuance plan for the second quarter of 2026, the apex bank aims to raise about N3.95 trillion, with a net issuance target of N750 billion.
So far in April, the CBN has conducted two Treasury bills auctions. The first, held on April 8, offered N700 billion, while the latest auction offered N750 billion.
However, total allotments for the month have already reached N1.63 trillion, exceeding the planned offer of N1.45 trillion.
Market analysts say the relatively high rates compared with secondary market yields reflect efforts by authorities to sustain investor interest in Nigeria’s fixed-income instruments, as the government continues to rely on short-term securities to manage liquidity and finance obligations.
