The stop rate on Nigeria’s 364-day Treasury Bill fell to 16.62% at the Central Bank of Nigeria’s (CBN) primary market auction on September 9, 2026, extending the decline recorded over the previous two auctions.
The latest rate represents a 22-basis-point decline from the 16.84% recorded at the preceding auction, making it the third consecutive cut in the rate.
The 364-day Treasury Bill rate has fallen from 17.59% on August 26 to 17.15%, 16.84% and now 16.62%, representing a cumulative decline of 97 basis points over the three auctions.
The decline came amid strong demand for Treasury Bills, with investors submitting bids worth approximately ₦2.64 trillion across the three tenors at the September 9 auction, against ₦750 billion offered by the CBN.
The 364-day bill attracted the largest share of investor demand, receiving subscriptions of approximately ₦2.54 trillion against the ₦500 billion offered for all tenors. The CBN allotted about ₦961.28 billion on the 364-day bill at a stop rate of 16.62%.
The amount subscribed for the 364-day bill was therefore more than five times the amount initially offered, highlighting the scale of investor bids for the longest tenor at the auction.
Across all three tenors, the CBN allotted approximately ₦1.05 trillion, above the ₦500 billion initially offered.
The 91-day Treasury Bill had ₦150 billion offered, with the auction producing a stop rate of 16.30%, while the 182-day bill, for which ₦100 billion was offered, recorded a stop rate of 16.50%.
The 364-day instrument consequently recorded the highest stop rate among the three tenors, while also attracting the largest volume of subscriptions at the auction.
The September 9 auction extends the downward movement in the 364-day Treasury Bill rate that began in late August, bringing the cumulative decline across the three successive auctions to nearly one percentage point.