Nigeria Treasury bills · auction of 3 July 2019
Nigeria T-bill auction, 3 July 2019: 364-day at 11.91%, down 11 bps
At the Treasury bill auction dated 3 July 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.50% (up 90 basis points), the 182-day bill at 11.70% (down 19 basis points) and the 364-day bill at 11.91% (down 11 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 390.2bn against NGN 88.9bn on offer, 439% of the amount sought, and NGN 88.9bn was accepted.
Over the past year the 364-day rate has ranged from 11.22% to 15.00%.
A year earlier the 364-day bill cleared at 11.50%, so the government is paying 41 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 119,100 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 1,119,100 after 12 months: NGN 119,100 in interest before any withholding tax, about NGN 9,925 a month.
That is NGN 1,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 58,500 on the 182-day bill (6 months), NGN 26,250 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 | 10.500% | 9.600% | NGN 10.00bn | NGN 10.23bn | NGN 10.00bn |
| 182-day | 11.700% | 11.890% | NGN 20.00bn | NGN 64.18bn | NGN 20.00bn |
| 364-day | 11.910% | 12.020% | NGN 58.86bn | NGN 315.77bn | NGN 58.86bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 July 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-07-03
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