Nigeria’s First 2026 Treasury Bills Sale Raises ₦1.14trn

Nigeria’s Debt Management Office (DMO) raised about ₦1.14 trillion at its first Nigerian Treasury Bills (NTB) primary market auction of 2026, as higher stop rates failed to dampen strong investor appetite for government securities.

At the January 7 auction, the DMO raised ₦108.17 billion from the 91-day bill, ₦48.23 billion from the 182-day bill, and ₦987.78 billion from the 364-day instrument.

The results showed a clear upward repricing of yields across all maturities, particularly at the long end of the curve, as investors sought protection against inflation and policy uncertainty.

The 364-day bill dominated demand, attracting subscriptions of about ₦1.38 trillion against an offer of ₦800 billion, with the stop rate climbing sharply to 18.47 per cent.

At the short end, the 91-day paper recorded moderate demand, while the 182-day tenor attracted comparatively weaker interest, suggesting investors are increasingly favouring either short-term liquidity or higher long-term yields.

Despite rising rates, the resilient demand highlights strong system liquidity and sustained confidence in government securities.