Nigeria Treasury bills · auction of 23 April 2025
Nigeria T-bill auction, 23 April 2025: 364-day at 19.60%, down 3 bps
At the Treasury bill auction dated 23 April 2025, the Central Bank of Nigeria set stop rates on the 182-day bill at 18.50% (down 100 basis points) and the 364-day bill at 19.60% (down 3 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1434.1bn against NGN 350.0bn on offer, 410% of the amount sought, and NGN 663.0bn 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 152 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 196,000 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 1,196,000 after 12 months: NGN 196,000 in interest before any withholding tax, about NGN 16,333 a month.
That is NGN 300 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).
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 |
|---|---|---|---|---|---|
| 182-day | 18.500% | 19.500% | NGN 100.00bn | NGN 53.36bn | NGN 12.72bn |
| 364-day | 19.600% | 19.630% | NGN 250.00bn | NGN 1380.79bn | NGN 650.28bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 April 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-04-23
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