The Central Bank of Nigeria sold a total of N829.32 billion worth of Treasury Bills at its Primary Market Auction held on Tuesday, May 20, 2026, with the 364-day instrument attracting the largest share of allotments.

Auction results obtained by Nairametrics on Wednesday showed that investor demand remained strong, as total subscriptions surged to about N1.99 trillion, significantly higher than the N650 billion initially offered across the 91-day, 182-day, and 364-day maturities.

The outcome highlights sustained system liquidity and continued investor preference for longer-tenor government securities.

The 364-day Treasury Bill recorded the strongest investor demand, attracting subscriptions worth N1.84 trillion against the N500 billion offered.

The CBN eventually allotted N683.29 billion, translating to a subscription-to-offer ratio of about 3.7 times.

For the 182-day tenor, subscriptions came in at N81.04 billion compared to the N50 billion on offer, with total allotments amounting to N78.59 billion.

Demand for the 91-day bill was comparatively weaker, as subscriptions stood at N68.63 billion against an offer size of N100 billion, making it the only tenor that was undersubscribed.

The apex bank allotted N67.45 billion for the tenor.

The auction results highlight continued investor appetite for longer-dated risk-free securities, as market participants move to secure high yields amid persistent uncertainty surrounding the broader macroeconomic outlook.

Stop rates were largely unchanged across all maturities, indicating strong liquidity conditions and signalling that the CBN was not inclined to offer higher yields despite the heavy oversubscription recorded on the longer-tenor instrument.

The stop rate on the 91-day bill inched up marginally to 15.95 per cent from 15.949 per cent at the previous auction, representing a negligible increase of 0.1 basis point.

The 182-day tenor remained unchanged at 16.14 per cent compared to the May 6 auction, reflecting a balance between investor demand and supply at the mid-term segment of the curve.

The comparatively weak demand for the 91-day Treasury Bill suggests that investors remain hesitant to reinvest at the short end of the yield curve, preferring instead to lock in returns on longer-dated instruments.

The latest auction comes after the CBN’s May 6 Primary Market Auction, where a total of N731.75 billion was allotted following subscriptions of N2.41 trillion against a combined offer size of N700 billion across the three maturities.

Meanwhile, the 364-day bill stop rate slipped slightly to 16.149 per cent from 16.15 per cent, a marginal decline of 0.1 basis point, underscoring the CBN’s firm grip on the long end of the yield curve.