Nigeria Treasury bills · auction of 3 April 2019
Nigeria T-bill auction, 3 April 2019: 364-day at 12.85%, up 50 bps
At the Treasury bill auction dated 3 April 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.29% (down 1 basis point), the 182-day bill at 12.60% (up 40 basis points) and the 364-day bill at 12.85% (up 50 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 197.1bn against NGN 95.7bn on offer, 206% of the amount sought, and NGN 95.7bn 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 13.15%, so the government is paying 30 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 128,500 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 1,128,500 after 12 months: NGN 128,500 in interest before any withholding tax, about NGN 10,708 a month.
That is NGN 5,050 more than the same money would have earned at the previous auction.
For shorter money: NGN 63,000 on the 182-day bill (6 months), NGN 25,725 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 | 10.290% | 10.300% | NGN 10.00bn | NGN 20.09bn | NGN 10.00bn |
| 182-day | 12.600% | 12.200% | NGN 17.60bn | NGN 22.97bn | NGN 17.60bn |
| 364-day | 12.850% | 12.345% | NGN 68.08bn | NGN 154.00bn | NGN 68.08bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 April 2019, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-04-03
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