DMO Raises N1.49 Trillion in Treasury Bills Auction as Investors Flood Market Amid Rising Yields

Nigeria’s financial market recorded a major boost as the Debt Management Office (DMO) successfully raised N1.49 trillion at its Nigerian Treasury Bills (NTB) auction held on Wednesday, June 17, 2026. The strong outcome highlights renewed investor confidence and aggressive demand for government securities despite tightening market conditions.

At the auction, the DMO offered a total of N1 trillion across the 91-day, 182-day, and 364-day tenors, but subscriptions far exceeded expectations, reaching N1.86 trillion. This pushed the bid-to-offer ratio to 1.9 times, signaling robust liquidity in the system and strong appetite for safe, fixed-income assets.

Investor interest was especially concentrated on the 364-day bill, which dominated the auction with subscriptions of N1.66 trillion against an offer of N800 billion. The DMO ultimately allotted N1.29 trillion to the one-year paper alone, reflecting a clear preference for longer-term instruments as yields continue to climb.

Shorter tenors also saw steady participation, with the 91-day bill attracting N129.69 billion in subscriptions and the 182-day paper recording N70.22 billion. Both were almost fully allotted, showing consistent demand across the curve even as investors positioned themselves more heavily at the long end.

Yields rose across all maturities, reinforcing tightening money market conditions. The 91-day rate climbed to 16.28%, the 182-day rose to 16.50%, and the 364-day bill surged sharply to 17.34%. Analysts say the upward trend reflects both inflation expectations and investors demanding higher returns in a shifting interest rate environment.

source: Leadership