Nigeria Treasury bills · auction of 22 October 2025
Nigeria T-bill auction, 22 October 2025: 364-day at 16.14%, up 37 bps
At the Treasury bill auction dated 22 October 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.30% (up 30 basis points), the 182-day bill at 15.50% (up 25 basis points) and the 364-day bill at 16.14% (up 37 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 750.9bn against NGN 300.0bn on offer, 250% of the amount sought, and NGN 384.0bn was accepted.
Over the past year the 364-day rate has ranged from 15.77% to 23.50%.
A year earlier the 364-day bill cleared at 19.86%, so the government is paying 372 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 161,400 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 1,161,400 after 12 months: NGN 161,400 in interest before any withholding tax, about NGN 13,450 a month.
That is NGN 3,700 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 38,250 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 | 15.300% | 15.000% | NGN 100.00bn | NGN 8.13bn | — |
| 182-day | 15.500% | 15.250% | NGN 100.00bn | NGN 68.53bn | NGN 67.42bn |
| 364-day | 16.140% | 15.770% | NGN 100.00bn | NGN 674.25bn | NGN 316.56bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 October 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-10-22
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