Nigeria’s Treasury Payments (NTB) market recorded a surge in investor demand at its newest public sale, with whole subscriptions hitting N4.59 trillion, almost thrice the N1.15 trillion supplied by the Debt Administration Workplace (DMO).
This improvement was revealed on the major market public sale performed on Wednesday, February 4, 2026.
Regardless of the large inflows, the DMO moderated borrowing by allotting N952.60 billion throughout three tenors of 91-day, 182-day, and 364-day payments.
Traders demonstrated a robust desire for longer-dated devices, significantly the 364-day invoice, highlighting confidence in authorities securities as a protected and comparatively high-yielding funding amid persistent liquidity available in the market.
Demand on the public sale was closely skewed towards the 364-day tenor, which attracted subscriptions of N4.40 trillion towards a suggestion of N800 billion. The DMO allotted N808.78 billion, benefiting from the robust demand to decrease borrowing prices.
The public sale information highlights a robust demand for longer-term NTBs, giving the DMO room to cut back the cease price on the one-year paper whereas sustaining stability on shorter tenors.
Whereas the 364-day invoice noticed unprecedented oversubscription, the 91-day and 182-day tenors struggled to draw bids equal to their gives. This distinction suggests a market more and more centered on locking in returns over an extended interval.
Analysts observe that the sharp decline within the 364-day cease price displays the DMO’s pricing energy and the market’s confidence in long-term authorities securities.
The close to 299% oversubscription underscores persistent liquidity chasing risk-free property, as traders proceed to want NTBs over equities and different riskier devices.
The DMO’s cautious strategy in under-allotting relative to whole subscriptions and lowering the one-year yield suggests rising market depth and robust investor urge for food for longer-dated payments, even amid elevated borrowing wants.
The 364-day NTB cease price fell sharply by 137 foundation factors to 16.99%, in contrast with 18.36% on the January 2026 public sale.
This displays robust investor demand for longer-dated payments and offers the DMO room to chop borrowing prices.
This marks a transparent shift from the rate-hiking setting of January 2026 to a extra issuer-friendly final result, benefiting each authorities funds and traders searching for longer-term, secure returns.
