DMO Rejects N1.84trn T-Bills Bids

The Debt Management Office (DMO), through the Central Bank of Nigeria (CBN), has rejected N1.84 trillion in investor subscriptions at the October 28, 2026 Nigerian Treasury Bills auction, allotting only N71.16 billion as the one-year stop rate declined to 15.80 per cent.

According to auction results, investors submitted N1.908 trillion in bids against an advertised offer of N800 billion, representing subscription coverage of 2.38 times the amount offered.

However, the authorities allotted only 8.89 per cent of the advertised offer, leaving approximately N1.837 trillion in subscriptions unfilled.

It was the second consecutive auction in which the DMO rejected most investor bids. At the October 14 auction, the office rejected about 74 per cent of subscriptions while raising the one-year stop rate to 15.90 per cent.

The 364-day Treasury Bill attracted the strongest demand, receiving N1.84 trillion in subscriptions against an offer of N600 billion. However, only N38.38 billion was allotted, leaving approximately N1.798 trillion unfilled.

Investors submitted bids ranging from 15.00 to 18.24 per cent for the one-year instrument, but the stop rate settled at 15.80 per cent, down 10 basis points from the previous auction.

The 91-day bill attracted N51.56 billion against N100 billion offered, with N22.33 billion allotted at 15.40 per cent. The 182-day instrument received N20.27 billion in subscriptions, while N10.45 billion was allotted at 15.79 per cent.

At the October 7 auction, the DMO allotted N968.47 billion against an advertised offer of N900 billion, with the one-year stop rate at 15.85 per cent.

Meanwhile, banking system liquidity rose to N8.59 trillion before Wednesday’s auction, from N6.94 trillion on October 23, supported largely by N2.13 trillion in Open Market Operations maturities.

The average secondary-market Treasury Bills yield also declined to 17.47 per cent on October 27 from 18.21 per cent on October 14.