CBN allots N1.06trn to investors at NTB auction
The Central Bank of Nigeria (CBN) allotted N1.06 trillion at its Wednesday, July 8, 2026 Treasury bills primary market auction, raising the stop rate on the one-year bill sharply to 17.70per cent compared with the June 17 auction stop rate of 17.34per cent while keeping the mid-tenor rate unchanged.
The auction result seen by Nairametrics shows total subscriptions of about N2.03 trillion against an offer size of N700 billion.
This gives a bid-to-offer ratio of about 2.9 times.
As in previous auctions, investors showed the strongest appetite for the 364-day bill, which alone attracted N1.86 trillion in bids.
This is the first major auction under the CBN’s expanded Q3 2026 NTB Issuance Programme, which targets N5.8 trillion in gross issuance between July and September, more than four times the net target set for the previous quarter.
Stop rates rose on the short and long ends of the curve compared with the June 17 auction, while the mid-tenor bill held steady. Highlights of the July 8 auction:
The July 8 auction also came with a net withdrawal of funds from the banking system with about N269.36 billion in Treasury bills expected to mature today, made up of N94.82 billion in 91-day bills, N48.23 billion in 182-day bills, and N126.31 billion in 364-day bills.
The July 8 auction is the third in a row in which the CBN has raised the one-year stop rate, after similar increases at the June 3 and June 17 auctions.
The CBN plans to offer N600 billion in bills on July 15, with no major maturities that day.
On July 22, the CBN is not planning any new bill sales, but N378.43 billion in bills will mature, putting more money back into the banking system.
On July 29, the CBN plans to offer N700 billion in new bills, with no major maturities expected that day.
Across the full month, the CBN plans to sell N2 trillion in Treasury bills against only N647.79 billion in bills maturing, resulting in the largest planned monthly net withdrawal of funds through Treasury bills so far in 2026.
