Nigeria Treasury bills · auction of 9 September 2025
Nigeria T-bill auction, 9 September 2025: 364-day at 17.02%, down 42 bps
At the Treasury bill auction dated 9 September 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.32% (down 3 basis points), the 182-day bill at 15.50% (unchanged) and the 364-day bill at 17.02% (down 42 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1012.5bn against NGN 480.0bn on offer, 211% of the amount sought, and NGN 585.2bn 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 18.94%, so the government is paying 192 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 170,200 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 1,170,200 after 12 months: NGN 170,200 in interest before any withholding tax, about NGN 14,183 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 38,300 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 | 15.320% | 15.350% | NGN 50.00bn | NGN 35.30bn | NGN 34.70bn |
| 182-day | 15.500% | 15.500% | NGN 80.00bn | NGN 38.36bn | NGN 38.36bn |
| 364-day | 17.020% | 17.440% | NGN 350.00bn | NGN 938.87bn | NGN 512.19bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 September 2025, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-09-09
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