{"id":14455,"date":"2026-11-10T18:16:43","date_gmt":"2026-11-10T18:16:43","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/10\/dmo-offers-n800-billion-in-t-bills-on-wednesday-as-n148-6-billion-matures-for-settlement\/"},"modified":"2026-11-10T18:16:43","modified_gmt":"2026-11-10T18:16:43","slug":"dmo-offers-n800-billion-in-t-bills-on-wednesday-as-n148-6-billion-matures-for-settlement","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/10\/dmo-offers-n800-billion-in-t-bills-on-wednesday-as-n148-6-billion-matures-for-settlement\/","title":{"rendered":"DMO offers N800 billion in T-bills on Wednesday as N148.6 billion matures for settlement"},"content":{"rendered":"<p>The Debt Management Office (DMO) will offer N800 billion in Nigerian Treasury Bills at its November 11, 2026 auction, against N148.565 billion in maturing securities, creating a potential net funding requirement of approximately N651.44 billion.<\/p>\n<p>According to the Central Bank of Nigeria\u2019s (CBN) invitation to tender, issued on behalf of the DMO, the securities will be offered through a Dutch auction, with settlement scheduled for Thursday, November 12.<\/p>\n<p>The offer comes amid elevated banking-system liquidity and follows recent auctions at which the DMO accepted substantially less than investors bid, while maintaining relatively low stop rates.<\/p>\n<h4><strong>Treasury Bills offer exceeds maturities:<\/strong><\/h4>\n<p>The DMO\u2019s N800 billion offer is approximately 5.4 times the N148.565 billion in Treasury Bills scheduled to mature on November 12.<\/p>\n<p>A full allotment would therefore result in approximately N651.44 billion in additional gross issuance beyond the amount needed to refinance maturing bills.<\/p>\n<ul>\n<li>The 91-day Treasury Bill carries an offer of N100 billion, representing 12.5% of the total.<\/li>\n<li>The 182-day Treasury Bill also carries an offer of N100 billion, accounting for another 12.5%.<\/li>\n<li>The 364-day Treasury Bill accounts for N600 billion, or 75% of the total amount offered.<\/li>\n<li>The N148.565 billion in maturing securities consists of 91-day Treasury Bills due for settlement on November 12.<\/li>\n<li>The distribution places the largest share of the offer in the 364-day tenor, which has attracted substantial investor demand at recent auctions.<\/li>\n<li>However, the advertised offer does not necessarily represent the amount the DMO will ultimately raise.<\/li>\n<li>At the <a href=\"https:\/\/nairametrics.com\/2026\/11\/05\/cbn-mops-up-n3-46-trillion-across-omo-ntb-auctions-holds-t-bill-stop-rates-steady\/\">November 4 auction, the DMO allotted N509.401 billion<\/a> against an N800 billion offer despite receiving N2.045 trillion in subscriptions.<\/li>\n<\/ul>\n<p>That represented approximately 24.9% of total bids, with about 75.1% of investor subscriptions left unallotted.<\/p>\n<p>The November 11 auction will therefore test whether the DMO maintains its selective allotment approach or increases issuance to meet its advertised funding target.<\/p>\n<h4><strong>DMO maintains selective auction allotments:<\/strong><\/h4>\n<p>Recent Treasury Bills auctions have shown the DMO\u2019s willingness to limit allotments despite substantial investor demand.<\/p>\n<p>At the <a href=\"https:\/\/nairametrics.com\/2026\/10\/29\/dmo-rejects-n1-84-trillion-bids-pushes-t-bill-rates-lower\/\">October 28 auction, the DMO allotted just N71.16 billion and rejected approximately N1.84 trillion in bids<\/a>, while stop rates declined across the three tenors.<\/p>\n<p>Nairametrics previously reported that the October 28 auction demonstrated the DMO\u2019s preference for limiting allotments rather than accepting higher borrowing rates.<\/p>\n<p>The November 4 auction reinforced that pattern, with subscriptions reaching 2.56 times the offer while stop rates remained unchanged.<\/p>\n<p>The upcoming auction will provide another indication of how the DMO balances its funding requirements against borrowing costs.<\/p>\n<h4><strong>Banking liquidity supports Treasury demand:<\/strong><\/h4>\n<p>The November 11 auction comes amid substantial liquidity in Nigeria\u2019s banking system, which could support demand for government securities.<\/p>\n<p>According to the Financial Markets Dealers Association\u2019s weekly report, banking-system liquidity increased by 15.36% week-on-week to N8.505 trillion, while banks held N5.915 trillion at the CBN\u2019s Standing Deposit Facility on November 9.<\/p>\n<ul>\n<li>Estimated liquidity inflows for the week stand at N2.448 trillion, with Open Market Operations maturities accounting for approximately 93.9%.<\/li>\n<li>The CBN allotted approximately N5.667 trillion through OMO auctions held on November 3 and November 6.<\/li>\n<li>OMO instruments have recently cleared at rates above the stop rates recorded at Treasury Bills auctions, creating a pricing difference between the two markets.<\/li>\n<li>For the DMO, the November 11 auction presents a choice between raising more funds and maintaining borrowing costs near recent levels.<\/li>\n<\/ul>\n<p>The 364-day bill will remain a key focus because it accounts for three-quarters of the advertised offer.<\/p>\n<p>The actual net funding outcome will depend on the amount allotted at the auction, relative to the N148.565 billion in maturing securities.<\/p>\n<p>Source: <\/p>\n<div class=\"nSourse\">Nairametrics<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Debt Management Office (DMO) will offer N800 billion in Nigerian Treasury Bills at its November 11, 2026 auction, against N148.565 billion in maturing securities, creating a potential net funding&hellip; 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