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The Central Bank of Nigeria (CBN) is set to hold a primary market auction next Wednesday, offering N162.018 billion worth of Nigerian Treasury bills across standard tenors. The auction aims to absorb N27 billion worth of maturing Treasury bills.
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Analysts at Cordros Capital Limited expect rates to ease, citing strong liquidity levels and anticipated disinflation in the first half of 2025. “At the auction, we expect rates to slightly taper,” they said in a market update
The Nigerian Treasury bills market has seen fluctuating spot rates, with investors favoring long-duration assets. Yields have eased in the secondary market due to rising demand for naira assets. Strong liquidity levels have limited rate increases, and positive returns on investment have boosted demand.
The market traded lightly throughout the week, with limited interest in OMO and NTB maturities. However, midweek saw a bullish tone on mid-to-long-dated maturities, with trades executed around 18.80%. Investors are now shifting focus to the upcoming auction, where the CBN will offer N162.018 billion across 91, 182, and 364-day tenors.
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