The CBN sells ₦509.40 billion of Treasury bills, 7.16 times the previous week's sale, at unchanged stop rates
The bank accepted far more of the bids for the 364-day bill than a week earlier.
Key findings
- The CBN sold ₦509.40 billion of Treasury bills on 4 November, 63.68% of the ₦800 billion offered.
- The sale was 7.16 times the ₦71.16 billion sold on 28 October.
- Bids totalled ₦2.04 trillion, with ₦1.99 trillion for the 364-day bill, of which the bank sold ₦461.84 billion.
- Stop rates held at 15.40%, 15.79% and 15.80% for the 91-, 182- and 364-day bills.
The Central Bank of Nigeria sold ₦509.40 billion of Nigerian Treasury bills at its 4 November auction, 63.68% of the ₦800 billion it offered. A week earlier, on 28 October, it sold only ₦71.16 billion against the same offer, so this week's sale was 7.16 times as large.
Demand was little changed. Bids came to ₦2.04 trillion, of which ₦1.99 trillion was for the 364-day bill, against ₦1.84 trillion for that bill a week earlier. The difference was in what the bank accepted: it sold ₦461.84 billion of the 364-day bill, 23.16% of the bids for it, and ₦22.40 billion and ₦25.17 billion of the 91-day and 182-day bills.
Stop rates were the same as on 28 October: 15.40% for 91 days, 15.79% for 182 days and 15.80% for 364 days. The bank sold more without raising the rate it paid.
- Bills sold
- ₦509.40bn
- Share of offer sold
- 63.68%
- 364-day stop rate
- 15.80%
| Tenor | Offered | Bids | Sold | Stop rate |
|---|---|---|---|---|
| 91-day | 100 | 25.01 | 22.40 | 15.40 |
| 182-day | 100 | 25.83 | 25.17 | 15.79 |
| 364-day | 600 | 1,994.16 | 461.84 | 15.80 |
Why it matters
Last week's small sale suggested the bank would rather sell little than accept higher rates. This week it filled most of its offer at the same rates. Coming a day after the CBN sold ₦2.95 trillion of OMO bills on 3 November, it points to a deliberate effort to absorb naira liquidity across both instruments, while keeping the cost of short-term government borrowing steady.
For investors, unchanged stop rates on a much larger sale mean bill yields are holding near their October levels for now. For the Federal Government, the auction raised far more short-term funding than the last one at no extra cost.
What to watch
- Whether the next Treasury bill auction again fills most of its offer, or the bank returns to small sales.
- Stop rates on the 364-day bill, which have held close to the same level since the October auctions.
- The size of the next OMO sales, and whether the naira holds its recent steadiness as liquidity is drained.
Methodology
Auction results for the CBN's 4 November 2026 Treasury bill auction, compared with the 28 October auction, from Dataminal's government securities dataset, which reads the CBN's published results. The amount sold is the sum of the amounts allotted across the 91-, 182- and 364-day bills; the share of the offer sold divides that sum by the total offered. OMO figures are the sum of the amounts allotted at the 3 November open market operation. Amounts are converted from naira millions.