Nigeria Treasury bills · auction of 15 May 2019
Nigeria T-bill auction, 15 May 2019: 364-day at 12.49%, down 28 bps
At the Treasury bill auction dated 15 May 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (unchanged), the 182-day bill at 12.30% (down 19 basis points) and the 364-day bill at 12.49% (down 28 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 191.4bn against NGN 33.8bn on offer, 565% of the amount sought, and NGN 33.8bn was accepted.
Over the past year the 364-day rate has ranged from 11.00% to 15.00%.
A year earlier the 364-day bill cleared at 11.15%, so the government is paying 134 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 124,900 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 1,124,900 after 12 months: NGN 124,900 in interest before any withholding tax, about NGN 10,408 a month.
That is NGN 2,800 less than the same money would have earned at the previous auction.
For shorter money: NGN 61,500 on the 182-day bill (6 months), NGN 25,000 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 | 10.000% | 10.000% | NGN 3.38bn | NGN 8.14bn | NGN 4.38bn |
| 182-day | 12.300% | 12.490% | NGN 16.92bn | NGN 51.14bn | NGN 12.92bn |
| 364-day | 12.490% | 12.770% | NGN 13.54bn | NGN 132.07bn | NGN 16.54bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 May 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-05-15
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