The percentage of the 28-day Treasury bills (T-bills) that were subscribed in July 2025, representing 6.8 times larger than that of the 364-day bills. This massive divergence shows extreme short-term risk aversion in the market. Buyers (77.8pc claimed by the CBE and the federal pension fund) are flocking to the shortest maturities despite yields declining sharply (from 15.8pc to 13.8pc), while essentially abandoning the one-year bills even though yields rose to 17.5pc.
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