Nigeria Treasury bills · auction of 9 April 2025
Nigeria T-bill auction, 9 April 2025: 364-day at 19.63%, unchanged
At the Treasury bill auction dated 9 April 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 18.50% (up 50 basis points), the 182-day bill at 19.50% (up 100 basis points) and the 364-day bill at 19.63% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 1126.9bn against NGN 800.0bn on offer, 141% of the amount sought, and NGN 318.8bn 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 21.12%, 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 the same as at the previous auction.
For shorter money: NGN 97,500 on the 182-day bill (6 months), NGN 46,250 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 | 18.500% | 18.000% | NGN 50.00bn | NGN 114.30bn | NGN 111.81bn |
| 182-day | 19.500% | 18.500% | NGN 100.00bn | NGN 107.09bn | — |
| 364-day | 19.630% | 19.630% | NGN 650.00bn | NGN 905.56bn | NGN 206.98bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 April 2025, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-04-09
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