{
  "id": 17019024,
  "title": "DMO rejects N1.84 trillion bids, pushes T-bill rates lower",
  "url": "https://urgent.news/2026/10/29/dmo-rejects-n1-84-trillion-bids-pushes-t-bill-rates-lower",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-29T06:18:59.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/29/dmo-rejects-n1-84-trillion-bids-pushes-t-bill-rates-lower/"
  },
  "original_language": "en",
  "account": "The Debt Management Office (DMO) has rejected N1.84 trillion in bids for Nigerian Treasury Bills, resulting in a decline in the one-year stop rate to 15.80%. The Central Bank of Nigeria (CBN) allocated only N71.16 billion in subscriptions at the October 28, 2026 auction, with investor demand representing approximately 2.38 times the advertised offer of N800 billion. This second consecutive auction in which most bids were unallotted follows a similar pattern from the October 14 auction, where approximately 74% of bids were not allotted. The 364-day instrument attracted N1.84 trillion in subscriptions, but the DMO granted only N38.38 billion, accounting for just 2.09% of total subscriptions. The one-year stop rate curve remained relatively flat, with only a 10-basis-point difference between the shortest and longest tenors. This decision by the DMO contrasts with earlier auctions where stronger investor demand led to larger amounts being allotted. The increase in banking-system liquidity, supported by N2.13 trillion in Open Market Operations (OMO) maturities, contributed to the sustained demand for government securities. The DMO's refusal to allocate most bids highlights its willingness to limit borrowings and maintain lower stop rates.",
  "summary": "The Debt Management Office (DMO), through the Central Bank of Nigeria (CBN), rejected N1.84 trillion in investor subscriptions at the October 28, 2026 Nigerian Treasury Bills auction, allotting just N71.16 billion as the one-year stop rate declined to 15.80%. The post DMO rejects N1.84 trillion bids, pushes T-bill rates lower appeared first on Nairametrics .",
  "key_points": [
    "DMO rejects N1.84 trillion in Treasury Bill bids",
    "One-year stop rate drops to 15.80%",
    "CBN allocates N71.16 billion at Oct 28 auction"
  ],
  "editors_take": "The Debt Management Office's decision to reject the vast majority of subscriptions signals a deliberate strategy to restrict government borrowing and suppress interest rates despite overwhelming investor demand.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}