CBN auctions N3.38trn in 364‑day T‑Bill, allots N1.25trn as rates fall

On Wednesday July 29 2026 the Central Bank of Nigeria’s primary market auction saw investors subscribe N3.38 trillion to the 364‑day Treasury Bill, far exceeding the N500 billion on offer. Total subscriptions across all three tenors reached N3.62 trillion, with the 91‑day bill drawing N135.74 billion against a N100 billion offer and the 182‑day bill N104.74 billion against N100 billion. The CBN allotted N1.25 trillion in total: N130.72 billion for the 91‑day, N99.18 billion for the 182‑day and N1.02 trillion for the 364‑day bill. Stop rates were 16.30% for the 91‑day (unchanged), 16.50% for the 182‑day (unchanged) and 17.35% for the 364‑day, down 31 basis points from the previous auction. Allotment letters are due Thursday July 30 2026 with settlement the same day. The heavy demand for the long‑dated bill, coupled with a lower stop rate, signals ample system liquidity and a modest easing of the government’s short‑term borrowing costs at the longer end of the curve. For investors, the 364‑day T‑Bill now offers a lock‑in yield of 17.35% amid strong demand; consider allocating funds ahead of the next auction. For borrowers and businesses, the slight decline in long‑term rates may reduce financing costs modestly, though short‑term rates remain steady.

SOURCE: https://nairametrics.com/2026/07/30/cbn-lowers-t-bill-yield-as-oversubscription-jumps-sevenfold/