DMO rejects 74% of NTB bids, raises one-year rate to 15.90% for first time since August
The Debt Management Office (DMO) rejected approximately 74% of N1.032 trillion total subscriptions, accepting only N269.06 billion - about 26.07% of the bids received at the October 14 auctions of Nigerian Treasury Bills (NTBs). The post DMO rejects 74% of NTB bids, raises one-year rate to 15.90% for first time since August appeared first on Nairametrics .
The Debt Management Office (DMO) rejected about 74% of the 1.032 trillion Nigerian Naira total subscriptions it received, accepting only 269.06 billion Naira – roughly 26.07% of the bids. The one-year Treasury bill allotment was N220 billion, a 5-basis point increase to 15.90% from 15.85%, marking the first rise since August. This move, announced by the Central Bank of Nigeria (CBN) following the auction, was 40% below the advertised offer.
The demand was focused on the 364-day bill, which received 95.15% of the subscriptions. Investors submitted N982.21 billion in bids for the one-year instrument, but the DMO only allocated N220 billion – 22.4% of the subscriptions and 62.9% of the amount offered. The remaining N763 billion in bids were not allotted, mostly for the one-year tenor.
The 364-day bill's bid range was between 15.00% and 18.18%, with the accepted stop rate being 228 basis points below the highest bid. This rate increase interrupted a downward trend that had been continuing since August. While total subscriptions decreased by around 42% between the two auctions, the demand remained concentrated in the longest tenor.
The Central Bank of Nigeria sold N8.14 trillion in Treasury bills during Q3 2026, surpassing its N5.80 trillion target by 40.34%.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
