January 09, (THEWILL) — Nigeria’s Debt Management Office (DMO) raised ₦1.144 trillion at its first Nigerian Treasury Bills (NTB) auction of 2026, reflecting strong investor demand for government securities despite rising interest rates.
The auction, held on January 7, 2026, recorded robust participation across all maturities, with total bids of about ₦1.38 trillion, well above the amount offered. Higher stop rates were observed across the curve as investors sought to hedge returns against inflation and policy uncertainties.
The 364-day bill dominated the auction, accounting for ₦987.78 billion of the total allotment, underscoring investors’ preference for longer-dated instruments that offer higher yields and reduced reinvestment risk. The 91-day and 182-day bills attracted ₦108.17 billion and ₦48.23 billion, respectively.
Market analysts noted that demand remained strong despite the rise in borrowing costs, pointing to ample system liquidity and a growing appetite for risk-free assets amid economic volatility. Treasury bills are increasingly viewed as a hedge against inflation and currency risks.
The successful auction comes as Nigeria navigates a challenging domestic environment marked by high inflation and fiscal pressures, while global growth is expected to moderate in 2026. Economists say the outcome could shape interest-rate expectations and guide fiscal and monetary policy decisions in the months ahead, as investors watch for signals from subsequent auctions.
Ogochukwu Onwaeze
