At the Treasury bill auction dated 28 October 2026, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.40% (down 10 basis points), the 182-day bill at 15.79% (down 1 basis point) and the 364-day bill at 15.80% (down 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1908.0bn against NGN 800.0bn on offer, 238% of the amount sought, and NGN 71.2bn was accepted.
At 15.80%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 16.14%, so the government is paying 34 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 158,000 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 1,158,000 after 12 months: NGN 158,000 in interest before any withholding tax, about NGN 13,167 a month.
That is NGN 500 less than the same money would have earned at the previous auction.
For shorter money: NGN 78,950 on the 182-day bill (6 months), NGN 38,500 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 | 15.400% | 15.500% | NGN 100.00bn | NGN 51.56bn | NGN 22.33bn |
| 182-day | 15.790% | 15.800% | NGN 100.00bn | NGN 20.27bn | NGN 10.45bn |
| 364-day | 15.800% | 15.850% | NGN 600.00bn | NGN 1836.14bn | NGN 38.38bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 28 October 2026, compiled from the Central Bank of Nigeria. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2026-10-28
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