Nigeria Treasury bills · auction of 23 July 2025
Nigeria T-bill auction, 23 July 2025: 364-day at 15.88%, down 42 bps
At the Treasury bill auction dated 23 July 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.00% (down 74 basis points), the 182-day bill at 15.50% (down 70 basis points) and the 364-day bill at 15.88% (down 42 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 675.7bn against NGN 290.0bn on offer, 233% of the amount sought, and NGN 290.0bn was accepted.
At 15.88%, 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 480 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 158,800 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 1,158,800 after 12 months: NGN 158,800 in interest before any withholding tax, about NGN 13,233 a month.
That is NGN 4,200 less than the same money would have earned at the previous auction.
For shorter money: NGN 77,500 on the 182-day bill (6 months), NGN 37,500 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 | 15.000% | 15.740% | NGN 50.00bn | NGN 41.67bn | NGN 13.11bn |
| 182-day | 15.500% | 16.200% | NGN 20.00bn | NGN 24.66bn | NGN 5.10bn |
| 364-day | 15.880% | 16.300% | NGN 220.00bn | NGN 609.32bn | NGN 271.79bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 July 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-07-23
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