NTB investors pour N1.08 trillion on 364-day Bill, 179.85% of N600 billion offer

Investors submitted N1.08 trillion in bids for Nigeria’s 364-day Treasury Bill at the November 11, 2026 auction, representing 179.85% of the N600 billion offered, as demand remained heavily concentrated in the one-year instrument, which attracted overwhelming investor interest.

The 364-day instrument accounted for approximately 96.2% of total subscriptions at the auction conducted by the Central Bank of Nigeria (CBN) on behalf of Debt Management Office (DMO), according to the auction results published on Wednesday, November 11, 2026, showing the shorter and medium-term instruments struggled to attract subscriptions.

The 91-day bill attracted just N19.18 billion against N100 billion offered, while the 182-day instrument received N23.02 billion against the same offer, highlighting investors’ preference for locking funds into the one-year security despite relatively narrow yield differences across maturities.

Investors favour 364-day Treasury Bills:

The 364-day Nigerian Treasury Bill (NTB) attracted N1.079 trillion in subscriptions against its N600 billion offer, representing approximately 179.85% subscription coverage.

The strong demand contrasted sharply with the performance of the shorter instruments, which together attracted only N42.20 billion against their combined N200 billion offer.

Total subscriptions across the three tenors reached approximately N1.12 trillion, while the CBN allotted N713.31 billion against the N800 billion advertised offer.

• The 364-day instrument accounted for approximately 96.2% of total subscriptions.
• The 91-day bill attracted N19.18 billion, representing just 19.2% of its N100 billion offer.
• The 182-day bill received N23.02 billion, representing approximately 23% subscription coverage.
• Combined subscriptions for the shorter instruments amounted to just 21.1% of their N200 billion offer.

The allotment figures further reinforced the concentration of demand in the one-year instrument, as the CBN allotted N672.91 billion to the 364-day bill, exceeding its advertised offer by N72.91 billion.

Meanwhile, the 91-day and 182-day instruments received N18.12 billion and N22.28 billion in allotments, respectively.

Consequently, the 364-day bill accounted for approximately 94.3% of total allotments, underscoring investors’ continued preference for longer-dated government securities.

The results indicate that investors were considerably more interested in committing funds to the one-year instrument than the shorter alternatives, even though the yield difference between the maturities remained relatively small.

One-Year Bills dominate recent auctions:

The November 11 auction extends a pattern observed in previous Treasury Bills sales, where investor demand has consistently concentrated on the 364-day instrument.

• Nairametrics previously reported that the November 4 auction attracted N1.994 trillion in subscriptions for the one-year bill, while the 91-day and 182-day instruments received N25.01 billion and N25.83 billion, respectively.
• At the November 4 auction, the CBN maintained stop rates at 15.40% for the 91-day bill, 15.79% for the 182-day bill and 15.80% for the 364-day instrument.
• The one-year bill accounted for approximately 96% of total subscriptions at that auction.

Nairametrics also reported that the 364-day instrument accounted for approximately 96% of subscriptions at the September 9 auction.

The repeated concentration of bids in the longest tenor highlights the sustained preference for longer-dated government securities.

• At the November 11 auction, the CBN maintained the 91-day and 182-day stop rates at 15.40% and 15.79%, respectively.
• However, the 364-day stop rate increased by nine basis points to 15.89% from 15.80% at the previous auction.
• Despite the adjustment, the yield difference across the three maturities remained relatively narrow.

The one-year instrument offered only 49 basis points more than the 91-day bill and 10 basis points more than the 182-day security.

This suggests investors were willing to commit their funds for an additional six to nine months without requiring a substantially higher yield premium.

The consistency of this demand across recent auctions suggests that the one-year instrument remains the preferred option among investors participating in the primary Treasury Bills market.

Narrow Yield gaps favour longer Bills:

The November 11 auction followed the DMO’s offer of N800 billion across the three standard Treasury Bills maturities, with the 364-day instrument accounting for 75% of the advertised amount.

Nairametrics reported that the offer came against N148.565 billion in maturing Treasury Bills scheduled for settlement on November 12, representing a significant difference between the amount offered and the securities falling due.

• The CBN allotted N713.31 billion against the N800 billion offer, leaving N86.69 billion unallotted.
• The 364-day instrument received N672.91 billion, accounting for approximately 94.3% of total allotments.
• The 91-day stop rate of 15.40% was two percentage points below its secondary-market yield of 17.40% as of November 11.

The 182-day stop rate was 21 basis points below its secondary-market yield, while the 364-day stop rate was 19 basis points above its corresponding secondary-market yield.

The secondary-market comparisons show that the pricing of government securities also differs across maturities, potentially influencing investors’ decisions between participating in primary auctions and purchasing existing securities.

For the government, the concentration of subscriptions in the one-year instrument provides an opportunity to raise substantial funding without significantly increasing borrowing costs across the yield curve.

For investors, the continued preference for longer-dated Treasury Bills suggests that the relatively small yield premium offered by the one-year security remains attractive compared with the shorter alternatives.

The next Treasury Bills auction will indicate whether this preference persists and whether the CBN maintains its current approach to stop rates and allotments across the three maturities.