The Nigerian debt capital market witnessed a surge in investor appetite on February 4, 2026, as the Primary Market Auction (PMA) for Nigerian Treasury Bills (NTB) recorded a massive total subscription of N4.59 trillion.
This figure represents an oversubscription of nearly four times the initial N1.15 trillion offered by the Central Bank of Nigeria (CBN).
Ayodeji Ebo, managing director of Optimus by Afrinvest, said that the massive N4.59 trillion subscription reflects tight liquidity management and a strong investor preference for locking in yields above 20 percent while they last.