CBN Records Over ₦3.4trn Demand as Treasury Bills Auction Hits One-Year Peak
Story: written by Joseph January 22,2026
The Central Bank of Nigeria (CBN) recorded an overwhelming investor appetite at its latest Nigerian Treasury Bills (NT-Bills) primary market auction, with total subscriptions soaring to ₦3.44 trillion — the strongest demand seen in more than a year.
At the auction held on Wednesday, the apex bank offered ₦1.15 trillion across three tenors: ₦150 billion for the 91-day bill, ₦200 billion for the 182-day bill, and ₦800 billion for the 364-day bill. Investor demand, however, significantly outpaced supply, particularly for the 364-day instrument, which attracted bids worth nearly four times its offer size.
Despite the massive interest, the CBN allotted just ₦1.06 trillion across all maturities. Market data shows that the last time subscriptions reached similar levels was in December 2024, when total bids exceeded ₦5 trillion amid elevated inflation and interest rates.
Why demand is surging
Nigeria’s Treasury Bills market has witnessed sustained participation, with auction subscriptions consistently crossing the ₦1 trillion mark since late 2025. Analysts at Meristem link the trend to investors positioning to take advantage of rising interest rates and attractive fixed-income returns.
Yield movements at the auction
Yields edged higher on short-term instruments, while the one-year bill eased slightly but remained highly attractive. The 91-day bill’s yield rose to 16.50%, while the 182-day bill climbed to 18.17%, up from 17.99% previously. Meanwhile, the 364-day bill moderated to 22.49% from 22.65% at the prior auction.
What’s keeping yields elevated?
Analysts point to aggressive domestic borrowing and the CBN’s tight monetary policy as the main drivers of elevated yields. With the 2026 fiscal year projecting a ₦23.85 trillion budget deficit and foreign borrowing costs remaining high, the Federal Government is increasingly relying on the domestic debt market to bridge its funding gap.
