Nigerian savers are facing a changing choice between traditional contribution schemes such as ajo, esusu and adashe and formal fixed-income investments as Treasury Bill yields remain above the country’s latest inflation rate.
The National Bureau of Statistics (NBS), in its Consumer Price Index report released on September 15, 2026, said headline inflation slowed slightly to 15.39% in August from 15.43% in July. At the same time, the 364-day Nigerian Treasury Bill stop rate stood at 16.62% following the Central Bank of Nigeria’s (CBN) primary market auction on September 9, giving the instrument a nominal yield above the latest inflation reading.
The September 9 auction also showed strong investor demand. According to Nairametrics’ report published on September 10, investors submitted ₦2.64 trillion in bids against ₦750 billion offered across the three tenors, while the CBN allotted about ₦1.054 trillion. The 364-day bill accounted for the bulk of subscriptions.
Yields in the secondary market were also above inflation. AIICO Capital, in its Financial Markets Today report dated September 21, 2026, said the average Treasury Bill yield was 18.82%, while the 365-day bill traded at 19.73%. The 180-day and 91-day bills traded at 19.19% and 18.08%, respectively.
The gap between these yields and the 15.39% inflation rate means investors who hold securities at those market yields can earn a positive nominal return after accounting for the latest headline inflation rate, although actual returns depend on the purchase price, tenor, taxes and future inflation.
For salaried workers, this creates a different calculation from traditional rotating savings arrangements. Ajo, esusu and adashe allow members to contribute regularly and receive a lump-sum payout according to an agreed rotation. They can provide access to money when needed and encourage disciplined saving, but the value of money received later in a savings cycle can be affected by inflation.
Research published in the Global Journal of Economic and Finance Research in 2025 by Yunusa Amina A., Yakubu Jafaru and Yahaya Ismail examined 250 women participating in adashe, ajo and thrift groups across five local government areas in Kano State. The study found that the schemes supported income generation, household decision-making and access to funds, while also identifying challenges including fund mismanagement, loan-recovery problems and inflation-related loss of value.
Treasury Bills, meanwhile, offer a government-backed fixed-income alternative, but direct participation in CBN primary auctions requires a minimum bid of ₦50.001 million. The CBN’s September 9 auction notice allowed dealers to submit bids on behalf of members of the public, meaning smaller savers can access the market through authorised intermediaries rather than bidding directly.
While smaller savers can buy Treasury Bills via bank apps, asset managers, or fintech platforms without meeting the primary threshold, they should factor in small transaction or custodian fees that can slightly lower the net yield.
The current market therefore presents two different savings functions rather than a simple replacement of one by the other. Informal contribution groups can provide regular saving discipline and access to lump-sum funds, while Treasury Bills can offer an avenue for putting surplus funds into short-term government securities at yields that, as of September 21, remained above August’s inflation rate.
