Investors demonstrated strong appetite for Nigerian Treasury Bills at the Central Bank of Nigeria's primary market auction, with subscriptions for the 364-day instrument reaching N3.38 trillion against an offer of N500 billion.

Auction results released after Wednesday's exercise show the Central Bank of Nigeria allotted about N1.25 trillion across the 91-day, 182-day and 364-day tenors, highlighting sustained demand for government securities.

The one-year Treasury Bill attracted the highest interest, accounting for almost all of the N3.62 trillion total subscriptions recorded at the auction.

While the 364-day bill was oversubscribed by nearly seven times, the stop rate declined by 31 basis points to 17.35 percent from 17.66 percent at the previous auction.

The Central Bank of Nigeria allotted N1.02 trillion for the one-year instrument, more than double the N500 billion initially offered.

The 91-day Treasury Bill recorded subscriptions of N135.74 billion against an offer of N100 billion, with N130.72 billion allotted at a stop rate of 16.30 percent. The 182-day bill attracted N104.74 billion in subscriptions, with N99.18 billion allotted and the stop rate remaining at 16.50 percent.

Overall, the auction reflected continued investor preference for longer-term government debt despite lower yields on the one-year tenor.