Investors submitted N1.08 trillion in bids for Nigeria’s 364-day Treasury Bill (NTB) at the November 11, 2026 auction, almost twice the N600 billion offered for the instrument.
The subscription represented 179.85 per cent of the amount on offer and accounted for about 96.2 per cent of total bids recorded across the three Treasury Bill maturities.
The auction was conducted by the Central Bank of Nigeria (CBN) on behalf of the Debt Management Office (DMO).
The 91-day bill attracted N19.18 billion against the N100 billion offered, while the 182-day instrument received N23.02 billion against its N100 billion offer.
Combined subscriptions for the two shorter-tenor instruments stood at N42.20 billion, sharply below the N1.079 trillion attracted by the 364-day bill.
Overall, investors submitted about N1.12 trillion across the three maturities, while the CBN allotted N713.31 billion against the N800 billion advertised.
The 364-day bill received the largest allotment at N672.91 billion, exceeding its advertised amount by N72.91 billion and accounting for about 94.3 per cent of total allotments.
The 91-day and 182-day bills received N18.12 billion and N22.28 billion, respectively.
The latest auction reinforces investors’ strong preference for longer-dated government securities, despite the relatively narrow yield differential between the three maturities.
The CBN maintained the stop rates for the 91-day and 182-day bills at 15.40 per cent and 15.79 per cent, respectively, while the 364-day stop rate rose by nine basis points to 15.89 per cent from 15.80 per cent at the previous auction.
The 364-day bill therefore offered only 49 basis points more than the 91-day instrument and 10 basis points more than the 182-day bill.
The concentration of demand in the one-year instrument has also been evident in recent auctions, with the 364-day bill accounting for roughly 96 per cent of subscriptions at the November 4 auction.
The latest results suggest that investors continue to favour locking funds into one-year government securities, even without a substantial yield premium over shorter maturities.
