Nigeria Treasury bills · auction of 25 March 2026
Nigeria T-bill auction, 25 March 2026: 91-day at 15.95%, unchanged
At the Treasury bill auction dated 25 March 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.95% (unchanged) and the 182-day bill at 16.42% (down 20 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 165.3bn against NGN 200.0bn on offer, 83% of the amount sought, and NGN 125.8bn was accepted.
Over the past year the 91-day rate has ranged from 15.00% to 18.50%.
A year earlier the 91-day bill cleared at 18.00%, so the government is paying 205 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 82,100 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,082,100 after 6 months: NGN 82,100 in interest before any withholding tax, about NGN 13,683 a month.
That is NGN 1,000 less than the same money would have earned at the previous auction.
For shorter money: 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% | 15.950% | NGN 100.00bn | NGN 98.71bn | NGN 97.75bn |
| 182-day | 16.420% | 16.620% | NGN 100.00bn | NGN 66.58bn | NGN 28.04bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 25 March 2026, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-03-25
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