Nigeria Treasury bills · auction of 4 February 2026
Nigeria T-bill auction, 4 February 2026: 364-day at 16.99%, down 148 bps
At the Treasury bill auction dated 4 February 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.84% (up 4 basis points), the 182-day bill at 16.65% (up 15 basis points) and the 364-day bill at 16.99% (down 148 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 4586.3bn against NGN 1150.0bn on offer, 399% of the amount sought, and NGN 952.6bn was accepted.
Over the past year the 364-day rate has ranged from 15.77% to 19.94%.
A year earlier the 364-day bill cleared at 21.80%, so the government is paying 481 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 169,870 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 1,169,870 after 12 months: NGN 169,870 in interest before any withholding tax, about NGN 14,156 a month.
That is NGN 14,830 less than the same money would have earned at the previous auction.
For shorter money: NGN 83,250 on the 182-day bill (6 months), NGN 39,600 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 | 15.840% | 15.800% | NGN 150.00bn | NGN 66.05bn | NGN 63.21bn |
| 182-day | 16.650% | 16.500% | NGN 200.00bn | NGN 123.41bn | NGN 80.61bn |
| 364-day | 16.987% | 18.470% | NGN 800.00bn | NGN 4396.83bn | NGN 808.78bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 February 2026, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-02-04
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