364-day Nigerian T‑bill stop rate falls to 17.15% as allotment exceeds offer amid stronger growth signals

On 30 August–1 September 2026, Nigeria’s 364‑day Treasury‑bill stop rate fell 44bp to 17.15% at the latest NTB auction, which drew N3.63 trillion in bids; total allotment exceeded the N700 billion offer (allotment N762.89 billion). August PMI and Q2 GDP also showed stronger activity, bolstering front‑end demand.

A lower stop rate on the 364‑day NTB and allotment above the advertised offer points to stronger short‑term demand and improved liquidity absorption at the local front end. This supports banks’ short‑dated funding but does not by itself confirm broader monetary easing or durable longer‑term yield repricing; CBN OMO sterilisation and upcoming auctions will determine persistence.

Next NTB auction results and CBN OMO allotment decisions in early September.