The Central Bank of Nigeria (CBN) has raised ₦10.4 trillion through Nigerian Treasury Bills (NTBs) in 2025, marking a marginal 1.09 percent decrease from the ₦10.52 trillion recorded in 2024. The development was disclosed in the apex bank’s Primary Market Auction (PMA) data, reflecting sustained investor appetite for government securities amid a volatile economic environment.
According to the report, the CBN offered a total of ₦8.7 trillion worth of NTBs during the period — a significant 51.1 percent increase from ₦5.73 trillion offered in 2024. The increase in supply indicates the bank’s continued reliance on short-term instruments to manage liquidity, inflationary pressure, and fiscal financing needs.
However, total subscriptions fell to ₦28.37 trillion in 2025 from ₦32.71 trillion in the preceding year, suggesting a moderation in investor participation despite the higher volume of offers. Analysts attribute this to tighter liquidity conditions in the financial system and cautious positioning by institutional investors amid rising yields in other asset classes.
The report also shows that spot rates on 91-day Treasury Bills declined to 15 percent in September 2025, compared to 17 percent in September 2024, reflecting a gradual easing in short-term borrowing costs and an attempt by the CBN to balance yield expectations with fiscal sustainability.
Market analysts believe that the robust NTB issuance underscores investors’ renewed preference for risk-free assets, especially as Nigeria continues to grapple with double-digit inflation, exchange rate volatility, and weak private sector credit growth.
“Investors are shifting to government securities for safety and liquidity. Despite a marginal drop in total raised funds, the consistent demand shows strong confidence in sovereign instruments,” said a Lagos-based fixed-income analyst.
The CBN’s NTB auctions have also played a crucial role in mopping up excess liquidity from the banking system to curb inflationary pressures and stabilize the naira.
In addition, the consistent increase in the volume of offers indicates the apex bank’s active monetary policy stance and its commitment to maintaining financial stability while providing the government with short-term financing support.
With inflation remaining above 20 percent and the CBN sustaining a tight monetary regime, financial experts anticipate that Treasury Bill yields will remain relatively attractive through the end of 2025, keeping investor participation strong despite the marginal year-on-year decline in total raised funds.
