DMO Raises N1.49trn In Treasury Bills Auction As Demand Surges

The Debt Management Office (DMO) on Wednesday, June 17, 2026, raised a total of N1.49 trillion at its Nigerian Treasury Bills (NTB) primary market auction, reflecting strong investor appetite amid rising yields across all maturities.

The auction results showed that the DMO offered N1 trillion across the 91-day, 182-day, and 364-day tenors, while total subscriptions surged to N1.86 trillion, indicating robust investor demand despite higher stop rates.

Investor participation translated to a bid-to-offer ratio of 1.9 times, while the final allotment stood at N1.49 trillion.

Demand was particularly strong for the 364-day instrument, which recorded subscriptions of N1.66 trillion against an offer of N800 billion. The DMO ultimately allotted N1.29 trillion for the one-year paper, underscoring investor preference for longer-dated instruments in a rising interest rate environment.

The 91-day bill attracted subscriptions of N129.69 billion against an offer of N100 billion, with allotments of N129.32 billion. Similarly, the 182-day tenor recorded subscriptions of N70.22 billion and allotments of N70.17 billion from a N100 billion offer.

Stop rates rose across all maturities, reflecting tightening conditions in the money market. The 91-day bill increased by 23 basis points to 16.28 per cent from 16.05 per cent at the previous auction. The 182-day paper rose by 31 basis points to 16.50 per cent from 16.19 per cent, while the 364-day bill posted the sharpest increase, climbing 99 basis points to 17.34 per cent from 16.35 per cent.