The Central Bank of Nigeria (CBN) ramped up liquidity mop-up at its Treasury Bills Primary Market Auction on Wednesday, April 22, 2026, allotting N894.17 billion amid overwhelming investor demand and unchanged stop rates across maturities.
Auction results show total subscriptions rose to N2.36 trillion, far outstripping the N750 billion initially offered across the 91-day, 182-day, and 364-day tenors. The strong oversubscription underscores persistent appetite for government securities despite evolving yield dynamics in Nigeria’s fixed income market.
The apex bank responded by increasing allotments, particularly at the long end of the curve, while keeping rates stable, signalling a cautious stance on yield direction following recent adjustments earlier in the month.
Investor demand remained heavily skewed toward longer-dated instruments. The 364-day Treasury bill dominated activity, attracting N2.12 trillion in subscriptions against an offer of N550 billion, with N753.45 billion eventually allotted.
In comparison, the 182-day bill recorded N172.08 billion in subscriptions versus N100 billion offered, with N76.24 billion allotted. The 91-day instrument saw relatively weaker demand, drawing N72.73 billion against an offer of N100 billion, with N64.48 billion allotted.
The pattern reinforces a clear market preference for duration, as investors seek to lock in yields amid uncertainty around interest rate movements and inflation trajectory.
Stop rates across all tenors remained unchanged, indicating a pause in the upward repricing trend observed earlier in April. The 91-day bill held at 15.95 percent, the 182-day at 16.19 percent, while the 364-day bill remained at 16.20 percent.
Notably, stop rates continued to print above secondary market yields across all maturities, with the widest premium of 35 basis points recorded on the 364-day instrument. This suggests investors were willing to accept relatively higher primary market rates to secure allocations, reflecting sustained competition for risk-free assets.
The latest auction also aligns with the CBN’s broader issuance strategy for the second quarter of 2026, where the bank plans to raise N3.95 trillion, with a net issuance target of N750 billion.
So far in April, the apex bank has conducted two auctions; offering ₦700 billion on April 8 and N750 billion in the latest round. However, cumulative allotments have reached N1.63 trillion, exceeding the planned N1.45 trillion offer for the month.
Analysts note that the elevated stop rates relative to secondary market yields point to an increasingly aggressive stance to retain investor interest in government securities. This comes as the federal government continues to rely on short-term instruments to manage liquidity conditions and finance fiscal obligations in a high-yield environment.
