Nigeria Treasury bills · auction of 9 July 2025
Nigeria T-bill auction, 9 July 2025: 364-day at 16.30%, down 254 bps
At the Treasury bill auction dated 9 July 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.74% (down 206 basis points), the 182-day bill at 16.20% (down 215 basis points) and the 364-day bill at 16.30% (down 254 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1329.7bn against NGN 250.0bn on offer, 532% of the amount sought, and NGN 201.8bn was accepted.
At 16.30%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 20.68%, so the government is paying 438 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 163,000 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 1,163,000 after 12 months: NGN 163,000 in interest before any withholding tax, about NGN 13,583 a month.
That is NGN 25,400 less than the same money would have earned at the previous auction.
For shorter money: NGN 81,000 on the 182-day bill (6 months), NGN 39,350 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 | 15.740% | 17.800% | NGN 100.00bn | NGN 105.07bn | NGN 59.84bn |
| 182-day | 16.200% | 18.350% | NGN 20.00bn | NGN 44.27bn | NGN 15.67bn |
| 364-day | 16.300% | 18.840% | NGN 130.00bn | NGN 1180.35bn | NGN 126.31bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 July 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-07-09
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