Nigeria’s Treasury Bills market attracted N2.46 trillion in subscriptions across two back-to-back auctions on December 3 and December 10, 2025.
Details of the auction showed that investors had preference for the 364-day paper, just as the subscription rate showed high demand for government short-term debt even as yields on the one-year paper climbed sharply.
Across the two auctions, the subscription breakdown was: 91-day: N150.24 billion (6.1% of total) N44.17 billion (Dec 3), N106.07 billion (Dec 10).
For 182-day: N57.33 billion (2.3% of total), N33.37 billion and N23.96 billion while 364-day was N2.257 trillion (91.6% of total), N697.29 billion and N1.56 trillion.
Together, these subscriptions total N2.46 trillion.
Conversely, the government’s combined allotment across the two dates amounted to about N1.50 trillion.
The 364-day instrument dominated investor interest, attracting roughly N2.26 trillion of bids — more than 90% of cumulative demand.
Subscription to the one-year bill jumped 123.7% from N697.29 billion on Dec. 3 to N1.56 trillion on Dec. 10, a clear signal that fixed-income investors are chasing to lock-in longer-dated, higher-yielding government paper.
The 91-day bill saw a strong 140.1% increase in demand between the two auctions (from N44.17bn to N106.07bn), while the 182-day paper recorded a 28.2% drop in bids (N33.37bn to N23.96bn), suggesting investors rotated cash into the shortest and the longest maturities.
The allocation across both auctions left investors partially rationed. Cumulative allotments were: N146.16bn (91-day); N44.00bn (182-day); N1.31trn (364-day) with the total being N1.50 trillion.
The one-year allotment alone was more than N1.3 trillion, but still well below bids.
Stop rates on Dec. 10 were 15.30% (91-day), 15.50% (182-day) and 17.95% (364-day), with the 364-day stop rate rising materially from earlier levels.
The twin auctions show robust domestic demand for sovereign paper and a market willing to accept higher yields for longer maturities.
