CBN’s March 4 Treasury Bills Auction Draws N2.34trn Bids, Allots N1.01trn

The Central Bank of Nigeria recorded strong investor demand at its Treasury Bills Primary Market Auction conducted on March 4, 2026, with total subscriptions reaching N2.34 trillion against an offer of N1.05 trillion. Following the auction process, the apex bank allotted N1.01 trillion across the three tenors available.

The auction included 91-day, 182-day, and 364-day Treasury Bills. Investor interest was largely concentrated on the one-year instrument, reflecting a clear preference for longer-tenor government securities as yields remain attractive.

Details from the auction indicate that the 364-day Treasury Bill attracted the highest demand, receiving bids far above the amount offered. In contrast, demand for the shorter-tenor bills was comparatively lower.

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The government offered N100 billion in the 91-day bill, N150 billion in the 182-day bill, and N800 billion in the 364-day instrument. Altogether, subscriptions across the three maturities reached N2.34 trillion.

The one-year bill accounted for the bulk of investor interest, attracting N2.13 trillion in bids against the N800 billion offered. Out of this amount, N856.03 billion was eventually allotted. The 91-day instrument recorded subscriptions of N80.92 billion, with N64.27 billion allotted, while the 182-day bill received bids of N136.54 billion and saw allotments of N91.43 billion.

Stop rates were set at 15.95 per cent for the 91-day bill, 16.65 per cent for the 182-day instrument, and 16.73 per cent for the 364-day bill.

The auction results show that yields remain under upward pressure, particularly for longer-term securities. Investors appear to be demanding stronger returns in exchange for locking funds into longer-duration instruments.

Compared with the previous auction, the stop rate on the 364-day Treasury Bill increased by 0.83 percentage points to 16.73 per cent from 15.90 per cent. The rate on the 91-day bill edged up slightly by 0.15 percentage points to 15.95 per cent, while the 182-day bill remained unchanged at 16.65 per cent.

The notable rise in the one-year yield suggests investors are pricing in risks associated with longer maturities while positioning for possible adjustments in monetary policy in the near term.