Treasury Bill Rates in Nigeria This Week
Stop rates from the Central Bank of Nigeria's treasury bill auction of 2 September 2026, the change since the previous auction, how much demand each tenor drew, and what ₦1,000,000 earns after withholding tax.
Source: CBN auction data feed · fetched 4 Sept 2026, 22:51 WAT · next auction expected around 16 September 2026 (CBN sets the calendar)
Stop rates by tenor
91-day stop rate
16.30%
unchanged vs 26 Aug 2026
- Gross true yield
- 16.99%
- Net annualised after 10% WHT
- 15.29%
- Matures
- 3 Dec 2026
182-day stop rate
16.50%
unchanged vs 26 Aug 2026
- Gross true yield
- 17.98%
- Net annualised after 10% WHT
- 16.18%
- Matures
- 4 Mar 2027
364-day stop rate
16.84%
−31 bps vs 26 Aug 2026
- Gross true yield
- 20.24%
- Net annualised after 10% WHT
- 18.22%
- Matures
- 2 Sept 2027
Demand at the 2 September 2026 auction
What the CBN offered, what investors bid for, and what was allotted, per tenor. Bid-to-cover is subscription divided by the amount offered: above 1 means the auction was oversubscribed. The 364-day bill drew the most demand at 6.5× cover.
| Tenor | Offered | Subscribed | Allotted | Bid-to-cover | Bid range | Stop rate |
|---|---|---|---|---|---|---|
| 91-day | ₦150bn | ₦76.8bn | ₦76.3bn | 0.5× | 15.75–18.00% | 16.30% |
| 182-day | ₦100bn | ₦33.5bn | ₦27.3bn | 0.3× | 16.00–19.50% | 16.50% |
| 364-day | ₦500bn | ₦3.24trn | ₦762.2bn | 6.5× | 16.00–19.62% | 16.84% |
Amounts as published by the CBN, in naira. A dash means the tenor was not offered at this auction.
What ₦1,000,000 earns at this week’s rates
Treasury bills are bought at a discount: you pay less than the face value today and receive the face value at maturity, less the 10% withholding tax on the discount income. Every figure below is computed by the same engine as the treasury bills calculator.
| Tenor | You pay today | Gross discount | WHT (10%) | Net interest | Net at maturity | Net annualised |
|---|---|---|---|---|---|---|
| 91-day at 16.30% | ₦959,361.64 | ₦40,638.36 | − ₦4,063.84 | ₦36,574.52 | ₦995,936.16 | 15.29% |
| 182-day at 16.50% | ₦917,726.03 | ₦82,273.97 | − ₦8,227.40 | ₦74,046.58 | ₦991,772.60 | 16.18% |
| 364-day at 16.84% | ₦832,061.37 | ₦167,938.63 | − ₦16,793.86 | ₦151,144.77 | ₦983,206.14 | 18.22% |
Last 10 CBN treasury bill auctions
Stop rates by tenor, newest first, with the change from the previous auction that priced the same tenor. A dash means the tenor was not offered.
| Auction date | 91-day | 182-day | 364-day |
|---|---|---|---|
| 2 Sept 2026Latest | 16.30%unchanged | 16.50%unchanged | 16.84%−31 bps |
| 26 Aug 2026 | 16.30%unchanged | 16.50%unchanged | 17.15%−44 bps |
| 12 Aug 2026 | 16.30%unchanged | 16.50%unchanged | 17.59%+24 bps |
| 29 Jul 2026 | 16.30%unchanged | 16.50%unchanged | 17.35%−31 bps |
| 15 Jul 2026 | 16.30%unchanged | 16.50%unchanged | 17.66%−4 bps |
| 8 Jul 2026 | 16.30%+2 bps | 16.50%unchanged | 17.70%+36 bps |
| 17 Jun 2026 | 16.28%+23 bps | 16.50%+31 bps | 17.34%+99 bps |
| 3 Jun 2026 | 16.05%+10 bps | 16.19%+5 bps | 16.35%+20 bps |
| 20 May 2026 | 15.95%unchanged | 16.14%unchanged | 16.15%unchanged |
| 6 May 2026 | 15.95%unchanged | 16.14%−5 bps | 16.15%−5 bps |
How to read this page
Stop rate
The CBN fills bids from the lowest discount rate upward until it has raised what it wants. The highest rate it accepts is the stop rate, and that is the published "T-bill rate" for the tenor. Bids above it are rejected.
Demand and bid-to-cover
Subscription is the total investors bid for; allotment is what the CBN actually sold. Heavy oversubscription, most often on the 364-day bill, lets the CBN hold or cut the stop rate. Thin demand pushes it up.
Cadence and freshness
The CBN sets the calendar; recent auctions have run about every 14 days, usually on a Wednesday. This page reads the CBN feed once a day and on demand when its data is more than a day old, so it can lag a new auction by up to a day.
The stop rate is a discount rate, not your return. Because you pay less than face value, your yield on the cash invested is a little higher, and since 28 October 2025 the discount income attracts 10% withholding tax. The cards at the top show both the gross true yield and the net annualised return so the two effects are visible side by side. To compare with the alternatives, see the tax-free FGN Savings Bond, money market funds that hold treasury bills, and bank fixed deposit rates.
