Nigeria’s Treasury Bills auction for October 22, 2025, recorded a strong N100.91 billion oversubscription,.
The oversubscription has been attributed to a rush by investors to secure higher yields across all maturities.
Data from the Debt Management Office (DMO) showed that total bids reached N750.91 billion, surpassing the N650 billion offered by the Central Bank of Nigeria (CBN).
However, the government allotted only N391.58 billion.
The Treasury Bills were reissued by the CBN on behalf of the DMO. Data from the DMO showed that stop rates rose across all tenors.
The 91-day, 182-day, and 364-day papers cleared at 15.30%, 15.50%, and 16.14%, respectively—up from 15.00%, 15.25%, and 15.77% at the previous auction.
True yields were even higher at 15.92%, 16.81%, and 19.25%, reinforcing investor preference for longer-term bills that offer premium returns in an inflationary environment.
The uptick in rates reflects both strong subscription levels and the CBN’s attempt to balance inflation control with market demand for attractive yields.
A breakdown of the auction results shows that investor interest was particularly strong in the 364-day paper, which drew the bulk of total subscriptions.
The one-year bill attracted an impressive N674.25 billion in bids—nearly ten times higher than the 91-day and 182-day offerings combined—out of which N316.56 billion was allotted.
For the shorter maturities, the 91-day bill received bids worth N8.13 billion, with N7.61 billion allotted, while the 182-day paper attracted N68.53 billion in subscriptions, resulting in N67.42 billion allotment.
The range of bid rates also highlighted investors’ competitive positioning, with spreads between 14.9%–16.5% for the 91-day, 14.5%–17.03% for the 182-day, and up to 20.0% for the 364-day paper.
