DMO raises N968.47 billion as 364-day stop rate falls to 15.85% despite strong demand

The Debt Management Office (DMO) successfully raised N968.47 billion through the sale of Nigerian Treasury Bills (NTBs) on Wednesday, exceeding its N900 billion offer. This achievement was made possible by strong investor demand and a further decline in the 364-day stop rate to 15.85%. The auction results indicate that the DMO received approximately N1.77 trillion in total subscriptions across three tenors, representing about 2.0 times the amount offered.

The one-year instrument was particularly popular, with investors submitting N1.683 trillion for N700 billion offered, allowing the DMO to allot N885 billion. The 364-day instrument accounted for about 91.4% of the amount eventually allotted, while the 91-day and 182-day bills saw weaker subscriptions. This auction demonstrates a strong preference for the longest maturity tenor, despite lower rates and continued liquidity withdrawals by the Central Bank of Nigeria (CBN).

Brief written by urgent.news from Nairametrics's own syndicated text. Machine-written — may contain errors; check the original before relying on it.