# Ghana-Nigeria Treasury bill oversubscription > Live situation record from CLSTR: https://clstr.news/situations/ghana-nigeria-treasury-bill-oversubscription > Updated: 2026-08-06T10:04:34.000Z. Sources: 11. Developments: 5. Late July 2026 saw strong demand for government Treasury bills in both Ghana and Nigeria. Ghana’s auction attracted GH¢12.3 billion in bids against a GH¢9.5 billion target, a roughly 30 % oversubscription, while yields on the 91‑day, 182‑day and 364‑day bills slipped across the curve. Nigeria’s 29 July primary‑market auction was subscribed at about seven times the N700 billion offer, prompting a cut in the stop rate on the 364‑day bill and modest declines in secondary‑market yields. On 25 July Ghana accepted GH¢11.5 billion, confirming the 30 % oversubscription and pushing the 91‑day yield to 5.76 % (down 11 bp), the 182‑day to 7.68 % (down 0.1 bp) and the 364‑day to 12.96 % (down 3 bp). The Bank of BoG announced a modest raise target of GH¢5.87 billion for the next issue. Nigeria announced a N700 billion Treasury‑bill auction for 29 July and, two days later, reported new borrowings of N12.62 trillion—61 % above the 2024 budgeted limit—while the fiscal deficit widened to N13.51 trillion. In early August Nigerian yields slipped further, with the average Treasury‑bill rate falling to 18.11 % as investors chased longer‑dated papers. However, after a back‑to‑back Open Market Operation that withdrew N4.69 trillion of liquidity, the Central Bank of Nigeria cancelled the scheduled 5 August Treasury‑bill auction, citing insufficient liquidity to accommodate additional issuance. The remainder of the Q3 2026 issuance calendar remains unchanged. ## Claims - Total subscriptions for the auction were about N3.62 trillion against an offer size of N700 billion. (corroborated by 3 sources) - The 364‑day bill attracted N3.38 trillion in bids for an offer of N500 billion, an oversubscription of nearly seven times. (corroborated by 3 sources) - CBN allotted about N1.25 trillion in total across the three maturities. (corroborated by 3 sources) - More than N1.02 trillion was allocated to the 364‑day bill. (corroborated by 3 sources) - The stop rate on the 364‑day bill was cut by 31 basis points to 17.35 percent from 17.66 percent at the previous auction. (corroborated by 3 sources) - The 91‑day bill stop rate remained at 16.30 percent with bid rates between 15.97 percent and 17.50 percent. (corroborated by 3 sources) - The 182‑day bill stop rate remained at 16.50 percent with bid rates ranging from 16.00 percent to 25.00 percent. (corroborated by 3 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. (corroborated by 2 sources) - Overall, the CBN allotted about N1.25 trillion across all tenors and rejected N2.4 trillion in excess subscriptions. (corroborated by 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. (corroborated by 2 sources) - Total investor subscriptions for the auction reached approximately N3.62 trillion, with the 364‑day bill alone attracting N3.38 trillion. (corroborated by 2 sources) - The CBN allotted about N1.25 trillion across all three tenors. (corroborated by 2 sources) ## Timeline ### 2026-08-06: Nigeria Treasury Bills Yield Drop and Auction Cancelled Amid Liquidity Tightening Nigerian Treasury‑Bill yields fell to 18.11% as demand rose, and the Central Bank cancelled the Aug 5 auction after pulling N4.69 trillion in liquidity via OMOs. 4 sources. https://clstr.news/cluster/nigeria-treasury-bills-yield-drop-and-auction-cancelled-amid-liquidity-tightening ### 2026-07-31: Nigeria Treasury Bill Yield Cut After Massive Bids Nigeria's CBN auction drew N3.62 trn in bids, oversubscribing the 364‑day bill and cutting its yield to 17.35%, while secondary yields slipped slightly. 3 sources. https://clstr.news/cluster/nigeria-treasury-bill-yield-cut-after-massive-bids ### 2026-07-28: Central Bank of Nigeria cuts 364‑day Treasury bill yield amid massive oversubscription Nigeria's central bank offered N500 bn of 364‑day Treasury bills, attracted N3.38 tn in bids, allotted N1.02 tn at a 17.35% stop rate, rejected N2.4 tn excess, and reported a 30% rise in 2025 interest income to 2 sources. https://clstr.news/cluster/central-bank-of-nigeria-cuts-364-day-treasury-bill-yield-amid-massive-oversubscription ### 2026-07-27: Ghana Treasury Bills Oversubscribed, Nigeria Exceeds Borrowing Target Ghana’s Treasury bill auction was oversubscribed, drawing GH¢12.37 bn in bids; Nigeria’s federal borrowing hit N12.62 tn, far above its 2024 target, widening the fiscal deficit. 4 sources. https://clstr.news/cluster/ghana-treasury-bills-oversubscribed-nigeria-exceeds-borrowing-target ### 2026-07-25: Ghana and Nigeria Treasury Bill Auctions Attract Strong Demand Ghana's Treasury bill auction oversubscribed by 30% as yields fell, while Nigeria's central bank plans a N700 billion Treasury bill auction on July 29. 3 sources. https://clstr.news/cluster/ghana-and-nigeria-treasury-bill-auctions-attract-strong-demand --- Cite as: Ghana-Nigeria Treasury bill oversubscription. CLSTR, https://clstr.news/situations/ghana-nigeria-treasury-bill-oversubscription