Nigeria Treasury bills · auction of 17 December 2025
Nigeria T-bill auction, 17 December 2025: 364-day at 17.51%, down 44 bps
At the Treasury bill auction dated 17 December 2025, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.50% (up 20 basis points), the 182-day bill at 15.95% (up 45 basis points) and the 364-day bill at 17.51% (down 44 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1509.0bn against NGN 700.0bn on offer, 216% of the amount sought, and NGN 704.1bn was accepted.
Over the past year the 364-day rate has ranged from 15.77% to 22.62%.
A year earlier the 364-day bill cleared at 22.80%, so the government is paying 529 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 175,100 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 1,175,100 after 12 months: NGN 175,100 in interest before any withholding tax, about NGN 14,592 a month.
That is NGN 4,400 less than the same money would have earned at the previous auction.
For shorter money: NGN 79,750 on the 182-day bill (6 months), NGN 38,750 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 | 15.500% | 15.300% | NGN 100.00bn | NGN 100.63bn | NGN 100.01bn |
| 182-day | 15.950% | 15.500% | NGN 100.00bn | NGN 22.66bn | NGN 22.07bn |
| 364-day | 17.510% | 17.950% | NGN 500.00bn | NGN 1385.76bn | NGN 581.99bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 December 2025, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2025-12-17
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