Investors bet on Nigerian treasury bills ahead of auction

Investors increased bet on Nigerian treasury bills in the secondary market ahead of primary market auction on Wednesday.

The Central Bank of Nigeria through the Debt Management Office will be offering investors about N82 billion treasury instrument at the main auction today.

Due to strong market appetite fixed interest securities in debt capital market, analysts expect demand to remain strong. The downside, according to fixed income analysts, is the weak liquidity level in the financial system.

Though liquidity improved yesterday, short term benchmark interest rates ended in mixed note, above 32%. Traders reported that he treasury bills market ended on a bullish note on Tuesday investors took positions ahead of tomorrow’s auction.

Analysts at AIICO Capital Limited said there was little demand for the 25 Sept 2025 Bill towards the close of the market.

The average yield declined by 1bp to 22.9%, Cordros Capital Limited said in a note. The investment firm stated that the average yield declined at the short (-1bp), mid (-1bp) and long (-2bps) segments.

This was as a result of demand for the 79-day to maturity (-1bp), 170-day to maturity (-2bps), and 352-day to maturity (-2bps) bills respectively.

Similarly, the average yield declined by 5bps to 24.5% in the OMO segment, according to the investment note.

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