The Debt Management Office (DMO) will offer N800 billion worth of Nigerian Treasury Bills at its November 11, 2026 auction, significantly exceeding the N148.565 billion in securities due for repayment.
The proposed sale is about 5.4 times the value of Treasury Bills maturing on November 12, indicating the government’s plan to raise additional funds beyond refinancing its existing obligations. According to the auction notice issued by the Central Bank of Nigeria (CBN) on behalf of the DMO, the sale will feature three instruments with maturities of 91 days, 182 days and 364 days. Settlement is scheduled for Thursday, November 12.
The 91 day Treasury Bill will receive an allocation of N100 billion, while another N100 billion will be offered through the 182 day instrument. The 364 day bill accounts for the largest share, with N600 billion allocated to it. The N148.565 billion scheduled to mature consists entirely of 91 day Treasury Bills. However, the N800 billion offer does not mean the DMO will necessarily raise the entire amount, as the final allotment will depend on investor demand and the borrowing rates the government is willing to accept.
At its November 4 auction, the debt office offered N800 billion but allotted only N509.401 billion, despite receiving subscriptions worth N2.045 trillion. This means the DMO accepted approximately 24.9% of the total bids submitted, rejecting a significant portion of investor demand.
A similar trend was recorded at the October 28 auction, where the office allotted N71.16 billion and rejected approximately N1.84 trillion in bids. The auction also recorded a decline in stop rates across the three maturity periods. The 91 day Treasury Bill stop rate fell to 15.40%, while the 182 day instrument declined to 15.79%. The 364 day bill cleared at 15.80%, a rate maintained at the November 4 auction.
However, the October 7 auction recorded a different outcome, as the DMO allotted N968.47 billion against an offer of N900 billion. The 364 day instrument cleared at 15.85%. The latest auction comes amid elevated liquidity in Nigeria’s banking system, which could support investor demand for government securities. Data from the Financial Markets Dealers Association showed that banking system liquidity increased by 15.36% week on week to N8.505 trillion.
Banks also held N5.915 trillion at the CBN’s Standing Deposit Facility as of November 9, reflecting the substantial funds available within the financial system. Estimated liquidity inflows for the week stood at N2.448 trillion, with maturities from Open Market Operations accounting for approximately 93.9%.
Meanwhile, the CBN allotted about N5.667 trillion through OMO auctions conducted on November 3 and November 6. The November 11 auction will provide further insight into the DMO’s borrowing strategy, particularly its willingness to raise additional funds while managing the cost of government debt.
The final allotment will determine how much the government raises beyond the N148.565 billion required to settle maturing Treasury Bills.
