By Seun Ibiyemi
The Central Bank of Nigeria (CBN) raised an estimated N10.4 trillion through Nigerian Treasury Bills (NTBs) in 2025, according to Primary Market data published by the apex bank.
This figure represents a slight 1.09% decline from the N10.52 trillion raised during the same period in 2024.
The total issuance remained robust despite a modest decline, primarily driven by strong investor appetite for the risk-free government securities.
Investors continue to utilize NTBs to hedge against persistent double-digit inflation and general market volatility.
While the total amount raised was stable, the CBN significantly ramped up its offering, issuing \text{N}8.7 trillion worth of NTBs, which marks a substantial 51.1% increase over the N5.73 trillion offered in 2024.
Despite this increased supply, total investor subscriptions fell by 13.2% to N28.37 trillion, down from N32.71 trillion recorded in the previous year.
A notable trend observed in 2025 is the decline in stop rates across all tenors. The 91-day NTB rate dropped to 15% in September 2025, down from 17% a year prior.
Similarly, the 182-day rate moderated from 17.5% to 15.3%, while the benchmark 364-day bill closed at 16.78%, a significant decrease from 20% recorded in September 2024.
Analysts attribute the falling yields to sustained demand for NTBs and a recalibration of the CBN’s monetary strategy.
The apex bank, led by Governor Olayemi Cardoso, is actively working to balance system liquidity while curbing inflationary pressures. This strategic shift was highlighted by the recent marginal cut in the benchmark interest rate from 27.5% to 27%, following months of decelerating inflation.
In a research report titled “Nigeria in 2025: Reform to Recovery — Navigating the Rebound,” Cordros Research forecasted that easing monetary conditions and improved liquidity in 2025 would likely continue to moderate yields across the fixed-income curve. The analysts projected that Treasury bill and bond yields would stabilize around 18.5% and 18%, respectively, by year-end 2025, signaling a gradual return of investor confidence in a more stable macroeconomic environment.