The Debt Management Office (DMO) has scheduled an auction for November 11, 2026, at which it will offer N800 billion worth of Nigerian Treasury Bills. This compares with N148.565 billion in maturing securities, leaving a potential net funding requirement of roughly N651.44 billion should the entire offer be allotted.
The Central Bank of Nigeria issued the invitation to tender on the DMO's behalf. The sale will be conducted through a Dutch auction, and settlement is set for Thursday, November 12.
The offer is about 5.4 times the value of the bills falling due. A full allotment would therefore add approximately N651.44 billion in gross issuance beyond what is required to refinance the maturing instruments.
The advertised amount is spread across three tenors:
- 91-day bill: N100 billion, or 12.5% of the total. - 182-day bill: N100 billion, another 12.5%. - 364-day bill: N600 billion, or 75%.
The N148.565 billion due for settlement on November 12 consists entirely of 91-day bills. Most of the new offer is concentrated in the 364-day tenor, which has attracted heavy investor demand in recent auctions.
The advertised figure does not necessarily indicate what the DMO will eventually raise. At the November 4 auction, it allotted N509.401 billion against an N800 billion offer, even though subscriptions reached N2.045 trillion. That amounted to about 24.9% of total bids, with roughly 75.1% of investor demand left unallotted.
A similar pattern was seen on October 28, when the DMO allotted only N71.16 billion and rejected approximately N1.84 trillion in bids while stop rates fell across all three tenors. The 91-day rate declined to 15.40% and the 182-day rate to 15.79%, while the 364-day bill cleared at 15.80%, a level that held at the November 4 auction. On October 7, the DMO allotted N968.47 billion against a N900 billion offer, with the 364-day stop rate at 15.85%.
Banking-system liquidity remains elevated, which could support demand for government paper. The Financial Markets Dealers Association's weekly report recorded a 15.36% week-on-week rise in liquidity to N8.505 trillion, while banks held N5.915 trillion at the CBN's Standing Deposit Facility on November 9. Estimated inflows for the week stand at N2.448 trillion, with Open Market Operations maturities contributing about 93.9%. The CBN also allotted approximately N5.667 trillion through OMO auctions held on November 3 and November 6.
