Nigeria Treasury bills · auction of 12 March 2025
Nigeria T-bill auction, 12 March 2025: 364-day at 18.39%, up 57 bps
At the Treasury bill auction dated 12 March 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 17.00% (unchanged), the 182-day bill at 17.79% (up 4 basis points) and the 364-day bill at 18.39% (up 57 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1267.0bn against NGN 550.0bn on offer, 230% of the amount sought, and NGN 678.8bn was accepted.
Over the past year the 364-day rate has ranged from 17.82% to 23.50%.
A year earlier the 364-day bill cleared at 21.49%, so the government is paying 310 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 183,900 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 1,183,900 after 12 months: NGN 183,900 in interest before any withholding tax, about NGN 15,325 a month.
That is NGN 5,700 more than the same money would have earned at the previous auction.
For shorter money: NGN 88,950 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% | 17.000% | NGN 70.00bn | NGN 35.17bn | NGN 34.72bn |
| 182-day | 17.790% | 17.750% | NGN 80.00bn | NGN 39.37bn | NGN 36.23bn |
| 364-day | 18.390% | 17.820% | NGN 400.00bn | NGN 1192.47bn | NGN 607.80bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 March 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-03-12
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