Nigeria Treasury bills · auction of 2 September 2026
Nigeria T-bill auction, 2 September 2026: 364-day at 16.84%, down 31 bps
At the Treasury bill auction dated 2 September 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 16.84% (down 31 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 3348.5bn against NGN 750.0bn on offer, 446% of the amount sought, and NGN 865.7bn 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 17.44%, so the government is paying 60 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 168,400 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 1,168,400 after 12 months: NGN 168,400 in interest before any withholding tax, about NGN 14,033 a month.
That is NGN 3,100 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 150.00bn | NGN 76.82bn | NGN 76.28bn |
| 182-day | 16.500% | 16.500% | NGN 100.00bn | NGN 33.51bn | NGN 27.27bn |
| 364-day | 16.840% | 17.150% | NGN 500.00bn | NGN 3238.15bn | NGN 762.17bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 2 September 2026, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-09-02
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