On Wednesday, April 22, 2026, Nigeria’s fixed-income market recorded strong Treasury bills activity.
The Central Bank of Nigeria (CBN) allotted ₦894.17 billion through its auction.
It attracted total subscriptions of ₦2.36 trillion against a ₦750 billion offer.
Strong Investor Demand Drives Oversubscription
Investors bid more than three times the offered amount across all maturities.
Strong demand drove the CBN to increase allotments above initial expectations.
Investors showed strong preference for longer-dated instruments throughout the auction.
364-Day Treasury Bill Dominates Auction
The 364-day bill dominated as investors poured in heavy demand.
It attracted ₦2.12 trillion in subscriptions against a ₦550 billion offer.
Consequently, the CBN allotted ₦753.45 billion to the 364-day tenor.
Meanwhile, the 182-day bill attracted ₦172.08 billion in subscriptions against ₦100 billion offered.
The CBN therefore allotted ₦76.24 billion to that maturity.
Similarly, the 91-day bill attracted weaker demand from investors.
It recorded ₦72.73 billion in subscriptions against a ₦100 billion offer.
As a result, the CBN allotted ₦64.48 billion to the 91-day instrument.
Stop Rates Gold Steady Across Maturities
Importantly, stop rates remained unchanged across all maturities.
The 91-day bill held steady at 15.95%.
Likewise, the 182-day bill stayed at 16.19%.
The 364-day bill also remained at 16.20%.
However, primary market yields stayed slightly above secondary market levels.
Read Also: CBN Sets Sights On ₦750bn Raise In Follow-Up April T-Bills Auction
Notably, the 364-day bill showed the widest gap at 0.35%.
Therefore, investors accepted higher primary rates to secure allocations.
Meanwhile, the CBN continued its Q2 2026 Treasury bills programme.
It plans to raise about ₦3.95 trillion during the quarter.
In addition, it set a net issuance target of ₦750 billion.
Earlier in April, the CBN conducted two separate auctions.
It offered ₦1.45 trillion combined across both auctions.
However, it allotted ₦1.63 trillion in total.
Consequently, allotments exceeded the planned monthly issuance.
Overall, strong demand drove the auction results.
Finally, the government continued relying on short-term instruments for funding.
