NIGERIA · TREASURY BILLS
Investors bid 1.079 trillion naira, Nigeria’s currency (N1.079 trillion in this article, about US$803 million) for Nigeria’s one-year Treasury Bill on Wednesday 11 November 2026, about 180% of the N600 billion (about US$446 million) offered. The Central Bank of Nigeria (CBN), which runs the auction for the government, set the one-year stop rate, the highest discount rate it accepted, at 15.89%.
A Treasury Bill is a short-term government IOU that pays no interest, because it is sold at a discount and repaid at face value. Dollar investors in naira bills care because the return only counts if the naira holds its value.
The shorter bills drew far less interest, so the one-year paper did most of the work. Together the three bills drew N1.12 trillion (about US$833 million) in bids.
Key Facts
- Who The Central Bank of Nigeria runs the auction for the Debt Management Office, the government’s debt agency.
- What N800 billion (about US$595 million) offered across 91-day, 182-day and 364-day bills.
- Demand One-year bills drew N1.079 trillion (about US$803 million), about 180% of their offer.
- Rate One-year stop rate 15.89%, up 9 basis points (0.09 percentage points) from 4 November.
- Gap Short bills drew N42.20 billion (about US$31 million) against N200 billion (about US$149 million) offered.
What Happened at the Auction
The auction offered N800 billion (about US$595 million) across three bills on Wednesday 11 November 2026. The split was 91-day and 182-day bills at N100 billion (about US$74 million) each, and 364-day bills at N600 billion (about US$446 million).
Demand for the one-year bill reached N1.079 trillion (about US$803 million), or about 180% of its offer. The 91-day bill drew N19.18 billion (about US$14 million), and the 182-day bill drew N23.02 billion (about US$17 million).
Together the two short bills attracted N42.20 billion (about US$31 million), or 21.1% of the N200 billion (about US$149 million) offered. Total bids across all three bills came to N1.12 trillion (about US$833 million).
The CBN awarded N713.31 billion (about US$531 million) in total, below the N800 billion offered. Of that, N672.91 billion (about US$501 million) went to the one-year bill, which is N72.91 billion (about US$54 million) above its offer.
That made the one-year bill 94.3% of everything sold. The 91-day bill was awarded N18.12 billion (about US$13 million), and the 182-day bill N22.28 billion (about US$17 million).
Why It Matters
The stop rate, also called the cut-off rate, is the highest discount rate the CBN accepted at the auction. It was 15.40% for the 91-day bill and 15.79% for the 182-day bill, both unchanged.
The 364-day bill cleared at 15.89%, up 9 basis points from 15.80% at the 4 November 2026 auction. A basis point is one hundredth of a percentage point.
The one-year bill pays only 49 basis points more than the 91-day bill and 10 more than the 182-day bill. With so little extra reward for locking money up for a year, the government pays little extra to borrow for a full year.
On 4 November 2026 the one-year bill drew N1.994 trillion (about US$1.5 billion) in bids. This week’s demand is roughly half of that, yet it is still well above the offer.
What It Means for You
We use the spot rate of RT, a market-data provider, of 1,343.93 naira per US$1 from 12 November 2026. Dollar investors should compare a one-year stop rate near 15.9% with the naira’s path, because a weaker naira can erase the gain.
Nigerian savers face three bill lengths that pay within 49 basis points of each other. Longer paper offers little extra reward for the added time.
Nigeria is one of several African governments that fund themselves at home through regular bill auctions. Auction results show how cheaply each can borrow.
What Is Not Known
It is not known whether the CBN will keep raising the one-year stop rate. The bidders behind the N1.079 trillion (about US$803 million) are also not identified.
The result of the next auction is unknown. We have also not seen why the allotment fell short of the N800 billion (about US$595 million) offered.
What to Watch Next
The next CBN auction result will show whether the one-year stop rate rises again. We have not confirmed its date.
More coverage of the country sits on our Nigeria page. Readers can check official results with the Central Bank of Nigeria and the Debt Management Office.
Frequently Asked Questions
How much did Nigeria offer on 11 November 2026?
The Central Bank of Nigeria offered N800 billion (about US$595 million) across 91-day, 182-day and 364-day Treasury Bills. It awarded N713.31 billion (about US$531 million).
What was the one-year stop rate?
The 364-day stop rate was 15.89%, up 9 basis points from 15.80% on 4 November 2026. The 91-day rate stayed at 15.40% and the 182-day rate at 15.79%.
How strong was demand for the one-year bill?
Bids reached N1.079 trillion (about US$803 million), about 180% of the N600 billion (about US$446 million) offered. The shorter bills drew only 21.1% of their combined offer.
What is a stop rate?
The stop rate is the highest discount rate the central bank accepted at an auction. Investors who bid above that level were not given bills.
Sources
- Central Bank of Nigeria, Treasury Bill auction results: cbn.gov.ng
- Debt Management Office, Nigerian Treasury Bills: dmo.gov.ng
- RT spot exchange rate, 12 November 2026
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