Nigeria’s latest treasury bills auction, conducted on February 19, 2025, saw total subscriptions hit N2.41tn, reflecting sustained investor interest across the three tenors on offer.
However, this marked a decline from the N3.22tn recorded in the previous auction held on February 5, 2025.
The Central Bank of Nigeria increased allotments, particularly for the 364-day tenor, while stop rates edged lower, signalling a shift in investor sentiment and yield expectations.
The auction results showed a marked increase in demand for shorter-term treasury bills, with the 91-day and 182-day instruments witnessing significant jumps in subscriptions compared to the preceding auction.
The 91-day bills, which had an offer size of N80bn, attracted N62.14bn in subscriptions, an increase from N42.37bn recorded in the February 5 auction.
The CBN allotted N34.77bn, while the top rate dropped to 17 per cent, lower than the 18 per cent in the previous auction.
Similarly, the 182-day bills, with an offer size of N120bn, saw subscriptions rise to N49.88bn, up from N19.52bn.