SAT NOV 08 2025-theGBJournal| The Treasury bills secondary market traded with mixed sentiments across instruments this week with bullish activity dominating the NTB segment as investors sought to fill unmet bids from the primary auction.
Conversely, the OMO curve witnessed mild selloffs, driven by investor jitters following President Trump’s recent comments on Nigeria’s security situation. Consequently, the average yield across all instruments advanced by 3bps w/w to 19.7%.
By segment, NTB yields fell by 7bps to 17.4%, while OMO yields rose by 15bps to 22.2%. At Wednesday’s NTB auction, the Central Bank of Nigeria (CBN) offered bills worth N650.00 billion – N100.00 billion for the 91D, N100.00 billion for the 182D, and N450.00 billion for the 364D bills.
Total subscription increased to N1.18 trillion (Previous auction: N750.91 billion), indicating a bid-to-offer ratio of 1.8x (Previous auction: 1.2x).
The auction closed with the CBN allotting N546.34 billion – N31.18 billion for the 91D, N10.29 billion for the 182D, and N504.87 billion for the 364D papers – at respective stop rates of 15.30% (unchanged), 15.50% (unchanged) and 16.04% (previous: 16.14%).
Additionally, the CBN conducted an OMO auction, offering N600.00 billion worth of bills.
Total subscriptions reached N1.18 trillion, representing a bid-to-offer ratio of 2.0x. Eventually, the CBN sold only N273.60 billion, with stop rates of 21.69% and 21.84% on the 56D and 84D maturities, respectively.
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