Treasury Bills Demand Hits N2.34trn as Stop Rates Rise

The Nigerian Treasury Bills (NTBs) market recorded strong investor demand at the latest primary market auction conducted by the Debt Management Office (DMO), with subscriptions significantly exceeding the amount offered.

At the auction held on Wednesday, March 4, 2026, the DMO offered a total of N1.05 trillion across the 91 day, 182 day and 364 day tenors. Investor demand came in higher at N2.34 trillion, translating to a bid to offer ratio of 2.2 times.

Following the auction, the DMO allotted N1.01 trillion across the three tenors, reflecting a bid to cover ratio of 2.3 times, indicating sustained appetite for government securities despite adjustments in yields.
A breakdown of the results showed that the 91 day bill recorded an offer of N100 billion, while total subscriptions stood at N80.92 billion. The DMO eventually allotted N64.27 billion for the tenor. The stop rate rose by 15 basis points to 15.95 per cent, up from the previous rate of 15.80 per cent.

For the 182 day tenor, the DMO offered N150 billion and received N136.54 billion in subscriptions. Total allotment for the tenor stood at N91.43 billion. The stop rate remained unchanged at 16.65 per cent, the same level recorded at the previous auction.

The 364 day tenor attracted the strongest demand. Against an offer of N800 billion, subscriptions surged to N2.13 trillion. The DMO allotted N856.03 billion for the one year instrument. The stop rate rose sharply by 83 basis points to 16.73 per cent from the previous level of 15.90 per cent.

Data from the auction also showed that bids for the short term 91 day instrument ranged between 14.80 per cent and 18.00 per cent. For the 182 day tenor, bids ranged from 15.00 per cent to 18.80 per cent, while bids for the 364 day instrument ranged from 15.00 per cent to as high as 22.00 per cent.

Comparison with secondary market levels indicated that stop rates for all tenors settled above the last closing yields in the market. The 91 day bill closed at 15.65 per cent in the secondary market, making the auction stop rate 30 basis points higher.

The 182 day tenor closed at 15.85 per cent, placing the auction stop rate 80 basis points higher, while the 364 day instrument closed at 16.05 per cent, with the auction stop rate 68 basis points above that level.