Nigeria’s Debt Management Office (DMO) has reported that it raised a total of N1.144 trillion from the maiden Nigerian Treasury Bills (NTBs) primary market auction of 2026, at higher stop rates across all the debt instruments categories based on sustained investors’ strong demand.
Data from the Office indicated that at the January 7 auction, it raised N108.17 billion from the 91-day, N48.23 billion from the 182-day, and N987.78 billion from the 364-day maturities.
The data reflected an upward re-pricing of the risk-free assets across all maturities, particularly from those with longer maturity tenors as investors continued to explore the returns opportunities in the government debt instruments as a hedge against inflation and policy uncertainty.
According to the DMO, the one-year TB dominated the January 7 auction, accounting for the largest bulk of funds raised.
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The key highlights of January 7 NTB auctions showed that the total offer stood at N1.15 trillion and the total allotted was approximately N1.14 trillion.
A further analysis of the NTB auction by tenor reflected that in the 91-day TB, the offer totalled N150 billion, subscription stood at N112.26 billion, allotment to investors was N108.17 billion while Stop rate rose to 15.80% (up 30bps). For the 182-day TB, the offer was N200.0 billion, subscription rate stood at N49.91 billion and the allotment was N48.23 billion. The stop rate of the 182-day TB was 16.50%, up by 55bps.
For the 364-day TB, which dominated the auction session, the DMO raised N987.78 billion from the N800 billion offer as total subscription by investors stood at about N1.38 trillion while the stop rate rose to 18.47%, representing the largest increase across the curve.
Investments experts attributed the strong appetite of investors for long tenor debt instruments to offer better yields and protection against reinvestment risk in a high-rate environment.
