The Central Bank of Nigeria (CBN) will open N650 billion worth of Treasury bills for subscription at next week’s primary market auction, amid expectations that short-term borrowing rates may decline following the 50 basis points reduction by the monetary policy committee in September.
According to MarketForces Africa, the Apex Bank kicked off its fourth-quarter auction calendar with N570 billion across standard maturities, including 91-day, 182-day, and 364-day instruments, with spot rates reduced across mid and long tenors.
At Wednesday’s main auction, the CBN will offer N100 billion of 91-day Treasury bills and another N100 billion of 182-day bills for investor subscriptions. Rates are expected to reflect current market conditions, with inflation boosting the real interest rate to 8.98%. The bank also plans to float N450 billion of one-year Treasury bills.
Last week, the CBN offered ₦600 billion across 193-day and 249-day OMO bills, attracting subscriptions of ₦2.12 trillion, which were fully allotted. Stop rates closed at 19.40% for the 193-day bills and 19.89% for the 249-day papers, with an effective yield of 23%.
In the secondary market, bullish sentiment dominated Treasury bills, with strong demand across short, mid, and long-dated maturities pushing average yields 6 basis points lower to 17.39% week-on-week. Meanwhile, the OMO market traded mixed, with mild sell-offs at mid-to-long tenors—particularly 9-Dec and 17-Feb maturities, driving average OMO yields 105 basis points higher to 21.62%.
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