Nigeria’s Treasury Bills (NTB) market recorded a significant rise in investor demand at its latest auction, with total subscriptions hitting N4.59 trillion.
This was revealed at the primary market auction conducted on Wednesday by the Debt Management Office (DMO), with total subscriptions nearly three times the N1.15 trillion offered.
The DMO moderated borrowing by allotting N952.60 billion across three tenors of 91-day, 182-day, and 364-day bills, in spite the high inflows.
Investors demonstrated a strong preference for longer-dated instruments, particularly the 364-day bill, which attracted subscriptions of N4.40 trillion against an offer of N800 billion. The DMO allotted N808.78 billion.
The 91-day and 182-day tenors struggled to attract bids equivalent to their offers, with the 91-day bill receiving N66.05 billion in bids against a N150 billion offer and the 182-day bill attracting N123.41 billion against a N200 billion offer.
Stop rates on both the 91-day and 182-day bills remained unchanged at 15.84% and 16.65%, respectively.
