Nigeria Treasury bills · auction of 13 February 2019
Nigeria T-bill auction, 13 February 2019: 364-day at 14.95%, down 5 bps
At the Treasury bill auction dated 13 February 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.97% (down 3 basis points), the 182-day bill at 13.40% (down 10 basis points) and the 364-day bill at 14.95% (down 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 438.6bn against NGN 153.4bn on offer, 286% of the amount sought, and NGN 153.4bn was accepted.
Over the past year the 364-day rate has ranged from 10.70% to 15.00%.
A year earlier the 364-day bill cleared at 13.70%, so the government is paying 125 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 149,500 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 1,149,500 after 12 months: NGN 149,500 in interest before any withholding tax, about NGN 12,458 a month.
That is NGN 500 less than the same money would have earned at the previous auction.
For shorter money: NGN 67,000 on the 182-day bill (6 months), NGN 27,425 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 | 10.970% | 11.000% | NGN 3.38bn | NGN 11.58bn | NGN 3.38bn |
| 182-day | 13.400% | 13.500% | NGN 10.00bn | NGN 22.11bn | NGN 10.00bn |
| 364-day | 14.950% | 15.000% | NGN 140.00bn | NGN 404.89bn | NGN 140.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 February 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-02-13
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