CBN allots ₦829.32bn at treasury bills auction

The Central Bank of Nigeria (CBN) allotted a total of ₦829.32 billion at its Nigerian Treasury Bills (NTB) auction on May 20, 2026, significantly exceeding its initial offer of ₦476.31 billion due to robust investor demand.

A market analysis of the auction results revealed that the central bank capitalized on strong system liquidity to increase its total sales by roughly 74 percent beyond the intended amount.

Total subscriptions from investors surged to ₦1.11 trillion, highlighting sustained institutional appetite for fixed-income instruments despite shifting macroeconomic indicators.

The results showed a distinct concentration of investor interest in longer-tenor instruments, reflecting a preference for locked-in yields over extended periods.

For the 91-day short-term bills, the CBN offered ₦36.65 billion but recorded total subscriptions of ₦40.66 billion.

The apex bank ultimately allotted ₦34.90 billion, with the stop rate closing at 16.50 percent.

The 182-day medium-term bills saw an initial offering of ₦42.61 billion, which attracted total bids worth ₦45.69 billion. The central bank allotted ₦40.16 billion at a stop rate of 17.45 percent.

The 364-day long-term bills dominated the auction, drawing the largest volume of institutional capital. Against an initial offer of ₦397.05 billion, total investor subscriptions spiked to ₦1.02 trillion, outstripping the targeted amount by more than 150 percent.

In response to the overwhelming demand, the CBN increased its allotment for the 364-day bills to ₦754.26 billion, with the stop rate settling at 20.69 percent.

The auction outcomes demonstrate that market participants remain highly focused on long-tenor government securities, which continue to offer attractive risk-adjusted returns amid ongoing monetary policy adjustments.