Nigeria Treasury bills · auction of 23 September 2026
Nigeria T-bill auction, 23 September 2026: 364-day at 15.89%, down 73 bps
At the Treasury bill auction dated 23 September 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.50% (down 80 basis points), the 182-day bill at 15.80% (down 70 basis points) and the 364-day bill at 15.89% (down 73 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 4231.5bn against NGN 600.0bn on offer, 705% of the amount sought, and NGN 497.6bn 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 16.78%, so the government is paying 89 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 158,900 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 1,158,900 after 12 months: NGN 158,900 in interest before any withholding tax, about NGN 13,242 a month.
That is NGN 7,300 less than the same money would have earned at the previous auction.
For shorter money: NGN 79,000 on the 182-day bill (6 months), NGN 38,750 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 | 15.500% | 16.300% | NGN 100.00bn | NGN 54.93bn | NGN 11.03bn |
| 182-day | 15.800% | 16.500% | NGN 100.00bn | NGN 82.23bn | NGN 39.49bn |
| 364-day | 15.890% | 16.620% | NGN 400.00bn | NGN 4094.38bn | NGN 447.07bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 September 2026, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-09-23
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