Nigerian investors faced a tough choice last week as government Treasury bills offered 17.15%, while the equities market closed lower, according to market data for the week ended August 21, 2026.
Data from the Central Bank of Nigeria showed that at the Treasury Bills auction on August 26, the 364-day bill closed at a stop rate of 17.15%, down 44 basis points from 17.59% at the previous auction while rate for 91-day and 182-day tenor remains unchanged. Despite the drop, demand remained strong as investors submitted bids worth N3.63 trillion against an initial offer of N500 billion.
On the Nigerian Exchange, market sentiment was bearish. The All-Share Index depreciated by 1.35% to close the week at 239,351.16 points. Market Capitalization also declined by 1.33% to N154.534 trillion.
Trading activity was mixed across sectors. The NGX Consumer Goods Index was the only sector to record a gain, appreciating marginally by 0.05%. The consumer goods sector has been bearish this year though, it has only achieved a 1.62% appreciation year to date despite an All Shares Index 53.81% year to date appreciation.
Buying interest was seen in consumer names such as Dangote Sugar Refinery PLC which gained 5.19% and Cadbury Nigeria PLC which rose 4.68%.
However, losses in insurance and other sectors weighed on the market. International Energy Insurance PLC led the decliners with a 27.26% drop, while Fortis Global Insurance PLC fell 23.95%.
Market analysis notes that high T-bill rates often pull funds away from equities. With government securities paying 17.15% with low risk, investors may continue to weigh fixed income against stocks.