Risk profile — Nigerian Treasury Bill
Backed by the full faith and credit of the Federal Government of Nigeria and generally considered to carry very low sovereign credit risk. Investors may still face inflation risk, interest-rate risk, liquidity risk and market-price risk if the investment is sold before maturity.
| Risk type | Assessment | Why |
|---|---|---|
| Credit / default risk | Very low | Issued by the CBN on behalf of the Federal Government — default is considered negligible. |
| Inflation risk | Present | The discount is fixed at purchase; if inflation runs above your net yield, your real return is negative. |
| Interest-rate / market-price risk | Present if sold before maturity | Held to maturity you receive face value. Sold early, the price reflects prevailing yields. |
| Liquidity risk | Low to moderate | A secondary market exists through banks and brokers, but exit pricing is at the dealer’s quote. |
| Reinvestment risk | Present | At maturity you must reinvest at the next auction’s stop rate, which may be well below today’s. |
These are CheckInvestNg’s own qualitative assessments for retail investors, not credit ratings from a rating agency and not personalised investment advice. Risk levels can change with market conditions.
Where these rates come from
Every rate on this page is traceable to a named official or published source. Rates can change between updates — always confirm the binding figure with the issuer or your provider before investing.
NTB discount rates (91/182/364-day)
- Source organisation
- Central Bank of Nigeria (CBN)
- Source document
- CBN primary auction results, via the CBN statistics data API
- Source published
- Latest CBN NTB auction
- Last verified
- Refreshed automatically; seed value cross-checked 18 Jul 2026
- Update method
- Auto-fetched daily from the CBN data API
- Next expected update
- Next CBN auction (roughly every two weeks)
Calculation Assumptions & Methodology
Exactly how this calculator produces its results — the formulas, where they come from, and what is and is not included.
Formulas used
Face Value × (Discount Rate ÷ 100) × (Days ÷ 365)Face Value − Gross Discount Income(Rate ÷ 100) ÷ (1 − (Rate ÷ 100) × Days ÷ 365) × 10010% × Gross Discount IncomeFace Value − WHT(Net Interest ÷ Amount Paid) × (365 ÷ Days) × 100Gross or Net Interest ÷ Amount Paid × 100 (not annualised)- Source of formulas
- Standard discount-instrument pricing on the Nigerian money-market actual/365 day-count convention, as used in CBN NTB primary auctions. Annualisation uses simple scaling (×365/days), not compounding.
- Tax assumptions
- Discount income attracts 10% withholding tax (FIRS public notice effective 28 October 2025, carried into the Nigeria Tax Act 2025). Settlement convention: this calculator deducts the WHT from maturity proceeds (you pay the discounted price today and receive face value minus WHT at maturity). This convention is our documented assumption pending written confirmation from the authorities; if WHT is instead collected at purchase, cash-flow timing changes slightly but the net interest amount does not.
- Regulatory assumptions
- CBN primary auctions (held roughly every two weeks, usually on a Wednesday) in 91/182/364-day tenors; held to maturity; secondary-market (FMDQ) pricing before maturity is outside scope.
Methodology v1.0 · Last methodology review: 24 Jul 2026 · Versioning introduced 24 Jul 2026. The version number and review date change whenever a formula or tax treatment above changes.
Frequently asked questions
What are the current treasury bill rates in Nigeria?
At the CBN primary auction of 2 September 2026, the stop rates were 16.30% for 91-day, 16.50% for 182-day and 16.84% for 364-day treasury bills. These are the rates the CBN accepted as the cut-off for successful bids. The change since the previous auction was unchanged (91-day), unchanged (182-day) and −31 bps (364-day).
What is a treasury bill stop rate?
At each CBN primary auction, investors submit bids stating the discount rate they will accept. The CBN fills bids from the lowest rate upward until the amount it wants to raise is covered. The highest rate it accepts is the stop (or marginal) rate, and that is the figure published as "the T-bill rate" for that tenor. Bids above the stop rate are rejected.
How much does ₦1,000,000 earn in a 364-day treasury bill at 16.84%?
Treasury bills are sold at a discount. At a 16.84% stop rate you pay ₦832,061.37 today for a ₦1,000,000 face value, a gross discount of ₦167,938.63. The 10% withholding tax on that discount income is ₦16,793.86, so your net interest is ₦151,144.77 and your net maturity proceeds are ₦983,206.14. That is a net annualised return of 18.22% on the cash you actually invested.
How often does the CBN hold treasury bill auctions?
The CBN sets the auction calendar, and recent auctions have been held about every 14 days, usually on a Wednesday. The last auction was on 2 September 2026, so the next is expected around 16 September 2026. Results are published the same day and this page updates when the CBN feed is refreshed.
Is the stop rate the same as my return?
No. The stop rate is a discount rate applied to face value. Because you pay less than face value up front, your return on the cash invested (the true yield) is always a little higher than the discount rate, and the gap widens with tenor. Since 28 October 2025 the discount income also attracts 10% withholding tax, which our figures deduct. Use the treasury bills calculator to see gross and net yields for any face value.
What is the minimum amount to buy treasury bills in Nigeria?
Direct bids at the CBN primary auction require a minimum of ₦50,000,000 and go through a bank or stockbroker. Retail investors access the same bills with much smaller amounts through banks, stockbrokers on the FMDQ secondary market, digital investment apps, and money market funds that hold treasury bills.