The Central Bank of Nigeria’s July 8, 2026, Treasury Bills auction saw massive investor appetite for long-term securities, as demand for the 364-day bill reached N1.86 trillion against a N500 billion offer. Consequently, the stop rate for the one-year bill climbed to 17.70%, up from 17.34% in mid-June.

While the 364-day and 91-day tenors saw oversubscription, the 182-day bill remained undersubscribed, signaling investor preference for locking in higher, longer-term yields. By allotting more than the amount offered, the CBN is effectively withdrawing liquidity from the banking system to combat inflation, with further auctions planned for mid-July.