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Diaspora voting: 2m Benin Republic nationals in Nigeria to vote in Abuja, Lagos, Ibadan

Diaspora voting: 2m Benin Republic nationals in Nigeria to vote in Abuja, Lagos, Ibadan

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

 

 

 

About two million Beninios in Nigeria are to participate in the diaspora voting in the forthcoming April 12 2026 national election.

The Benin Republic Charge de Affairs in Nigeria, Mrs. Bernice Gnansounou Bankole disclosed this on Monday.

They are expected to vote in three cities -Abuja, Ibadan and Lagos, on April 12 2026,
The ruling coalition candidate is the country’s current Minister of Finance and Economy, Mr. Romuald Wadagni and he will be running with the Current Vice President of the Republic, Mariam Chabi Talata.

Speaking during a sensitization programme organised for Beninios in Abuja on Monday, Mrs. Bankole said “We have lots of our compatriots in Nigeria and so elections will take place in three cities in Nigeria.
Everything is going fine and we are ready for the election.

“In Nigeria, we will be having elections in our embassy in Abuja here, also in our consul general in Lagos, also in our honorary consul at Ibadan, in Oyo state. So that’s why we gather you here to witness this memorable occasion.

“We have a huge spread of our compatriots in Nigeria and so the media chat is to sensitise them to come out massively to vote on April 12 2026.

“We are ready and we will continue to sensitise all Beninios for the election.”

Meanwhile, Mr. Hormone Younkpati, Former President of Benin People in Nigeria has urged all Beninios in Nigeria to vote for the duo of Wadagni and Talata for the sake of continuity.

Younkpati said the duo are better positioned to continue the transformation in the country.

He stressed that the current government has done a lot to transform the country and so the people would not just be asking for a change for the are of politics.

He said the current administration under President Patrice Talon has made things easier for the Diaspora and they would want that to continue.

He therefore urged his compatriots to come out enmass to vote on April 12 2026 to ensure that the right candidate wins.

Younkpati also noted that Benin has become a model of democracy in West Africa.

According to him: “For us, in Nigeria and in Abuja, it’s very special for us to let the world know that the progress that we’ve witnessed for the past 10 years in the Republic is tremendous. And it needs to be encouraged. And as you can see behind me, the two candidates that we have, wadagni and Mrs. Talata. They are the ones protesting for the election.
“This very young man, very brilliant, has shown his experience all this while, while in the government as a minister of finance. And you can see it on social media. For those of us that have traveled to the Republic for the past few years, you will understand what I’m saying.

“So for us, in Nigeria and in Abuja in particular, we want to bring our support to that young candidate for a big win on that day, in the evening of 12th of April. We’ll all come enmass and vote for that candidate. And that’s the main reason why we’re here, to sensitise our people and to also tell them about this, our mission”.

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

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