Nigeria Treasury bills · auction of 21 May 2025
Nigeria T-bill auction, 21 May 2025: 364-day at 19.50%, down 13 bps
At the Treasury bill auction dated 21 May 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 18.50% (unchanged) and the 364-day bill at 19.50% (down 13 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1171.6bn against NGN 500.0bn on offer, 234% of the amount sought, and NGN 615.8bn 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 20.70%, so the government is paying 120 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 195,000 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 1,195,000 after 12 months: NGN 195,000 in interest before any withholding tax, about NGN 16,250 a month.
That is NGN 1,300 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), 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 72.56bn | NGN 71.67bn |
| 182-day | 18.500% | 18.500% | NGN 100.00bn | NGN 46.84bn | NGN 41.13bn |
| 364-day | 19.500% | 19.630% | NGN 350.00bn | NGN 1052.18bn | NGN 503.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 May 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-05-21
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