The Central Bank of Nigeria raised N1.457 trillion at its June 3 Treasury Bills Primary Market Auction, despite strong investor demand that drove total subscriptions to N2.160 trillion, more than twice the N1 trillion on offer.

The 364-day tenor dominated activity, attracting subscriptions of N1.946 trillion against an N800 billion offer, underscoring sustained appetite for long-dated government securities.

According to official Nigerian Treasury Bills auction results published by the CBN, the apex bank conducted the auction on behalf of the Debt Management Office, offering N100 billion each for the 91-day and 182-day instruments, and N800 billion for the 364-day bill.

Settlement is scheduled for June 4, 2026, while maturity dates are set for September 3, 2026, December 3, 2026, and June 3, 2027, respectively.

Stop rates climbed across all maturities compared to the previous auction.

The 91-day bill cleared at 16.05 per cent, the 182-day at 16.19 per cent, and the 364-day at 16.35 per cent, representing increases of 10 basis points, 5 basis points, and 20.1 basis points respectively.

The auction comes at a time when liquidity in the Nigerian banking system is expected to surge significantly.

The Financial Markets Dealers Association projects total inflows of about N10.90 trillion in June 2026, including N7.77 trillion from maturing OMO bills alone.

Against this backdrop, the June 3 auction marked a key liquidity mop-up operation for the month, absorbing N1.457 trillion from a system that closed May with N5.89 trillion parked at the Central Bank of Nigeria’s Standing Deposit Facility.

A breakdown of the results shows that the CBN fully allotted subscriptions for the 91-day instrument, while making partial allotments on the 182-day and 364-day bills.