DMO Limits Treasury Bills Allotment, Rejects N1.84trn Bids

On October 28, 2026, the Debt Management Office (DMO), through the Central Bank of Nigeria (CBN), rejected approximately N1.84 trillion in investor subscriptions during the Nigerian Treasury Bills auction. Out of an offered N800 billion, only N71.16 billion was allotted as the one-year stop rate decreased to 15.80%.

Investors submitted bids totaling N1.908 trillion, indicating a demand 2.38 times higher than the advertised offer. The DMO's decision to accept a minimal portion of the bids reflects a strategy to limit borrowing costs instead of meeting investors' higher yield demands.

This auction follows a similar pattern from the October 14 auction, where the DMO rejected about 74 percent of subscriptions, with the stop rate for the 364-day instrument rising by five basis points to 15.90 percent. In the latest auction, the 364-day Treasury Bill attracted N1.84 trillion in subscriptions against an offer of N600 billion, with only N38.38 billion allotted, leaving around N1.80 trillion in bids unfulfilled.