The CBN sells ₦71.16 billion of Treasury bills against an ₦800 billion offer as it holds rates near 15.80%
Bids for the 364-day bill topped ₦1.84 trillion, but the bank allotted only ₦38.38 billion of it.
Key findings
- The CBN allotted ₦71.16 billion of Treasury bills on 28 October against an offer of ₦800 billion, or 8.89%.
- The 364-day bill drew ₦1.84 trillion of bids, 3.06 times the ₦600 billion offered, but only ₦38.38 billion was sold, 2.09% of bids.
- That 364-day allotment is the smallest since 11 October 2023, when ₦30.76 billion was sold.
- The 364-day stop rate eased 0.10 percentage points to 15.80%, its lowest since 8 October 2025, when it cleared at 15.77%.
- Bids for the 91-day and 182-day bills, at ₦51.56 billion and ₦20.27 billion, fell short of the ₦100 billion offered for each.
The Central Bank of Nigeria sold ₦71.16 billion of Treasury bills at its auction on 28 October, against ₦800 billion on offer. That is 8.89% of the offer, and well below the ₦269.06 billion sold at the previous auction on 14 October.
Demand was not the constraint at the long end. The 364-day bill drew ₦1.84 trillion of bids, 3.06 times the ₦600 billion offered, with bids reaching as high as 18.24%. The bank allotted ₦38.38 billion, 2.09% of what was bid and the smallest 364-day allotment since 11 October 2023, and cleared it at 15.80%, 0.10 percentage points below the previous auction and the lowest stop rate for the tenor since 8 October 2025.
The shorter bills were undersubscribed. Bids of ₦51.56 billion for the 91-day bill and ₦20.27 billion for the 182-day bill fell short of the ₦100 billion offered for each, and the bank sold ₦22.33 billion and ₦10.45 billion. The 91-day stop rate eased 0.10 percentage points to 15.40%, and the 182-day rate to 15.79%.
| Tenor | Offered | Bids | Sold | Stop rate |
|---|---|---|---|---|
| 91-day | 100 | 51.56 | 22.33 | 15.40 |
| 182-day | 100 | 20.27 | 10.45 | 15.79 |
| 364-day | 600 | 1,836.14 | 38.38 | 15.80 |
Why it matters
Treasury bill stop rates are the most direct read of short-term government borrowing costs. By selling only a sliver of the heavily bid 364-day bill, the bank kept its stop rate drifting down rather than accepting the higher rates on many bids. That fits the easing direction set by the MPC's September cut, but it means the government raised far less than it offered, and the gap has to be met at later auctions or from other sources. The weak demand for 91-day and 182-day paper also shows investors favouring the longest bill.
What to watch
- The size of the next Treasury bill offer, and whether the bank again sells well below it.
- Whether 364-day stop rates keep easing or the bank lets them rise to fill its offers.
- Demand for the 91-day and 182-day bills, which has fallen short at this auction.
- The November FGN bond auction, where clearing rates rose in October.
Methodology
Auction results are the CBN's primary-market Treasury bill lines for 28 October 2026, compared with the auction of 14 October 2026 and with earlier 364-day auctions back to 2022. Amounts are the CBN's naira figures shown in billions; sold is the total successful allotment as printed. The share of the offer sold divides total allotment across the three tenors by total amount offered; the 364-day fill rate divides its allotment by its bids. Rate changes are differences in stop (marginal) rates, in percentage points.