Nigeria Treasury bills · auction of 20 March 2019
Nigeria T-bill auction, 20 March 2019: 364-day at 12.35%, down 50 bps
At the Treasury bill auction dated 20 March 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.30% (down 45 basis points), the 182-day bill at 12.20% (down 30 basis points) and the 364-day bill at 12.35% (down 50 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 258.5bn against NGN 48.6bn on offer, 532% of the amount sought, and NGN 48.6bn 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 13.19%, so the government is paying 84 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 123,450 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 1,123,450 after 12 months: NGN 123,450 in interest before any withholding tax, about NGN 10,288 a month.
That is NGN 5,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 61,000 on the 182-day bill (6 months), NGN 25,750 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 | 10.300% | 10.750% | NGN 3.00bn | NGN 7.85bn | NGN 3.00bn |
| 182-day | 12.200% | 12.500% | NGN 8.39bn | NGN 30.07bn | NGN 8.39bn |
| 364-day | 12.345% | 12.845% | NGN 37.18bn | NGN 220.62bn | NGN 37.18bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 March 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-03-20
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