Central Bank of Nigeria cuts 364‑day Treasury bill yield amid massive oversubscription
The Central Bank of Nigeria (CBN) auctioned N500 billion of 364‑day Treasury bills on 29 July 2026. Investor demand reached roughly N3.38 trillion, about 6.7 times the amount offered, leading the bank to allot about N1.02 trillion—more than double the issue size. The stop rate for the one‑year instrument was set at 17.35%, a decline of 31 basis points from the previous auction’s 17.66%.
Across all tenors, the CBN rejected approximately N2.4 trillion in excess subscriptions, allocating a total of N1.2 trillion. In its 2025 annual report, the bank disclosed that interest and similar income rose 29.9% to N6.5 trillion, driven largely by gains on foreign securities, while interest expenses also increased to N6.312 trillion.
These figures highlight strong investor appetite for long‑duration naira assets and reflect the CBN’s tight monetary stance aimed at managing liquidity and inflation.
Entities: Asset Management Corporation of Nigeria · Central Bank of Nigeria · Debt Management Office · Nigeria · Nigerian Treasury · Nigerian Treasury bills · Nigerian investors
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] Subscriptions for the 364‑day Treasury bill reached N3.38 trillion, about 6.76 times the N500 billion offer. (auction subscription data)
- [● 2 SOURCES] The Central Bank of Nigeria offered N700 billion of Treasury bills across three tenors (N100 bn 91‑day, N100 bn 182‑day, N500 bn 364‑day) in the July 2026 auction. (CBN auction details)
- [● 2 SOURCES] Overall, the CBN allotted about N1.25 trillion across all tenors and rejected N2.4 trillion in excess subscriptions. (CBN auction summary)
- [○ 1 SOURCE] CBN's interest and similar income rose to N6.5 trillion in 2025, up 29.9% from N5.006 trillion in 2024. (2025 Annual Report)
- [○ 1 SOURCE] The CBN allocated N130.72 billion to the 91‑day Treasury bill at a rate of 16.30%, unchanged from the previous auction. (auction allotment data)
- [○ 1 SOURCE] The stop rate for the 364‑day Treasury bill was lowered to 17.35%, a drop of 31 basis points from the previous rate of 17.66%. (auction result)
- [○ 1 SOURCE] The CBN allotted approximately N1.02 trillion to the 364‑day bill, more than double the amount offered. (auction allotment data)
- [○ 1 SOURCE] CBN's interest expenses increased to N6.312 trillion in 2025 from N4.990 trillion in 2024. (2025 Annual Report)
- [○ 1 SOURCE] The CBN allotted N99.18 billion of the 182‑day bill at a stop rate of 16.50%. (CBN allocation data)
- [○ 1 SOURCE] The CBN allotted N1.02 trillion of the 364‑day bill at the reduced stop rate of 17.35%. (CBN allocation data)
- [● 2 SOURCES] The CBN allotted about N1.25 trillion across all three tenors. (CBN allocation data)
- [● 2 SOURCES] The Central Bank of Nigeria offered a combined N700 billion of Treasury bills: N100 billion each for 91‑day and 182‑day bills, and N500 billion for the 364‑day bill. (CBN auction details)