The CBN Treasury bills auction drew N1.54trn in subscriptions in 2026 despite higher stop rates, highlighting sustained investor demand

The Central Bank of Nigeria, at its first CBN Treasury bills auction of 2026, recorded strong investor demand as total subscriptions rose above N1.5 trillion despite higher stop rates across all maturities.

Also read: CBN raises N15.2tr in 2025 Treasury Bill auctions

The monetary authority offered N1.15 trillion across the 91 day, 182 day and 364 day tenors.

Total subscriptions reached N1.54 trillion, slightly higher than the N1.51 trillion recorded at the previous auction.

The Central Bank of Nigeria allotted the full N1.15 trillion on offer, resulting in a bid to cover ratio of 1.00 times and a subscription to offer ratio of 1.34 times.

Stop rates edged higher, with the 91 day paper clearing at 15.80 per cent, the 182 day tenor at 16.50 per cent and the 364 day instrument at 18.47 per cent.

These compared with 15.50 per cent, 15.95 per cent and 17.51 per cent at the previous auction.

Meristem Securities described investor appetite as robust, noting that the auction marked a confident start to the year for the domestic fixed income market.

The firm also reported strong demand at the first Open Market Operations auction of the year, where total subscriptions reached N2.73 trillion against an offer size of N600 billion, translating to a subscription to offer ratio of 4.55 times.

Bids were concentrated in the 210 day instrument, which attracted N2.45 trillion.

Total allotment stood at N2.71 trillion, while stop rates settled at 19.34 per cent for the 161 day tenor and 19.40 per cent for the 210 day paper.

In the secondary Treasury bills market, sentiment turned bearish as average yields rose by 30 basis points to 18.02 per cent from 17.72 per cent in the previous week.

Sell offs were concentrated in mid to long dated maturities, with notable yield increases on the 18 June 2026, 3 December 2026 and 10 December 2026 bills.

Also read: CBN forecasts stronger external reserves in 2026

The bearish tone extended to the secondary bond market, where average yields climbed by 21 basis points to 16.76 per cent, reflecting broad based selling pressure across the curve, particularly in the mid segment.