CBN cuts Nigerian Treasury Bills yield below 17%, lowest since June 3

The Central Bank of Nigeria (CBN) allotted N865.71 billion at its Wednesday, September 2, 2026, Treasury Bills primary market auction, cutting the stop rate on the one-year bill to 16.84%, its lowest level since the June 3 auction, and the second straight rate cut.

The primary market auction results show that investors submitted a combined N3.35 trillion in bids against the N700 billion offered, while the CBN allotted N865.71 billion, roughly N165.71 billion above the original offer size.

The demand, as in previous primary market auctions, heavily concentrated on the 364-day bill, while the shorter tenors recorded notably weak interest, a divergence that has become a defining feature of Nigeria’s Treasury Bills market through much of 2026.

What the data is saying:

Combined, the auction drew total subscriptions of approximately N3.35 trillion against the N700 billion offer, a bid-to-offer ratio of about 4.8 times, with the CBN ultimately allotting N865.71 billion, roughly N165.71 billion above the original offer size.

• 91-day bill: N100 billion offered, N76.82 billion subscribed, only 76.8% of the offer covered. N76.28 billion allotted. Stop rate held at 16.30%.
• 182-day bill: N100 billion offered, just N33.51 billion subscribed, covering only 33.5% of the offer. N27.27 billion allotted. Stop rate held at 16.50%.
• 364-day bill: N500 billion offered, N3.238 trillion subscribed, roughly 6.48 times the offer size. N762.17 billion allotted, N262.17 billion above the advertised amount.

Stop rate fell 31 basis points to 16.84% from 17.15% at the August 26 auction.

Maturity dates for the three tenors are December 3, 2026 (91-day), March 4, 2027 (182-day), and September 2, 2027 (364-day).

The scale of demand concentration was stark: the 364-day bill alone accounted for approximately 96.7% of total subscriptions across…