Nigeria Treasury bills · auction of 27 February 2019
Nigeria T-bill auction, 27 February 2019: 364-day at 14.37%, down 58 bps
At the Treasury bill auction dated 27 February 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.90% (down 7 basis points), the 182-day bill at 13.01% (down 39 basis points) and the 364-day bill at 14.37% (down 58 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 727.4bn against NGN 115.1bn on offer, 632% of the amount sought, and NGN 115.1bn 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 67 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 143,700 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 1,143,700 after 12 months: NGN 143,700 in interest before any withholding tax, about NGN 11,975 a month.
That is NGN 5,800 less than the same money would have earned at the previous auction.
For shorter money: NGN 65,050 on the 182-day bill (6 months), NGN 27,250 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 | 10.900% | 10.970% | NGN 24.37bn | NGN 40.55bn | NGN 24.37bn |
| 182-day | 13.010% | 13.400% | NGN 38.75bn | NGN 75.82bn | NGN 38.75bn |
| 364-day | 14.370% | 14.950% | NGN 52.00bn | NGN 610.98bn | NGN 52.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 27 February 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-02-27
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