Nigeria Treasury bills · auction of 18 June 2025
Nigeria T-bill auction, 18 June 2025: 364-day at 18.84%, down 51 bps
At the Treasury bill auction dated 18 June 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 17.80% (down 18 basis points), the 182-day bill at 18.35% (down 15 basis points) and the 364-day bill at 18.84% (down 51 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1233.6bn against NGN 162.0bn on offer, 761% of the amount sought, and NGN 162.0bn 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 20.50%, so the government is paying 166 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 188,400 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 1,188,400 after 12 months: NGN 188,400 in interest before any withholding tax, about NGN 15,700 a month.
That is NGN 5,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 91,750 on the 182-day bill (6 months), NGN 44,500 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 | 17.800% | 17.980% | NGN 22.02bn | NGN 72.63bn | NGN 37.98bn |
| 182-day | 18.350% | 18.500% | NGN 40.00bn | NGN 63.56bn | NGN 40.54bn |
| 364-day | 18.840% | 19.350% | NGN 100.00bn | NGN 1097.38bn | NGN 83.50bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 June 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-06-18
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