The Debt Management Office (DMO) has unveiled the details of its latest Nigerian Treasury Bills (NTBs) auction scheduled for Wednesday, September 3, 2025. The auction will feature three tenors 91-day, 182-day, and 364-day amounting to a total offer of ₦480 billion.
According to the programme, the shorter 91-day and 182-day tenors will see offers of ₦50 billion and ₦80 billion respectively, while the bulk of the issuance, ₦350 billion, will be raised through the 364-day tenor. This reflects the sustained preference of the government to source long-term domestic funding while meeting investor appetite for higher-yielding securities.
Below is a summary of the auction details:
| Tenor | Auction Date | Maturity Date | Offer (₦ Billion) | Previous Stop Rate (%) | Expected Stop Rate (%) |
|---|---|---|---|---|---|
| 91-Day | 03/09/2025 | 04/12/2025 | 50 | 15.35 | 15.35 – 15.45 |
| 182-Day | 03/09/2025 | 05/03/2026 | 80 | 15.50 | 15.45 – 15.60 |
| 364-Day | 03/09/2025 | 03/09/2026 | 350 | 17.44 | 17.40 – 17.70 |
Total Offer: ₦480 Billion
At the last auction, stop rates stood at 15.35% for the 91-day, 15.50% for the 182-day, and 17.44% for the 364-day. Analysts expect rates to remain broadly stable with slight upward adjustments, given prevailing market conditions.
Financial experts note that the elevated yields continue to attract investors, offering relatively safe and profitable returns against the backdrop of high inflation and tight monetary policy. The Central Bank of Nigeria (CBN) has maintained an aggressive interest rate stance in recent months, a move aimed at curbing inflationary pressures and stabilizing the naira.
The ₦480 billion issuance is also expected to aid in mopping up excess liquidity from the system, supporting the apex bank’s monetary tightening agenda while providing institutional and retail investors with reliable short-term investment opportunities.
