Nigeria Treasury bills · auction of 8 October 2025
Nigeria T-bill auction, 8 October 2025: 364-day at 15.77%, down 101 bps
At the Treasury bill auction dated 8 October 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.00% (unchanged), the 182-day bill at 15.25% (down 5 basis points) and the 364-day bill at 15.77% (down 101 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1064.4bn against NGN 340.0bn on offer, 313% of the amount sought, and NGN 570.0bn was accepted.
At 15.77%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 20.00%, so the government is paying 423 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 157,700 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 1,157,700 after 12 months: NGN 157,700 in interest before any withholding tax, about NGN 13,142 a month.
That is NGN 10,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 76,250 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% | 15.000% | NGN 100.00bn | NGN 25.97bn | NGN 25.37bn |
| 182-day | 15.250% | 15.300% | NGN 120.00bn | NGN 52.12bn | NGN 41.33bn |
| 364-day | 15.770% | 16.780% | NGN 120.00bn | NGN 986.33bn | NGN 503.30bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 8 October 2025, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-10-08
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