The CBN just flexed its muscles again. Despite investors throwing over N2 trillion at its latest Treasury bills auction, the apex bank pushed rates higher across the board and still walked away with N1.457 trillion.

Here’s the gist from cbinews.tv 👇

So, the Central Bank of Nigeria held a Treasury Bills auction on June 3 and, honestly, it was a big one. They were only looking to raise N1 trillion, but demand went absolutely wild. Investors put in N2.160 trillion worth of bids — more than double what was on offer.

The real star of the show? The 364-day bill. CBN offered N800 billion, and subscriptions hit a massive N1.946 trillion. That’s the kind of appetite that shows big institutional players are still keen to lock in risk-free returns for the next 12 months.

But here’s the kicker, according to cbinews.tv: even with all that cash chasing the bills, the CBN still hiked stop rates on every single tenor.

How the auction broke down:

- 91-day bill (maturing 3 Sept 2026): Offered N100bn, got N131.18bn, sold it all. Stop rate edged up 10 basis points to 16.05%.

- 182-day bill (maturing 3 Dec 2026): Offered N100bn, only N83.55bn came in. Stop rate nudged up 5 basis points to 16.19%.

- 364-day bill (maturing 3 June 2027): Offered N800bn, swamped with N1.946tn in bids. CBN took N1.243tn. Stop rate jumped 20.1 basis points to 16.35%.

All in, CBN allotted N1.457 trillion — well above the N1 trillion it set out to raise.

Why it matters, per cbinews.tv:

This wasn’t just any auction. June is shaping up to be a monster month for liquidity. The Financial Markets Dealers Association reckons we’re expecting about N10.90 trillion in inflows this month, with N7.77 trillion from OMO bills maturing alone.

So, this NTB auction was basically CBN’s opening move to soak up some of that excess cash. They mopped up N1.457 trillion, but that’s barely a dent compared to what’s coming. Expect more OMO auctions soon if they want to keep liquidity in check.

And for you, the investor? At 16.35%, the one-year NTB is still one of the most attractive government-backed options out there. Secondary market T-bill yields averaged 17.42% on June 2, while bonds sat at 16.02%. So, if you’ve got a 12-month horizon and don’t need quick access to your cash, this auction was one of the better deals we’ve seen in 2026 — even with rates rising for the second straight auction.

Source: cbinews.tv

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