Nigeria’s Treasury bills, T-bills auction have attracted a total subscription of N3.22 trillion.
This comes as the Debt Management Office, on behalf of the Central Bank of Nigeria, conducted the auction on Wednesday, 5 February, 2025 while allotments were done on Thursday, 6 February, 2025.
According to the result of the auction obtained on Saturday, the Federal Government offered N670 billion across the standard maturities of 91-day, 182-day, and 364-day bills.
The auction saw significant demand for long-tenured securities, with the 364-day instrument accounting for 98 percent of total bids compared to short-term securities.
This reflects heightened investor appetite amid rising yields and tight monetary conditions.
Meanwhile, stop rates for the 91-day and 182-day bills remained unchanged at 18 percent and 18.5 percent, respectively, for the eighth time in short-term tenors.
Further analysis showed that the 91-day bill received N42.37 billion in subscriptions, below the N50 billion on offer, while the 182-day bill saw a significant shortfall, attracting just N19.52 billion in bids against an offer of N120 billion.
The decreased demand for shorter tenors suggests that investors are positioning themselves for longer-term gains, preferring to lock in higher yields amid expectations of further monetary policy tightening.
The apex bank’s Monetary Policy Committee in November last year raised interest rate by 25 basis points to 27.50 per cent .
