Nigeria Treasury bills · auction of 26 March 2025
Nigeria T-bill auction, 26 March 2025: 364-day at 19.63%, down 31 bps
At the Treasury bill auction dated 26 March 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 19.63% (down 31 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1430.8bn against NGN 700.0bn on offer, 204% of the amount sought, and NGN 808.7bn 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 21.12%, so the government is paying 149 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 196,300 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 1,196,300 after 12 months: NGN 196,300 in interest before any withholding tax, about NGN 16,358 a month.
That is NGN 3,100 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 80.00bn | NGN 38.85bn | NGN 38.65bn |
| 182-day | 18.500% | 18.500% | NGN 120.00bn | NGN 27.68bn | NGN 24.27bn |
| 364-day | 19.630% | 19.940% | NGN 500.00bn | NGN 1364.22bn | NGN 745.80bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 26 March 2025, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-03-26
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