CBN Raises N5.5trn from T-Bills in Q1, Rejects N9.7trn in Bids
Samuel Mobolaji
The Central Bank of Nigeria (CBN) sold N5.53 trillion worth of Treasury bills in the first quarter of 2025, surpassing its N5.15 trillion target despite rejecting bids worth N9.67 trillion, according to official data.
Attracting a total subscription of N15.20 trillion across eight auctions, the T-bill market saw intense investor interest amid a rising appetite for naira-denominated assets and high-yield instruments.
Spot rates rose sharply, with the 364-day bill reaching 17.82 per cent, up from previous levels, reflecting investors’ demand for long-dated securities.
AIICO Capital Limited noted that the auctions were marked by fluctuating sentiment, with investors oscillating between profit-taking and seeking better yields. Revised auction calendars and tighter liquidity pushed yields higher throughout March, with the average mid-yield settling at 19.74 per cent, a 4 basis-point decline month-on-month.
Analysts say the strong subscription figures reflect investor confidence despite macroeconomic volatility.
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