Nigeria’s central bank returns to the market with a ₦1.15 trillion Treasury bills auction amid shifting rate expectations.
The Central Bank of Nigeria (CBN) is set to conduct its second Treasury bills (T-bills) auction for January 2026, offering a total of ₦1.15 trillion across 91-day, 182-day, and 364-day maturities. The auction comes amid high system liquidity and mixed expectations around interest rates.
According to the CBN’s offer circular, ₦150 billion will be issued for 91-day bills, ₦200 billion for 182-day bills, and ₦800 billion for 364-day bills, highlighting strong investor preference for longer-dated securities with higher yields.
Analysts say the auction outcome will guide near-term rate direction as investors weigh easing inflation against sustained government borrowing and tight monetary conditions. Recent auctions saw yields rise across all maturities, despite softer inflation data, reflecting the CBN’s cautious stance on inflation and exchange-rate stability.
