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Investors concentrated heavily on the 364-day Nigerian Treasury Bill at the November 11, 2026 auction, where it drew ₦1.079 trillion in subscriptions, about 96.2% of all bids received. The one-year paper carried a stop rate of 15.89%, up from 15.80% at the previous auction, while total subscriptions across all maturities reached about ₦1.12 trillion.
Investors overwhelmingly favoured the one-year Nigerian Treasury Bill at the auction held on November 11, 2026, with the 364-day instrument attracting ₦1.079 trillion in bids.
That was about 96.2% of the roughly ₦1.12 trillion total subscriptions recorded across the 91-day, 182-day and 364-day maturities. The amount sought for the one-year bill was also well above the ₦600 billion offered for that tenor.
By contrast, the 91-day bill attracted ₦19.18 billion in bids against ₦100 billion offered, while the 182-day bill received ₦23.02 billion against its own ₦100 billion offer.
Overall, ₦800 billion was offered at the auction, while total allotments came to ₦713.31 billion. Of that figure, ₦672.91 billion was allotted to the 364-day bill, again showing that demand and allocation were concentrated at the long end of the auction.
Stop rates settled at 15.40% for the 91-day bill, 15.79% for the 182-day bill and 15.89% for the 364-day bill. The one-year stop rate was nine basis points higher than the 15.80% recorded at the previous auction.
The auction result points to a clear investor preference, on that date, for locking money into the longest tenor among the bills on offer rather than shorter-dated instruments.
Why it matters
The result shows where market demand was strongest in a key Federal Government short-term borrowing window. When nearly all bids cluster around the 364-day paper, it highlights investor appetite for the highest-yielding tenor among the three maturities offered at that auction.
The rise in the one-year stop rate from the previous auction also matters because it shows the return accepted at that tenor moved higher, even as demand remained very strong.
What it means for your money
For ordinary Nigerians, Treasury Bills are mainly relevant through savings, fixed-income investments and money market funds rather than daily spending. This auction does not by itself change retail bank rates, but it is a useful signal of returns available in the government short-term debt market on November 11, 2026.
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What to watch is whether demand remains concentrated in the 364-day bill at subsequent Treasury Bills auctions and whether stop rates continue to rise, fall or hold steady. Investors and savers will also be watching if shorter tenors begin to attract stronger demand after this sharp tilt toward the one-year paper.
The clearest takeaway from the November 11 Treasury Bills auction is that investors overwhelmingly chose the one-year paper, which drew about 96% of all bids and cleared at a slightly higher stop rate than the previous auction
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