The Central Bank of Nigeria (CBN) raised N1.457 trillion at its Treasury bills auction on June 3, 2026.
The bank increased stop rates across all tenors despite strong investor demand that exceeded N2.16 trillion.
The CBN offered N100 billion each for the 91-day and 182-day bills, and N800 billion for the 364-day bill.
Subscriptions reached N2.16 trillion, more than double the total offer size. The 364-day bill alone attracted N1.946 trillion in bids.
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Stop rates rose on all instruments compared to the previous auction. The 91-day bill cleared at 16.05 percent, up 10 basis points.
The 182-day bill stopped at 16.19 percent, up 5 basis points, while the 364-day bill cleared at 16.35 percent, up 20.1 basis points. The bank fully allotted the 91-day bill but made partial allotments on the longer tenors.
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This auction represents the first major liquidity absorption exercise in June.
The Financial Markets Dealers Association projects total inflows of N10.90 trillion into the banking system this month, with N7.77 trillion coming from maturing Open Market Operations bills.
The banking system ended May with N5.89 trillion in the Standing Deposit Facility.
The result reflects continued strong appetite for government securities, particularly at the longer end of the curve. Investors showed significant interest in locking in yields for the 12-month horizon.
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The Monetary Policy Rate remains at 26.50 percent. The 364-day stop rate of 16.35 percent stays below both the MPR and recent OMO rates, which ranged between 20.37 percent and 21.80 percent at the May 29 auction.
The development occurs amid tight liquidity management by the apex bank.
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With substantial inflows expected in June, further Open Market Operations auctions will be required to manage excess liquidity and support monetary policy objectives.
