The Debt Management Office (DMO) will offer N800 billion in Nigerian Treasury Bills at its November 11, 2026 auction, set against N148.565 billion in maturing securities, implying a potential net funding requirement of approximately N651.44 billion.
The offer, announced in a Central Bank of Nigeria (CBN) invitation to tender issued on the DMO’s behalf, will be conducted through a Dutch auction, with settlement scheduled for Thursday, November 12. The N800 billion on offer is roughly 5.4 times the value of the bills maturing on the settlement date, meaning a full allotment would add about N651.44 billion in gross issuance beyond what is needed to refinance the maturing securities.
The auction comes amid elevated banking-system liquidity and follows a series of sales at which the DMO accepted far less than investors bid while holding stop rates relatively low. At the October 28 auction, the DMO allotted just N71.16 billion and rejected approximately N1.84 trillion in bids, even as stop rates declined across the three tenors. That outcome represented about 24.9% of total bids, leaving roughly 75.1% of investor subscriptions unallotted.
The pattern continued at the November 4 auction, where subscriptions reached 2.56 times the amount offered while stop rates remained unchanged. Together, the two auctions underscored the DMO’s preference for limiting allotments rather than accepting higher borrowing costs.
The November 11 sale will therefore test whether the DMO maintains its selective allotment approach or raises issuance to meet its advertised funding target. The 364-day bill will be a key focus, as it accounts for three-quarters of the offer.
Demand could be supported by ample cash in the banking system. According to the Financial Markets Dealers Association’s weekly report, banking-system liquidity rose 15.36% week-on-week to N8.505 trillion, while banks held N5.915 trillion at the CBN’s Standing Deposit Facility on November 9.
The actual net funding outcome will depend on the amount allotted at the auction relative to the N148.565 billion in maturing securities.
