Nigeria Treasury bills · auction of 7 January 2026
Nigeria T-bill auction, 7 January 2026: 364-day at 18.47%, up 96 bps
At the Treasury bill auction dated 7 January 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.80% (up 30 basis points), the 182-day bill at 16.50% (up 55 basis points) and the 364-day bill at 18.47% (up 96 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 1542.9bn against NGN 1150.0bn on offer, 134% of the amount sought, and NGN 1144.1bn was accepted.
Over the past year the 364-day rate has ranged from 15.77% to 21.80%.
A year earlier the 364-day bill cleared at 22.80%, so the government is paying 433 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 184,700 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 1,184,700 after 12 months: NGN 184,700 in interest before any withholding tax, about NGN 15,392 a month.
That is NGN 9,600 more than the same money would have earned at the previous auction.
For shorter money: NGN 82,500 on the 182-day bill (6 months), NGN 39,500 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 | 15.800% | 15.500% | NGN 150.00bn | NGN 112.26bn | NGN 108.11bn |
| 182-day | 16.500% | 15.950% | NGN 200.00bn | NGN 49.91bn | NGN 48.23bn |
| 364-day | 18.470% | 17.510% | NGN 800.00bn | NGN 1380.78bn | NGN 987.78bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 January 2026, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-01-07
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