CBN to Offer N1.15 Trillion Treasury Bills as Investors prepare for auction
- The Central Bank of Nigeria plans to open N1.15 trillion worth of Treasury bills for subscription
- With the initiative, analysts expect strong demand due to surplus liquidity in the financial system
- Recent trading showed mixed sentiment despite easing inflation and improved liquidity
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Central Bank of Nigeria (CBN) is set to open Nigerian Treasury Bills worth about N1.15 trillion for investor subscription this week, as it continues efforts to manage liquidity and borrowing needs in the domestic market.
According to market analysts, the auction is expected to take place on Wednesday and will feature the standard 91-day, 182-day and 364-day Treasury bills, MarketForces Africa reported.
Source: UGC
The development comes barely two weeks after the first Treasury bills auction of 2026.
Market watchers say the offer is likely to attract strong demand due to excess liquidity in the financial system, despite recent volatility in the fixed-income market.
CBN: Investor sentiments mixed
Data from the secondary market showed that investor sentiment was mixed last week, with sell pressure recorded mainly on short- and mid-term bills.
Analysts attributed the cautious trading to inflation expectations and profit-taking.
An investor note by AIICO Capital Limited revealed that average benchmark discount rates climbed as high as 16.64 per cent mid-week, with notable yield movements on selected June, August and September 2026 maturities, DMarketForces reported.
Trading activity remained relatively subdued, reflecting selective demand by investors.
Sentiment, however, improved slightly towards the end of the week following the release of Nigeria’s December inflation figure of 15.15 per cent and improved liquidity conditions.
Mild demand was seen at the long end of the market, particularly on January 2027 bills, where rates eased marginally.
Despite the late improvement, the benchmark discount rate closed the week slightly higher at 16.65 per cent, signalling cautious but gradually improving investor confidence.
At the first Treasury bills auction of 2026, the CBN raised spot rates across all tenors after recording total subscriptions of about N1.54 trillion.
Source: Getty Images
Out of the N1.15 trillion offered, roughly N1.14 trillion was allotted across the three maturities. Results from the auction showed that the CBN increased the stop rates on all tenors, continuing a trend that began in the last quarter of 2025.
The 91-day bill was priced at 15.80 per cent, up from 15.30 per cent in December, while the 182-day bill rose to 16.50 per cent from 15.50 per cent. The 364-day bill was also adjusted upward to 18.47 per cent, compared to 17.95 per cent at the previous auction.
SEC reviews minimum capital for market operators
Legit.ng earlier reported that Nigeria’s Securities and Exchange Commission (SEC) announced a major review of minimum capital requirements for capital market operators, introducing new thresholds that will take effect from June 30, 2027.
The commission disclosed this in a circular dated January 16, 2026, stating that the new framework replaces the existing capital regime that has been in place since 2015.
According to the SEC, the reforms are aimed at strengthening the Nigerian capital market, improving investor protection, and discouraging the operation of undercapitalised firms.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
