Nigeria Treasury bills · auction of 3 December 2025
Nigeria T-bill auction, 3 December 2025: 364-day at 17.50%, up 146 bps
At the Treasury bill auction dated 3 December 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.30% (unchanged), the 182-day bill at 15.50% (unchanged) and the 364-day bill at 17.50% (up 146 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 774.8bn against NGN 700.0bn on offer, 111% of the amount sought, and NGN 709.6bn was accepted.
Over the past year the 364-day rate has ranged from 15.77% to 22.80%.
A year earlier the 364-day bill cleared at 23.50%, so the government is paying 600 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 175,000 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 1,175,000 after 12 months: NGN 175,000 in interest before any withholding tax, about NGN 14,583 a month.
That is NGN 14,600 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% | 15.300% | NGN 100.00bn | NGN 44.17bn | NGN 42.80bn |
| 182-day | 15.500% | 15.500% | NGN 150.00bn | NGN 33.38bn | NGN 30.36bn |
| 364-day | 17.500% | 16.040% | NGN 450.00bn | NGN 697.29bn | NGN 636.46bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 December 2025, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-12-03
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