Nigeria Treasury bills · auction of 16 January 2019
Nigeria T-bill auction, 16 January 2019: 364-day at 15.00%, up 50 bps
At the Treasury bill auction dated 16 January 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (up 10 basis points), the 182-day bill at 13.10% (unchanged) and the 364-day bill at 15.00% (up 50 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 253.6bn against NGN 225.4bn on offer, 112% of the amount sought, and NGN 152.0bn was accepted.
At 15.00%, the 364-day rate is the highest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 14.30%, so the government is paying 70 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 150,000 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 1,150,000 after 12 months: NGN 150,000 in interest before any withholding tax, about NGN 12,500 a month.
That is NGN 5,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 65,500 on the 182-day bill (6 months), NGN 27,500 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 | 11.000% | 10.899% | NGN 5.85bn | NGN 17.55bn | NGN 5.85bn |
| 182-day | 13.100% | 13.100% | NGN 26.60bn | NGN 35.67bn | NGN 26.60bn |
| 364-day | 15.000% | 14.500% | NGN 193.00bn | NGN 200.39bn | NGN 119.55bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 January 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-01-16
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