CBN slashes 364-day T-Bill rate to 16.62%, allots N1.05 trillion
The Central Bank of Nigeria sold N1.05 trillion of Treasury Bills at its September 9, 2026 auction, cutting the one-year bill’s stop rate to 16.62%—the lowest in weeks and the third straight cut on the 364‑day tenor. Investors bid N2.64 trillion, far above the N750 billion offer, leading the CBN to allot N1.054 trillion, roughly N304 billion more than advertised. Demand flooded the long end: the 364‑day bill attracted N2.537 trillion of subscriptions (about five times the offer), while the 91‑day and 182‑day bills were weakly subscribed, with the 91‑day tenor covering only 50.6% of its N150 billion offer. Stop rates for the shorter tenors held steady at 16.30% (91‑day) and 16.50% (182‑day). The maturity dates are December 10, 2026 (91‑day), March 11, 2027 (182‑day) and September 9, 2027 (364‑day). The sustained appetite for the one‑year bill, even as its yield falls, signals that the CBN’s monetary policy is beginning to ease after more than three years of tight rates. Analysts note the move could lower borrowing costs for government and corporations, while savers see reduced returns on short‑term instruments. With the MPC meeting soon, further rate cuts may follow if inflation continues to moderate. Will you shift your savings toward longer‑dated instruments to lock in the current yields, or explore other assets as short‑term returns decline?