The Central Bank of Nigeria received N2.34 trillion in bids at its N1.05 trillion Treasury Bills Primary Market Auction on March 4, 2026, ultimately allotting N1.01 trillion across the three tenors offered.

The apex bank released the auction results at the close of business on Wednesday.

The outcome underscores strong investor demand for government securities, especially in the longer maturities, amid rising yields.

The auction offered 91-day, 182-day, and 364-day Treasury Bills, with demand strongly concentrated on the one-year instrument.

Stop rates rose, particularly for the 364-day tenor, reflecting investors’ preference for higher yields amid a still-elevated interest rate environment.

Results showed that subscriptions for the 364-day bill far exceeded its offer size, while the shorter tenors attracted comparatively weaker demand.

The CBN offered a total of N1.05 trillion at the auction, including N100 billion for the 91-day, N150 billion for the 182-day, and N800 billion for the 364-day Treasury Bills.

Total subscriptions reached N2.34 trillion.
The 364-day bill saw the highest demand, attracting N2.13 trillion in bids against the N800 billion on offer, with N856.03 billion ultimately allotted.

The 91-day and 182-day bills recorded bids of N80.92 billion and N136.54 billion, with allotments of N64.27 billion and N91.43 billion, respectively.

Stop rates closed at 15.95 per cent for the 91-day, 16.65 per cent for the 182-day, and 16.73 per cent for the 364-day bills.

The auction was conducted via the CBN’s Scripless Securities Settlement System, an electronic platform that streamlines bid submission and processing.

It followed the Dutch auction method, promoting efficiency and transparency in price discovery.

Successful bids and stop rates were set according to the yields investors were willing to accept.

The higher stop rate on the 364-day bill indicates that investors demand an additional yield premium for longer-term exposure.