Nigeria Treasury bills · auction of 8 April 2026
Nigeria T-bill auction, 8 April 2026: 364-day at 16.20%, down 43 bps
At the Treasury bill auction dated 8 April 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.95% (unchanged), the 182-day bill at 16.19% (down 23 basis points) and the 364-day bill at 16.20% (down 43 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 2957.5bn against NGN 700.0bn on offer, 422% of the amount sought, and NGN 731.4bn was accepted.
Over the past year the 364-day rate has ranged from 15.77% to 19.63%.
A year earlier the 364-day bill cleared at 19.63%, so the government is paying 343 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 161,990 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 1,161,990 after 12 months: NGN 161,990 in interest before any withholding tax, about NGN 13,499 a month.
That is NGN 4,310 less than the same money would have earned at the previous auction.
For shorter money: NGN 80,950 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% | 15.950% | NGN 100.00bn | NGN 96.78bn | NGN 94.82bn |
| 182-day | 16.190% | 16.420% | NGN 100.00bn | NGN 227.94bn | NGN 87.05bn |
| 364-day | 16.199% | 16.630% | NGN 500.00bn | NGN 2632.75bn | NGN 549.50bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 8 April 2026, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-04-08
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