Nigeria Treasury bills · auction of 17 September 2025
Nigeria T-bill auction, 17 September 2025: 364-day at 16.78%, down 24 bps
At the Treasury bill auction dated 17 September 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.00% (down 32 basis points), the 182-day bill at 15.30% (down 20 basis points) and the 364-day bill at 16.78% (down 24 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1591.1bn against NGN 560.0bn on offer, 284% of the amount sought, and NGN 345.1bn 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 18.59%, so the government is paying 181 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 167,800 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 1,167,800 after 12 months: NGN 167,800 in interest before any withholding tax, about NGN 13,983 a month.
That is NGN 2,400 less than the same money would have earned at the previous auction.
For shorter money: NGN 76,500 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% | 15.320% | NGN 300.00bn | NGN 61.35bn | NGN 30.32bn |
| 182-day | 15.300% | 15.500% | NGN 60.00bn | NGN 50.07bn | NGN 42.28bn |
| 364-day | 16.780% | 17.020% | NGN 200.00bn | NGN 1479.63bn | NGN 272.50bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 September 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-09-17
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