Nigeria Treasury bills · auction of 20 May 2026
Nigeria T-bill auction, 20 May 2026: 364-day at 16.15%, unchanged
At the Treasury bill auction dated 20 May 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.95% (unchanged), the 182-day bill at 16.14% (unchanged) and the 364-day bill at 16.15% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1988.8bn against NGN 650.0bn on offer, 306% of the amount sought, and NGN 761.9bn was accepted.
Over the past year the 364-day rate has ranged from 15.77% to 19.35%.
A year earlier the 364-day bill cleared at 19.63%, so the government is paying 348 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 161,490 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 1,161,490 after 12 months: NGN 161,490 in interest before any withholding tax, about NGN 13,458 a month.
That is NGN 10 less than the same money would have earned at the previous auction.
For shorter money: NGN 80,700 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% | 15.949% | NGN 100.00bn | NGN 68.63bn | — |
| 182-day | 16.140% | 16.140% | NGN 50.00bn | NGN 81.04bn | NGN 78.59bn |
| 364-day | 16.149% | 16.150% | NGN 500.00bn | NGN 1839.15bn | NGN 683.29bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 May 2026, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-05-20
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