Oversubscription Hits 300% as T-Bills Auction Attracts ₦4.59 Trillion

Nigeria’s Treasury Bills (NTB) market experienced a remarkable surge in investor interest at its latest auction, with total subscriptions reaching N4.59 trillion—nearly three times the N1.15 trillion offered by the Debt Management Office (DMO).

The primary market auction took place on Wednesday, February 4, 2026. Despite the overwhelming demand, the DMO moderated borrowing by allotting a total of N952.60 billion across three maturities: 91-day, 182-day, and 364-day bills.

Investor appetite was particularly strong for longer-dated instruments, especially the 364-day Treasury bill, highlighting continued confidence in government securities as safe, relatively high-yielding investments amid abundant liquidity in the market. The 364-day bill, for instance, received subscriptions of N4.40 trillion against an offer of N800 billion, with the DMO allotting N808.78 billion and setting the stop rate at 16.99 percent, down 137 basis points from January’s 18.36 percent.

Shorter-dated bills attracted more moderate interest. The 182-day Treasury bill was offered at N200 billion, with subscriptions of N123.41 billion. The DMO allotted N80.61 billion, maintaining a stop rate of 16.65 percent. The 91-day bill, offered at N150 billion, received subscriptions of N66.05 billion, and the DMO allotted N63.21 billion at an unchanged stop rate of 15.84 percent.

The auction data underscores the market’s preference for longer-term NTBs, enabling the DMO to reduce the stop rate on the one-year paper while keeping rates stable on the shorter tenors. This strong demand reflects investor confidence in government debt and provides policymakers with flexibility in managing borrowing costs.