The Debt Management Office (DMO) has concluded its Nigerian Treasury Bills (NT-Bills) auction for December 3, 2025, raising a total of N709.621 billion across the three tenors on offer, with the 364-day bill emerging as the investor favourite.
The auction, conducted on Wednesday, featured the sale of 91-day, 182-day, and 364-day Treasury Bills, with a total offer of N700 billion.
- N100 billion for 91-day.
- N150 billion for 182-day.
- N450 billion for 364-day.
The 91-day and 182-day bills were undersubscribed, with total subscriptions of N44.17 billion and N33.38 billion, respectively, leading to allotments of N42.80 billion for the 91-day and N30.36 billion for the 182-day paper.
However, the strongest demand was concentrated on the 364-day maturity, which attracted a substantial N697.29 billion in subscriptions against an offer of N450 billion.
The DMO allotted N636.46 billion to make up for the undersubscriptions, accounting for nearly 90% of total auction proceeds.
Details of the T-Bills Auction Results
Total allotment (all tenors): N709,621,595,000
- 364-day allotment: N636,460,307,000 (89.7% of total allotment).
- 364-day offer vs subscription: Offered N450,000,000,000; subscribed N697,290,308,000 (155% of offer).
- 364-day allotment vs subscription: N636,460,307,000 — about 91.3% of bids were filled.
- Stop / coupon (364-day): 17.50% (up from 16.04% in the previous auction; up +1.46%).
Total allotment (91-day): N42,804,311,000
- 91-day offer vs subscription: Offered N100,000,000,000; subscribed N44,172,314,000 (44.2% of offer)
- 91-day allotment vs subscription: N42,804,311,000 — about 96.9% of bids were filled
- Stop / coupon (91-day): 15.30% (unchanged from previous auction)
Total allotment (182-day): N30,356,977,000
- 82-day offer vs subscription: Offered N150,000,000,000; subscribed N33,376,977,000 (22.3% of offer)
- 182-day allotment vs subscription: N30,356,977,000 — about 90.9% of bids were filled
- top / coupon (182-day): 15.50% (unchanged from previous auction)
What the numbers show
The 1-year tenor also recorded the most significant price movement.
Its stop rate climbed to 17.50%, up from 16.04% at the previous auction, representing a 1.46% increase.
This suggests a true yield of about 21.21%, according to Dr. Ayodeji Ebo, CEO of Optimus by Afrinvest, which positions the 364-day bill as one of the most attractive risk-free investments currently available in the market.
Across the shorter tenors, rates were unchanged, with the 91-day and 182-day bills clearing at 15.30% and 15.50% respectively.
“With gross yields on the 1-year paper now above 21%—and even after the mandatory 10% withholding tax, still near 19%—fixed-income investors have a rare opportunity to lock in elevated risk-free returns as the year draws to a close,” the investment analyst stated on his official X handle.
Context for portfolio decisions
For fixed-income investors seeking secure returns, the 364-day bill offered a rare combination of deep demand (oversubscription), large allotment capacity, and very high effective yields.
That makes it attractive for those who can lock capital for a year when compared to corporate paper or other instruments.
Conversely, investors prioritizing liquidity or lower duration risk might prefer the 91-day and 182-day papers, but those tenors saw lower stop rates of 15.30% and 15.50% respectively
