Nigeria Treasury bills · auction of 15 July 2026
Nigeria T-bill auction, 15 July 2026: 364-day at 17.66%, down 4 bps
At the Treasury bill auction dated 15 July 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 16.30% (unchanged), the 182-day bill at 16.50% (unchanged) and the 364-day bill at 17.66% (down 4 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 3034.9bn against NGN 600.0bn on offer, 506% of the amount sought, and NGN 1190.8bn was accepted.
Over the past year the 364-day rate has ranged from 15.77% to 18.47%.
A year earlier the 364-day bill cleared at 16.30%, so the government is paying 136 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 176,600 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 1,176,600 after 12 months: NGN 176,600 in interest before any withholding tax, about NGN 14,717 a month.
That is NGN 400 less than the same money would have earned at the previous auction.
For shorter money: NGN 82,500 on the 182-day bill (6 months), NGN 40,750 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 | 16.300% | 16.300% | NGN 100.00bn | NGN 94.96bn | NGN 80.84bn |
| 182-day | 16.500% | 16.500% | NGN 100.00bn | NGN 68.03bn | NGN 48.18bn |
| 364-day | 17.660% | 17.700% | NGN 400.00bn | NGN 2871.92bn | NGN 1061.78bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 July 2026, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-07-15
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