Nigeria Treasury bills · auction of 7 May 2025
Nigeria T-bill auction, 7 May 2025: 364-day at 19.63%, up 3 bps
At the Treasury bill auction dated 7 May 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% (up 3 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1087.5bn against NGN 550.0bn on offer, 198% of the amount sought, and NGN 598.3bn 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 20.70%, so the government is paying 107 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 300 more 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 50.00bn | NGN 82.17bn | NGN 77.22bn |
| 182-day | 18.500% | 18.500% | NGN 100.00bn | NGN 48.44bn | NGN 38.49bn |
| 364-day | 19.630% | 19.600% | NGN 400.00bn | NGN 956.88bn | NGN 482.62bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 May 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-05-07
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