Investors seeking high-yield havens in Nigeria’s fixed-income market received a shot of optimism on Wednesday, as the latest Treasury Bills (T-bills) auction proved that higher-for-longer remains the market participants’ expectations, despite the Central Bank of Nigeria’s (CBN) recent pivot to monetary easing.
The first auction since the Monetary Policy Committee (MPC) cut the benchmark interest rate to 26.5 percent signalled compression in yields across markets was closing in. Total subscriptions for the 364-day paper alone crossed the N2 trillion mark, as investors bet that fiscal liquidity needs will keep rates elevated in the first half of 2026.
Analysts at Meristem Securities highlighted this tension between policy easing and market reality in its recent report.
