The Central Bank of Nigeria (CBN) has raised N598.33 billion through its latest Treasury Bills auction, with the 364-day instrument dominating 80% of total sales.
Auction Highlights (May 7, 2025):
- 364-day bills: N482.62bn sold at 24.41% yield (slightly up from 24.36%)
- 182-day bills: N77.31bn at unchanged 20.38% yield
- 91-day bills: N38.4bn sold versus N48.4bn subscriptions at steady 18.85% yield
Market Context:
The auction recorded N1.08 trillion in total subscriptions (96% oversubscription), though lower than the N1.53 trillion demand at the previous sale. System liquidity remains robust at N1.21 trillion, supported by N287.98bn in maturing bills.
Year-to-date Treasury Bills sales now stand at N7.248 trillion as the CBN continues aggressive liquidity management amid elevated yields. Analysts note the sustained investor appetite for government securities despite minimal yield adjustments across tenors in recent auctions.
