What changed
2026-07-31 08:33 UTC → 2026-08-06 20:06 UTC ·
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In late Late July 2026 Ghana’s saw strong demand for government Treasury bill bills in both Ghana and Nigeria. Ghana’s auction continued to draw strong demand, with bids of attracted GH¢12.3 billion in bids against a GH¢9.5 billion target and target, a roughly 30 % oversubscription, while yields on the 91‑day, 182‑day and 364‑day bills slipping slipped across the curve. Two days later a second Ghana Nigeria’s 29 July primary‑market auction again saw roughly 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, prompting 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 Ghana to set BoG announced a modest raise target of GH¢5.87 billion for the next issue. Meanwhile the Central Bank of Nigeria’s 29 July primary‑market auction attracted total subscriptions of about N3.62 trillion against Nigeria announced a N700 billion offer, an oversubscription Treasury‑bill auction for 29 July and, two days later, reported new borrowings of nearly seven times. The CBN allotted roughly N1.25 trillion across N12.62 trillion—61 % above the three tenors, devoting more than N1.02 trillion to 2024 budgeted limit—while the 364‑day bill. The stop rate on that instrument was cut by 31 basis points fiscal deficit widened to 17.35 percent, and secondary‑market N13.51 trillion. In early August Nigerian yields fell modestly, slipped further, with the newly issued bill trading around 17.10 percent. Analysts view the strong demand and lower yields average Treasury‑bill rate falling to 18.11 % as evidence investors chased longer‑dated papers. However, after a back‑to‑back Open Market Operation that withdrew N4.69 trillion of improving liquidity, the Central Bank of Nigeria cancelled the scheduled 5 August Treasury‑bill auction, citing insufficient liquidity and sustained appetite for longer‑dated naira government securities. to accommodate additional issuance. The remainder of the Q3 2026 issuance calendar remains unchanged.