Nigeria Treasury bills · auction of 4 March 2026
Nigeria T-bill auction, 4 March 2026: 364-day at 16.73%, down 26 bps
At the Treasury bill auction dated 4 March 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.95% (up 11 basis points), the 182-day bill at 16.65% (unchanged) and the 364-day bill at 16.73% (down 26 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 2344.3bn against NGN 330.0bn on offer, 710% of the amount sought, and NGN 1011.7bn 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 18.43%, so the government is paying 170 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 167,300 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 1,167,300 after 12 months: NGN 167,300 in interest before any withholding tax, about NGN 13,942 a month.
That is NGN 2,570 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 39,875 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 | 15.950% | 15.840% | NGN 100.00bn | NGN 80.92bn | NGN 64.27bn |
| 182-day | 16.650% | 16.650% | NGN 150.00bn | NGN 136.54bn | NGN 91.43bn |
| 364-day | 16.730% | 16.987% | NGN 80.00bn | NGN 2126.82bn | NGN 856.03bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 March 2026, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-03-04
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