NTB investors pour N1.08 trillion on 364-day Bill, 179.85% of N600 billion offer
AI Executive Briefing
Gemini Flash AI~45s readInvestors demonstrated a strong preference for long-term government debt at the November 11, 2026, Treasury Bill auction, with the 364-day instrument attracting overwhelming demand. The Central Bank of Nigeria allotted N713.31 billion in total, with the one-year bill accounting for the vast majority of both subscriptions and allotments.
Context & Background
- ✦The auction reflects a sustained trend where investors prioritize longer-dated government securities despite narrow yield premiums.
- ✦The concentration of demand allows the government to secure significant funding without needing to drastically increase borrowing costs across the yield curve.
Key Figures & Named Entities
Central Bank of Nigeria (CBN):Conducted the auction and managed allotments.364-day Bill:Attracted N1.08 trillion in bids and received N672.91 billion in allotments.91-day and 182-day Bills:Combined to attract only N42.20 billion in subscriptions.
Outlook & Next Steps
Future Treasury Bill auctions will determine if the current investor preference for the 364-day instrument persists and how the CBN adjusts stop rates to manage market demand.
Key Takeaways
AI Summary- Investors heavily favored the 364-day Treasury Bill at the November 11, 2026 auction, submitting N1.08 trillion in bids, which represents 179.85% of the N600 billion offered.
- The 364-day instrument dominated market interest, accounting for approximately 96.2% of total subscriptions and 94.3% of total allotments.
- Despite narrow yield differences across maturities, investors showed a strong preference for longer-dated securities over the 91-day and 182-day instruments.
Key Facts:November 11, 2026: The Central Bank of Nigeria conducted an auction where total subscriptions reached approximately N1.12 trillion.November 11, 2026: The 364-day Treasury Bill stop rate increased by nine basis points to 15.89% compared to the previous auction.N800 billion: The CBN offered N800 billion across three tenors, but only allotted N713.31 billion.
Editorial Excerpt
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.
Frequently Asked Questions About This Story
How did the performance of shorter-term Treasury Bills compare to the 364-day bill?
The 91-day and 182-day bills performed poorly, attracting only N42.20 billion in combined subscriptions against a combined offer of N200 billion.
What was the total allotment made by the CBN at the November 11 auction?
The CBN allotted N713.31 billion against the N800 billion advertised offer.
