Investors in Nigeria’s Treasury Bills market submitted N2.87 trillion in bids for the 364-day instrument at the July 15 primary market auction, more than seven times the N400 billion offered.

The 91-day and 182-day bills were undersubscribed, while the Central Bank of Nigeria allocated a total of N1.19 trillion across the three tenors, according to auction results published by the apex bank on Wednesday.

The auction recorded the sharpest divergence in investor demand seen in Nigeria’s Treasury Bills market this year, with investors aggressively targeting the longer-dated 364-day instrument while showing limited interest in the shorter-tenor bills.

The CBN offered a total of N600 billion across the three maturities, comprising N100 billion each for the 91-day and 182-day bills, and N400 billion for the 364-day instrument.

Total subscriptions stood at N3.034 trillion, representing a bid-to-offer ratio of 5.06 times and underscoring strong investor demand at the auction.

The 91-day Treasury Bill attracted N94.96 billion in subscriptions, representing a bid-to-offer ratio of 0.95 times and leaving the offer undersubscribed.

The CBN allotted N80.84 billion, while the stop rate remained unchanged at 16.30 per cent from the previous auction.

The 182-day Treasury Bill recorded N68.03 billion in subscriptions, translating to a bid-to-offer ratio of 0.68 times and remaining undersubscribed. The CBN allotted N48.18 billion, while the stop rate was retained at 16.50 per cent, unchanged from the previous auction.

The 364-day Treasury Bill attracted N2.872 trillion in subscriptions, representing a bid-to-offer ratio of 7.18 times.

The CBN allotted N1.062 trillion, equivalent to 2.65 times the initial N400 billion offer, while the stop rate eased by four basis points to 17.66 per cent from 17.70 per cent at the July 8 auction.

Overall, the CBN allotted N1.191 trillion across the three tenors, with the 364-day bill accounting for N1.062 trillion, or about 89.2 per cent of the total issuance.

Settlement is scheduled for Thursday, July 16, with the 91-day bill maturing on October 15, 2026, the 182-day bill on January 14, 2027, and the 364-day instrument on July 15, 2027.

Wednesday’s auction was the second of three scheduled Nigerian Treasury Bills issuances in July 2026.

The Central Bank of Nigeria is expected to offer an additional N700 billion at the July 29 auction, with no significant Treasury Bill maturities due on the same day, indicating another net liquidity withdrawal from the banking system.

For the month, the CBN plans to issue N2 trillion in Treasury Bills against maturing bills worth N647.79 billion, making July 2026 the largest planned monthly net Treasury Bill liquidity withdrawal of the year.