Nigeria Treasury bills · auction of 30 January 2019
Nigeria T-bill auction, 30 January 2019: 364-day at 15.00%, unchanged
At the Treasury bill auction dated 30 January 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (unchanged), the 182-day bill at 13.50% (up 40 basis points) and the 364-day bill at 15.00% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 323.9bn against NGN 274.8bn on offer, 118% of the amount sought, and NGN 254.6bn 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 13.79%, so the government is paying 121 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 the same as at the previous auction.
For shorter money: NGN 67,500 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% | 11.000% | NGN 28.02bn | NGN 41.05bn | NGN 28.02bn |
| 182-day | 13.500% | 13.100% | NGN 69.57bn | NGN 68.42bn | NGN 58.68bn |
| 364-day | 15.000% | 15.000% | NGN 177.22bn | NGN 214.38bn | NGN 167.93bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 30 January 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-01-30
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