Nigeria Treasury bills · auction of 5 February 2025
Nigeria T-bill auction, 5 February 2025: 364-day at 20.32%, down 148 bps
At the Treasury bill auction dated 5 February 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 20.32% (down 148 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 3218.0bn against NGN 220.0bn on offer, 1463% of the amount sought, and NGN 670.0bn was accepted.
Over the past year the 364-day rate has ranged from 18.59% to 23.50%.
A year earlier the 364-day bill cleared at 11.54%, so the government is paying 878 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 203,200 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 1,203,200 after 12 months: NGN 203,200 in interest before any withholding tax, about NGN 16,933 a month.
That is NGN 14,800 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 42.37bn | NGN 31.94bn |
| 182-day | 18.500% | 18.500% | NGN 120.00bn | NGN 19.52bn | NGN 18.69bn |
| 364-day | 20.320% | 21.800% | NGN 50.00bn | NGN 3156.14bn | NGN 619.36bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 5 February 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-02-05
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