CBN realised N15.2tr from Treasury Bill auctions in 2025, with yields easing slightly as investors prepare for fresh government borrowing
The Central Bank of Nigeria (CBN) realised a total of N15.2 trillion from bi-weekly Treasury Bill sales through primary market auctions in 2025, aimed at supporting government short-term borrowing and liquidity management.
Also read: CBN forecasts stronger external reserves in 2026
Meristem Securities Limited reported that N1.50 trillion of the total represented new borrowing, while the remainder was used to refinance maturing Treasury Bills within the same year.
The inflow marks the lowest annual net receipts in three years.
In 2024, the CBN recorded N5.85 trillion net from Treasury Bills after refinancing N13.4 trillion of maturing securities.
The average yield on Nigerian Treasury Bills declined slightly to 17.72 per cent, as investors increased holdings ahead of anticipated government borrowing in 2026.
The yield contraction reflected heightened demand in short- and mid-tenor bills in the secondary market, alongside interest in long-tenor papers during the primary auction.
Trading across the week was mixed but generally subdued.
Short- and mid-tenor yields remained largely unchanged as cautious investors maintained light positions.
In contrast, long-dated bills such as the 03-Dec-26 issue saw yields fall by 69 basis points to 16.20 per cent, while the 17-Dec-26 and 10-Dec-26 papers experienced similar compressions.
By the week’s close, market activity remained muted, with most maturities exhibiting minimal repricing.
Also read: UBA, GTBank, 14 other Nigerian banks meet CBN recapitalisation rules early
Overall, the market ended with a slight downward bias, and analysts expect trading to continue in line with available system liquidity.
