Nigeria Treasury Bill Auction Sees 364-Day Rate Rise to 17.70%
On July 8, 2026, the Central Bank of Nigeria held a Treasury Bills auction offering N700 billion across three tenors but allotted N1.06 trillion due to strong demand. The 364‑day bill rate rose to 17.70 %, up 36 basis points from the previous auction, while subscriptions hit N1.86 trillion—more than three times the offer. The CBN allotted N935.32 billion of this tenor. In contrast, the 182‑day bill attracted only N29.94 billion against an offer of N100 billion, leaving it undersubscribed with an unchanged rate of 16.50 %. The 91‑day bill was oversubscribed at N146.54 billion, earning an allotted N115.38 billion and a slight rate increase to 16.30 %. Investors favoured the longer tenor as the Monetary Policy Rate remains at 26.5 %, making the 1‑year bill an attractive, low‑risk return versus rolling shorter tenors. The CBN also used the auction to drain excess liquidity, helping curb inflation. Another auction of N600 billion is scheduled for July 15, which may continue to push yields higher if demand stays strong. For investors, the higher 1‑year rate offers a better risk‑free return, but also signals that the CBN is unlikely to cut rates soon, so locking in now could be wise if you can lock funds for a year.