The Debt Management Office rejected approximately 74% of the N1.032 trillion in subscriptions received at Nigerian Treasury Bill auctions held on October 14, accepting only N269.06 billion, the DMO said. The rejection rate represented about 26.07% of total bids.
The move reflected tightening conditions in Nigeria's short-term debt market. One-year rates climbed to 15.90%, marking the first time the DMO has set the rate at that level since August.