The Central Bank of Nigeria allotted N1.05 trillion at its Treasury Bills primary market auction held on Wednesday, September 9, 2026, while lowering the stop rate on the one-year instrument to 16.62%, its lowest level in recent weeks.
The auction drew total subscriptions of approximately N2.64 trillion against a combined offer of N750 billion, implying a bid-to-offer ratio of about 3.52 times. In all, the CBN allotted N1.054 trillion, roughly N304.18 billion more than the advertised amount. In the invitation for tender, the CBN and the Debt Management Office had listed a N500 billion offer for the one-year bill, and demand again concentrated at the long end while shorter tenors recorded weak interest.
- 91-day bill: N150 billion offered; N75.97 billion subscribed, covering 50.6% of the offer, the only undersubscribed tenor. N70.47 billion was allotted, with the stop rate unchanged at 16.30%. - 182-day bill: N100 billion offered; N289.97 billion subscribed, about 2.90 times the offer size. N22.44 billion was allotted, equal to 22.44% of the amount offered, while the stop rate held at 16.50%. - 364-day bill: N500 billion offered; N2.537 trillion subscribed, roughly 5.07 times the offer size. N961.28 billion was allotted, N461.28 billion above the advertised amount, and the stop rate fell 22 basis points to 16.62% from 16.84% at the September 2 auction.
The maturity dates are December 10, 2026 for the 91-day bill, March 11, 2027 for the 182-day bill, and September 9, 2027 for the 364-day bill.
The concentration of demand was stark: the 364-day bill accounted for roughly 96% of total subscriptions, far exceeding the combined N365.94 billion subscribed for the 91-day and 182-day bills.
The 22-basis-point cut extends the easing trend at the long end of the curve. At the September 2 auction, the 364-day stop rate declined 31 basis points from 17.15% to 16.84%, while the August 26 auction had reduced it by 44 basis points from 17.59% to 17.15%. Across three consecutive auctions, the one-year stop rate has now fallen a combined 97 basis points, even as demand has remained exceptionally strong. The 91-day and 182-day tenors have held their stop rates steady at 16.30% and 16.50% respectively.
Even at 16.62%, the 364-day bill still offers the most attractive return on the curve relative to the shorter tenors, which explains the sustained investor appetite.
