Nigeria Treasury bills · auction of 20 August 2025
Nigeria T-bill auction, 20 August 2025: 364-day at 17.44%, up 94 bps
At the Treasury bill auction dated 20 August 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.35% (up 35 basis points), the 182-day bill at 15.50% (unchanged) and the 364-day bill at 17.44% (up 94 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 723.3bn against NGN 230.0bn on offer, 314% of the amount sought, and NGN 303.8bn was accepted.
Over the past year the 364-day rate has ranged from 15.88% to 23.50%.
A year earlier the 364-day bill cleared at 21.89%, so the government is paying 445 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 174,400 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 1,174,400 after 12 months: NGN 174,400 in interest before any withholding tax, about NGN 14,533 a month.
That is NGN 9,400 more 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 38,375 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 | 15.350% | 15.000% | NGN 50.00bn | NGN 10.89bn | NGN 7.70bn |
| 182-day | 15.500% | 15.500% | NGN 30.00bn | NGN 356.18bn | NGN 27.70bn |
| 364-day | 17.440% | 16.500% | NGN 150.00bn | NGN 356.18bn | NGN 268.38bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 August 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-08-20
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