Data from the Debt Management Office (DMO) has indicated that investor demand for Nigeria’s Treasury Bills (NTB) at its Wednesday auction remarkably surged with total subscriptions surging to N4.59 trillion, nearly three times the N1.15 trillion offered at the debt instruments market.
Despite the massive inflows, the Office, which auctioned the NTBs on behalf of the Central Bank of Nigeria (CBN), moderated borrowing by allotting N952.60 billion across the three tenors of 91-day, 182-day, and 364-day bills during the auction.
According to the DMO, investor demand at the auction tilted toward the 364-day tenor, which attracted subscriptions of N4.40 trillion compared with the N800 billion offer following which it allotted N808.78 billion at 16.99%, stop rate, down 137bps from January’s 18.36%.
For the 182-day Treasury bill, the Office offered N200.0 billion, the total subscription stood at N123.41 billion, and it allotted N80.61 billion to investors at 16.65% stop rate, the same rate with January’s auction.
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Also, for the 91-day Treasury bill, the DMO offered N150 billion for subscription, investors staked N66.05 billion on the debt instrument but the Office allotted N63.21 billion at15.84% stop rate, which was the same for the January 2026 auction.
The auction data highlighted a strong investor demand for longer-term NTBs, which encouraged the DMO to reduce the stop rate on the 364-day tenor while maintaining stability on shorter tenors.
Investment analysts noted that the high oversubscription rate reflected increased liquidity as investors continue to prefer NTBs over equities and other riskier instruments while the DMO’s cautious approach in under-allotting relative to total subscriptions suggested stronger market depth for debt instruments.
