Africa-Press – Nigeria. Nigeria’s Treasury Bills market witnessed a rise in investors’ appetite on Wednesday, November 19, 2025, as demand for the 364-day paper soared far above the government’s offer.
The Central Bank of Nigeria’s data from the latest auction show that stop rates across all three tenors, 91-day, 182-day and 364-day, remained unchanged at 15.30 per cent amid a declining inflation rate, which stood at 16.05 per cent in October. Yet, investors piled in heavily, particularly on the long-term bill, where subscriptions exceeded N1.2 trillion against the N450 billion offered by the Central Bank of Nigeria, CBN.
Despite stable stop rates, true yields continued to appeal to investors, standing at 15.9 per cent for the 91-day tenor, 16.8 per cent for the 182-day, and 19.1 per cent for the 364-day bill, according to Wednesday’s T-Bills data.
The development comes as analysts predict that the persistent rush for the long-dated instrument reflects investors’ strategy to lock in the current high-yield environment before the anticipated moderation of interest rates in 2026.
With liquidity strong and yield levels still attractive, treasury bills are expected to remain a key destination for both institutional and retail investors in the near term.
Days ago, the apex bank mandated the use of the S4 electronic interface for Treasury Bills (T-Bills) auction submissions to take full control of the market.
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