Nigeria Treasury bills · auction of 19 February 2025
Nigeria T-bill auction, 19 February 2025: 364-day at 18.43%, down 189 bps
At the Treasury bill auction dated 19 February 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 17.00% (down 100 basis points), the 182-day bill at 18.00% (down 50 basis points) and the 364-day bill at 18.43% (down 189 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 2408.4bn against NGN 250.0bn on offer, 963% of the amount sought, and NGN 774.1bn was accepted.
At 18.43%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 19.00%, so the government is paying 57 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 184,300 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 1,184,300 after 12 months: NGN 184,300 in interest before any withholding tax, about NGN 15,358 a month.
That is NGN 18,900 less than the same money would have earned at the previous auction.
For shorter money: NGN 90,000 on the 182-day bill (6 months), NGN 42,500 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 | 17.000% | 18.000% | NGN 80.00bn | NGN 62.14bn | NGN 34.77bn |
| 182-day | 18.000% | 18.500% | NGN 120.00bn | NGN 49.88bn | NGN 34.98bn |
| 364-day | 18.430% | 20.320% | NGN 50.00bn | NGN 2296.33bn | NGN 704.38bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 February 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-02-19
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