Nigeria Treasury bills · auction of 24 April 2025
Nigeria T-bill auction, 24 April 2025: 91-day at 18.00%, down 50 bps
At the Treasury bill auction dated 24 April 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 18.00% (down 50 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 107.4bn against NGN 50.0bn on offer, 215% of the amount sought, and NGN 51.4bn was accepted.
Over the past year the 91-day rate has ranged from 16.24% to 18.50%.
A year earlier the 91-day bill cleared at 16.24%, so the government is paying 176 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 45,000 in 3 months on the 91-day bill
Put NGN 1,000,000 into the 91-day bill at this auction and you get back NGN 1,045,000 after 3 months: NGN 45,000 in interest before any withholding tax, about NGN 15,000 a month.
That is NGN 1,250 less than the same money would have earned at the previous auction.
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% | 18.500% | NGN 50.00bn | NGN 107.38bn | NGN 51.37bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 24 April 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-04-24
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