Nigeria Treasury bills · auction of 8 January 2025
Nigeria T-bill auction, 8 January 2025: 364-day at 22.62%, down 18 bps
At the Treasury bill auction dated 8 January 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 18.00% (unchanged), the 182-day bill at 18.50% (unchanged) and the 364-day bill at 22.62% (down 18 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1519.9bn against NGN 515.0bn on offer, 295% of the amount sought, and NGN 515.0bn was accepted.
Over the past year the 364-day rate has ranged from 11.54% to 23.50%.
A year earlier the 364-day bill cleared at 12.24%, so the government is paying 1038 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 226,220 in 12 months on the 364-day bill
Put NGN 1,000,000 into the 364-day bill at this auction and you get back NGN 1,226,220 after 12 months: NGN 226,220 in interest before any withholding tax, about NGN 18,852 a month.
That is NGN 1,780 less than the same money would have earned at the previous auction.
For shorter money: NGN 92,500 on the 182-day bill (6 months), NGN 45,000 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Nigeria’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 18.000% | 18.000% | NGN 50.00bn | NGN 22.94bn | NGN 21.30bn |
| 182-day | 18.500% | 18.500% | NGN 80.00bn | NGN 20.82bn | NGN 20.49bn |
| 364-day | 22.622% | 22.800% | NGN 385.00bn | NGN 1476.17bn | NGN 473.21bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 8 January 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-01-08
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