Fixed income
Latest NTB auction: 14 October 2026
Stop rates set by the DMO/CBN at the primary market auction. Rates are annualised.
| Tenor | Stop rate | Change |
|---|---|---|
| 91-day | 15.50% | unchanged |
| 182-day | 15.80% | unchanged |
| 364-day | 15.90% | +5 bps |
Why rates moved
Demand stayed strong: ₦1.032tn bid for ₦450bn offered (2.3x cover), but the CBN allotted only ₦269.06bn. The 364-day stop rate edged up 5bps to 15.90%, a pause in the easing run that began after September's 350bp MPR cut to 23.00%. (CBN via Nairametrics/Punch)
The 364-day stop rate fell 4bps to 15.85%, extending the decline since the CBN cut the MPR to 23.00% in September. The 91-day and 182-day rates held steady.
364-day stop rate trend
From 15.90% on 14 October 2026 vs 17.70% on 8 July 2026. The direction of the risk-free rate.
The yield curve
Secondary-market yields on benchmark FGN bonds. Unlike auction stop rates, these move every trading day.
| Tenor | Yield | Week change |
|---|---|---|
| 3-year | 16.61% | +26 bps |
| 5-year | 16.70% | +20 bps |
| 7-year | 16.76% | +41 bps |
| 10-year | 16.43% | unchanged |
| 20-year | 14.69% | n/a |
The curve slopes down after 7 years: 20-year paper yields 14.69%, below the 10-year at 16.43%. Investors accept less for longer dates when they expect rates to fall over time. (AIICO Capital investor note via dmarketforces, 12 October 2026.)
FGN Savings Bond: November 2026 offer
Subscriptions ran 2-6 November 2026. Minimum subscription ₦5,000. Closing date per the offer circular is 6 November 2026 (settlement 11 November). The DMO subscription portal displayed 10 November when checked on 6 November; that is not a confirmed extension, so the circular governs.
| Tenor | Coupon | Offer |
|---|---|---|
| 2-year | 13.250% | November 2026 |
| 3-year | 14.250% | November 2026 |
Which one fits you?
| 364-day T-bill | FGN Savings Bond | Bank fixed deposit | |
|---|---|---|---|
| Rate | 15.90% stop rate | 13.071% / 14.071% coupon | Set by your bank, usually below T-bills |
| Tax on interest | 10% withholding tax | Exempt | 10% withholding tax |
| Tenor | 91, 182 or 364 days | 2 or 3 years | 30–365 days typically |
| Minimum | From about ₦10,000 (channel-dependent) | ₦5,000 | Bank-dependent |
| Best for | Money you need back within a year | Steady quarterly income, hands-off for years | Simplicity at your own bank |
Thinking about stocks instead? T-bills are the yardstick: with the 364-day at 15.90% against inflation at 14.63%, equities need to beat roughly 16% to justify their risk. Falling T-bill yields make shares look more attractive; rising yields do the opposite.
Mark your calendar
Next NTB auction: 4 November 2026. Every two weeks on Wednesdays (CBN, on behalf of the Federal Government/DMO).
Follows the bi-weekly Wednesday pattern; the CBN occasionally shifts dates around holidays.
Next FGN bond auction: 16 November 2026 (₦1.75tn reopened: 19% FGN FEB 2034, 16.79% FGN SEP 2036, 15.45% FGN JUN 2038). Monthly auctions continue 14 December 2026. Minimum ₦50,001,000 via Primary Dealer Market Makers (PDMMs).
Next savings bond window: November 2026 (expected 2-6 November 2026). Usually opens the first Monday of the month, closes Friday, settles the following Wednesday. Expected dates; confirmed when the DMO publishes the monthly circular.
How much will I earn?
Enter an amount and pick a tenor. Uses the latest auction stop rates.
The calculator needs JavaScript. The short version: at the 15.90% stop rate, ₦1,000,000 invested for 364 days buys ₦1,188,445 of face value. Gross interest ₦188,445, less 10% withholding tax (₦18,845), leaves ₦169,601 net, a 17.01% annualised yield.
What the stop rate means for you
Stop rate. The highest yield the CBN accepted at the auction. Every successful bidder gets this rate, so it is the market price of that tenor.
Discount pricing. You do not pay the full face value. You pay less now and receive the full amount at maturity; the difference is your interest. At 15.90% for 364 days, ₦1,000,000 buys ₦1,188,445 of face value.
Subscription vs allotment. Subscription is how much investors bid; allotment is how much the CBN actually sold. When subscription dwarfs allotment, demand is hot and the next stop rate often falls.
Annualised. The rate scaled to a full year, so a 91-day and a 364-day rate can be compared fairly.
Bullet repayment. Savings bonds repay the full principal in one lump at maturity, while interest arrives quarterly.
How to buy
T-bills, primary auction. Place your bid through a bank, stockbroker, or fintech app before the auction closes on Wednesday morning. Fund the account, state the tenor and amount, and the CBN allots at the stop rate. Your account is debited the discounted price; the full face value lands automatically at maturity.
T-bills, secondary market. Buy an existing bill from a bank or broker before it matures. The price moves with current rates, so you can enter or exit between auctions.
Minimums depend on the channel. Direct bids at the CBN auction start around ₦50m, but banks pool smaller retail orders from about ₦50,000, and fintech apps go from about ₦10,000. Confirm the figure with your provider before you commit.
Savings bonds. Subscribe through any DMO-appointed stockbroker during the monthly 5-day window. Minimum ₦5,000, maximum ₦50m. Coupons arrive quarterly; the full principal returns at maturity.
Figures as of 25 October 2026. Auction results update after each DMO/CBN primary market auction, typically held on Wednesdays; the next auction is expected 4 November 2026.