Investors Flood Nigeria’s 364-Day T-Bills as Demand Triples CBN Offer

|By Babatunji Wusu

Nigeria’s Treasury Bills market surged on Wednesday, November 19, 2025, as investors aggressively chased the 364-day paper, pushing subscription levels far beyond the Central Bank of Nigeria’s (CBN) offer.

Despite unchanged stop rates at the latest auction—15.30% across the 91-day, 182-day, and 364-day tenors—investors ramped up demand, driven by easing inflation, which fell to 16.05% in October. The long-dated bill recorded the strongest pull, attracting over ₦1.2 trillion in subscriptions against the ₦450 billion offered by the CBN.

True yields remained compelling, with Wednesday’s auction showing 15.9% on the 91-day paper, 16.8% on the 182-day, and 19.1% on the 364-day tenor. Analysts say the sustained rush for the one-year bill signals investors’ push to lock in high yields ahead of an expected interest rate slowdown in 2026.

With liquidity strong and yields still attractive, treasury bills are projected to retain their position as a top investment choice for both institutional and retail players in the coming months.