The CBN raises its one-year Treasury bill rate to 15.89% as it sells ₦672.91 billion of the tenor
The 364-day stop rate moves for the first time in weeks, while demand for the 182-day bill stays thin.
Key findings
- The CBN sold ₦672.91 billion of 364-day bills against ₦600 billion offered and ₦1.08 trillion of bids.
- The one-year stop rate rose to 15.89% from 15.80% on 4 November, a 0.09 percentage point increase.
- Bids for the 364-day bill fell from ₦1.99 trillion a week earlier, yet the amount sold rose 45.7%.
- The 182-day bill drew ₦23.02 billion of bids for ₦100 billion offered; ₦22.28 billion was sold at an unchanged 15.79%.
The Central Bank of Nigeria sold ₦672.91 billion of 364-day Treasury bills at its auction on 11 November 2026, against ₦600 billion on offer, according to the CBN's auction results in Dataminal's government securities data. The stop rate on the one-year bill rose to 15.89% from 15.80% at the 4 November auction, a 0.09 percentage point increase after several weeks at or near 15.80%.
Demand for the one-year bill was lower than a week earlier. Bids came to ₦1.08 trillion, about 1.80 times the amount offered, down from ₦1.99 trillion on 4 November. Even so, the CBN sold 45.7% more of the tenor than the ₦461.84 billion it sold a week before, accepting a higher rate to do so.
The 182-day bill again drew little interest: ₦23.02 billion of bids for ₦100 billion on offer, of which ₦22.28 billion was sold at an unchanged 15.79%. Together the two tenors raised ₦695.19 billion. The CBN's published results for this auction carry no 91-day line.
| Tenor | Offered | Bids | Sold | Stop rate |
|---|---|---|---|---|
| 182-day | 100 | 23.02 | 22.28 | 15.79% |
| 364-day | 600 | 1,079.10 | 672.91 | 15.89% |
Why it matters
Treasury bill rates set the floor for short-term borrowing costs in naira. A firmer one-year rate, alongside heavy OMO sales at stop rates of up to 17.44% on 10 November, shows the CBN is still keeping money tight even after it cut the policy rate in September. For savers and banks it means yields are holding up; for the government it means slightly dearer short-term borrowing.
What to watch
- Whether the 364-day rate rises again at the next auction or settles back.
- The CBN's OMO sales this week and their stop rates.
- The DMO's November bond auction results.
Methodology
All amounts and rates are from the CBN's Treasury bill auction results as held in Dataminal's government securities dataset. Amounts sold are the CBN's total successful allotments. The rate change is the difference between the 364-day stop rates of the 4 November and 11 November auctions; the bid cover divides bids by the amount offered; the change in sales compares the 364-day allotments of the two auctions.