Nigeria’s Treasury Bills market saw a sharp increase in investor interest on November 19, 2025, as demand for the 364‑day paper far outstripped the government’s offer. Data from the Central Bank of Nigeria (CBN) show that the stop rates for all three tenors—91‑day, 182‑day and 364‑day—remained unchanged at 15.30 percent, even though inflation fell to 16.05 percent in October.
The latest auction results highlight the strong appetite for the longer‑term bill. Subscriptions totalled more than N1.2 trillion, vastly exceeding the N450 billion offered by the CBN. True yields were 15.9 percent for the 91‑day tenor, 16.8 percent for the 182‑day tenor, and 19.1 percent for the 364‑day bill, making them especially attractive to investors.
This surge is driven by investors’ strategy to lock in high yields before the anticipated moderation of interest rates in 2026. With robust liquidity and appealing yield levels, Treasury Bills are expected to remain a key investment destination for both institutional and retail investors in the near term.
Recently, the CBN mandated the use of the S4 electronic interface for Treasury Bills auction submissions, aiming to take full control of the market. The move is expected to improve efficiency and transparency.
Overall, the heightened demand for Treasury Bills reflects Nigeria’s efforts to manage its debt and attract investment. As the economy evolves, the combination of high yields, strong liquidity, and government initiatives should keep demand for Treasury Bills strong, cementing their role as a vital component of Nigeria’s financial landscape.
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