Demand at the Treasury Bills (T-bills) primary market auction remained exceptionally strong, as total investor subscriptions far exceeded the amount on offer, underscoring sustained appetite for fixed-income securities amid elevated yields.

Market data from the auction showed total subscriptions of about N3.44 trillion, significantly higher than the total allotment of N1.06 trillion, reflecting an oversubscription across all tenors. At the short end of the curve, stop rates edged higher.

The 91-day bill cleared at a stop rate of 15.84 per cent, translating to a true yield of about 16.50 per cent, while the 182-day tenor settled at 16.65 per cent, with a corresponding true yield of approximately 18.17 per cent.

The 364-day Treasury bill, which continues to attract the strongest investor interest, closed at a stop rate of 18.36 per cent. Despite a slight softening compared with previous auctions, the one-year paper delivered a significantly higher true yield of around 22.49 per cent, maintaining its position as the most attractive option for investors seeking to lock in elevated returns.

Analysts noted that the strong oversubscription highlights persistent liquidity in the system and a clear preference for longer dated instruments, which offer superior yield compensation in the current interest rate environment.

While rates at the short end showed upward pressure, the relative stability of the 364-day bill suggests continued confidence among investors in holding longer maturities. The auction outcome reinforces the view that longer-dated Treasury bills still provide the most compelling value, as investors position portfolios to benefit from high yields amid ongoing monetary tightening and macroeconomic uncertainty.