Investor attention has shifted to the Central Bank of Nigeria’s upcoming Treasury Bills auction, scheduled for next Wednesday, where ₦162.02 billion will be offered across the 91-, 182-, and 364-day tenors.
The auction aims to mop up ₦27 billion in maturing NTBs. Analysts anticipate a slight moderation in discount rates, driven by ample system liquidity and expected disinflation in the first half of 2025. Cordros Capital Limited projects that rates may taper slightly as investor demand remains strong, especially for longer-dated instruments.
Yields on Nigerian Treasury Bills have been on a downward trend, reflecting increased demand for naira assets. High liquidity levels in the market have restrained upward pressure on rates, while attractive returns continue to fuel investor interest.
Market activity remained relatively quiet during the week, with limited transactions in both OMO and NTB instruments. With the next auction approaching, investors are closely watching for rate movements and allocation outcomes.
