DMO Rejects N1.84 Trillion in Treasury Bills Bids

The Debt Management Office (DMO), through the Central Bank of Nigeria (CBN), rejected N1.84 trillion in investor subscriptions during the Nigerian Treasury Bills auction held on October 28, 2026. The DMO allotted only N71.16 billion, with the one-year stop rate declining to 15.80 percent.

Investors submitted bids totaling N1.908 trillion against an advertised offer of N800 billion, resulting in a subscription coverage of 2.38 times the offered amount. However, only 8.89 percent of the advertised offer was allotted, leaving approximately N1.837 trillion unfilled.

This auction marked the second consecutive instance where the DMO rejected a majority of investor bids, following a previous auction on October 14, where about 74 percent of subscriptions were rejected and the one-year stop rate was raised to 15.90 percent. The 364-day Treasury Bill received the highest demand, with N1.84 trillion in subscriptions against an offer of N600 billion, but only N38.38 billion was allotted.

The 91-day bill attracted N51.56 billion in bids, with N22.33 billion allotted at 15.40 percent, while the 182-day instrument received N20.27 billion in subscriptions, allotting N10.45 billion at 15.79 percent.