At the Treasury bill auction dated 14 October 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.50% (unchanged) and the 182-day bill at 15.80% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 50.0bn against NGN 100.0bn on offer, 50% of the amount sought, and NGN 49.1bn was accepted.
Over the past year the 91-day rate has ranged from 15.30% to 16.30%.
A year earlier the 91-day bill cleared at 15.00%, so the government is paying 50 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 79,000 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,079,000 after 6 months: NGN 79,000 in interest before any withholding tax, about NGN 13,167 a month.
That is the same as at the previous auction.
For shorter money: 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% | 15.500% | NGN 50.00bn | NGN 19.91bn | NGN 19.52bn |
| 182-day | 15.800% | 15.800% | NGN 50.00bn | NGN 30.10bn | NGN 29.54bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 October 2026, compiled from the Central Bank of Nigeria. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-10-14
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