Nigeria Treasury bills · auction of 13 March 2019
Nigeria T-bill auction, 13 March 2019: 364-day at 12.85%, down 152 bps
At the Treasury bill auction dated 13 March 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.75% (down 15 basis points), the 182-day bill at 12.50% (down 51 basis points) and the 364-day bill at 12.85% (down 152 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 600.5bn against NGN 89.5bn on offer, 671% of the amount sought, and NGN 89.5bn 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 13.50%, so the government is paying 65 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 128,450 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 1,128,450 after 12 months: NGN 128,450 in interest before any withholding tax, about NGN 10,704 a month.
That is NGN 15,250 less than the same money would have earned at the previous auction.
For shorter money: NGN 62,500 on the 182-day bill (6 months), NGN 26,875 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 | 10.750% | 10.900% | NGN 5.00bn | NGN 14.36bn | NGN 5.00bn |
| 182-day | 12.500% | 13.010% | NGN 14.00bn | NGN 46.47bn | NGN 14.00bn |
| 364-day | 12.845% | 14.370% | NGN 70.50bn | NGN 539.69bn | NGN 70.50bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 March 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-03-13
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