The Nigerian government successfully raised ₦1.72 trillion in its latest Treasury Bills auction held on November 19, 2025, significantly exceeding the initial offer amount of ₦700 billion.
The Debt Management Office (DMO) conducted auctions for three different tenors, with allotments scheduled for November 20, 2025.
The auction saw overwhelming demand from investors, with total subscriptions reaching ₦1.72 trillion against the combined offer of ₦700 billion.
The shortest-dated instrument, the 91-day bill maturing on February 19, 2026, had an offer size of ₦100 billion. The auction received subscriptions of ₦34.55 billion, with the entire amount allotted. Bid rates ranged from 14.2500% to 18.0000%, while the previous stop rate stood at 15.3000%. The current stop rate remained unchanged at 15.3000%, delivering a true yield of 15.9189%, according to data made available by the DMO.
The 182-day Treasury Bill, set to mature on May 21, 2026, was offered at ₦150 billion. Subscriptions totalled ₦26.71 billion, all of which were allotted. Investors bid within a range of 14.8500% to 16.0000%. The stop rate held steady at 15.5000%, matching the previous auction, with a true yield of 16.8099%.
The longest-dated instrument in this auction, the 364-day bill maturing on November 19, 2026, attracted the highest interest. With an offer of ₦450 billion, subscriptions reached ₦1.23 trillion, and ₦1.03 trillion was ultimately allotted. Bid rates ranged from 15.0000% to 18.0300%, with the previous stop rate at 16.0400%. The current stop rate was set at 16.0400%, yielding a true return of 19.1043%.
News.ng reports that the robust subscription levels, particularly for the 364-day tenor, demonstrate a continued strong appetite for Nigerian government securities among investors seeking naira-denominated fixed-income instruments. The stable stop rates across all tenors suggest a relatively steady interest rate environment in the short-term money market.
