The Central Bank of Nigeria allotted N865.71 billion in Treasury Bills at its primary market auction on Wednesday, September 2, 2026, lowering the stop rate on the one-year bill to 16.84 per cent.

The latest reduction marks the second consecutive rate cut and brings the one-year Treasury bill rate to its lowest level since the June 3 auction.

According to the auction results, investors submitted bids totalling N3.35 trillion against the N700 billion initially offered by the CBN. However, the apex bank allotted N865.71 billion, exceeding the offer size by N165.71 billion.

Demand, as seen in previous primary market auctions, was heavily concentrated on the 364-day bill, while the shorter-tenor instruments attracted notably weaker interest. This divergence has remained a defining feature of Nigeria’s Treasury Bills market for much of 2026.

The auction attracted total subscriptions of approximately N3.35 trillion against the N700 billion on offer, representing a bid-to-offer ratio of about 4.8 times.

The CBN ultimately allotted N865.71 billion, exceeding the initial offer by roughly N165.71 billion.

At the auction, demand remained heavily skewed towards the longer-dated 364-day bill, while interest in the shorter tenors was relatively weak.

91-day bill: The CBN offered N100 billion, against which investors subscribed to N76.82 billion, covering 76.8 per cent of the offer.

The apex bank allotted N76.28 billion, while the stop rate was maintained at 16.30 per cent.

182-day bill: Investors subscribed to just N33.51 billion against the N100 billion on offer, representing 33.5 per cent coverage.

The CBN allotted N27.27 billion, with the stop rate unchanged at 16.50 per cent.

364-day bill: The bill attracted N3.238 trillion in subscriptions against a N500 billion offer, equivalent to about 6.48 times the amount offered. The CBN allotted N762.17 billion, exceeding the advertised amount by N262.17 billion.

The stop rate fell by 31 basis points to 16.84%, from 17.15 per cent at the August 26 auction.

The three instruments have maturity dates of December 3, 2026, for the 91-day bill; March 4, 2027, for the 182-day bill; and September 2, 2027, for the 364-day bill.

The 364-day bill has dominated investor demand at every major NTB auction since June, highlighting a sustained preference for locking in yields for a full year, even as appetite for shorter-tenor instruments remains notably weak.