The Central Bank of Nigeria has raised the stop rate on the benchmark 364-day Nigerian Treasury Bill to 17.59 per cent despite overwhelming investor demand of about ₦4.4 trillion at its latest auction.
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Results of the August 12, 2026 auction showed that investors submitted combined bids of more than ₦4.4 trillion for the 91-day, 182-day and 364-day Treasury Bills, compared with the ₦700 billion initially offered.
Demand was heavily concentrated on the one-year instrument, with investors submitting about ₦4.19 trillion in bids for the ₦500 billion worth of 364-day bills offered.
Despite the heavy oversubscription, the stop rate on the instrument rose by 24 basis points to 17.59 per cent from 17.35 per cent at the previous auction held on July 29.
The development reversed the movement recorded at the previous auction when the stop rate on the one-year bill declined by 31 basis points despite similarly strong investor demand.
The CBN eventually allotted approximately ₦1.26 trillion worth of the 364-day instrument, considerably exceeding the ₦500 billion initially placed on offer.
For the 91-day Treasury Bill, the government offered ₦100 billion, while investors submitted bids worth ₦162.21 billion.
About ₦148.57 billion was allotted, with the stop rate maintained at 16.30 per cent.
Demand for the 182-day instrument was weaker than the amount offered.
Investors submitted bids worth approximately ₦63.97 billion against the ₦100 billion on offer, while ₦47.48 billion was allotted.
The stop rate on the 182-day bill was retained at 16.50 per cent.
Altogether, the auction resulted in allotments of more than ₦1.45 trillion across the three maturities, more than double the ₦700 billion originally offered.
The results showed a significant divergence between the shorter-dated instruments and the benchmark one-year Treasury Bill, with rates on the 91-day and 182-day bills remaining unchanged while the 364-day rate increased.
The securities will mature on November 12, 2026, February 11, 2027 and August 12, 2027 for the 91-day, 182-day and 364-day instruments respectively.
The strong demand for the one-year instrument indicates continued investor appetite for Nigerian government securities offering relatively high yields.
It also comes against the backdrop of the CBN’s continuing efforts to manage liquidity and maintain monetary conditions aimed at containing inflationary pressures.
Higher Treasury Bill yields can influence returns across the fixed-income market and affect the pricing of other short-term financial instruments.
The 17.59 per cent stop rate also provides investors in the 364-day bill with a higher nominal return than the 17.35 per cent recorded at the preceding auction.
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