Treasury Bills auction offers ₦800 billion today

ABUJA, Nigeria — The Central Bank of Nigeria, acting for the Debt Management Office, is offering ₦800 billion in Nigerian Treasury Bills at an auction on Wednesday, November 4, 2026, at a time when maturing government securities total more than ₦872 billion.

According to the invitation to tender, the offer covers the 91-day, 182-day and 364-day instruments. The breakdown is ₦100 billion for the 91-day bill, ₦100 billion for the 182-day bill and ₦600 billion for the 364-day bill, so the one-year bill accounts for 75% of the total.

Maturing securities scheduled for settlement today total ₦872.55 billion. They comprise ₦67.68 billion in 182-day Treasury Bills and ₦804.87 billion in 364-day bills. The advertised offer is therefore ₦72.55 billion less than the amount maturing today. If the full ₦800 billion is allotted, repayments would exceed new issuance by that margin, before other liquidity movements.

Money market dealers must submit bids through the Central Bank’s electronic bidding interface between 8:00 a.m. and 11:00 a.m. Allotment letters will be issued to successful bidders on Wednesday, November 5, and payment is due by 11:00 a.m. that day.

The auction takes place against substantial banking-system liquidity. The Central Bank’s financial data showed liquidity above ₦7.7 trillion at the close of business on November 3, after the settlement of ₦2.016 trillion in Open Market Operation maturities.

The offer follows a pattern in recent auctions. At the October 28 auction, the same ₦800 billion offer drew subscriptions of ₦1.91 trillion, about 2.38 times the amount advertised, but the Debt Management Office allotted only ₦71.16 billion, or about 8.9% of the offer. The one-year stop rate fell 10 basis points to 15.80%, although investors bid as high as 18.24%. The 364-day bill attracted ₦1.84 trillion in subscriptions against a ₦600 billion offer, but received ₦38.38 billion in allotments.

At the October 14 auction, about 74% of bids were not allotted, and the one-year stop rate rose five basis points to 15.90%. At the October 7 auction, the bill allotted ₦968.47 billion against a ₦900 billion offer, with a one-year stop rate of 15.85%.

Today’s result will show whether the Debt Management Office continues to limit allotments as large maturities return cash to investors.