Nigeria Treasury bills · auction of 17 July 2019
Nigeria T-bill auction, 17 July 2019: 364-day at 11.14%, down 77 bps
At the Treasury bill auction dated 17 July 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.74% (down 76 basis points), the 182-day bill at 10.75% (down 95 basis points) and the 364-day bill at 11.14% (down 77 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 473.5bn against NGN 107.0bn on offer, 442% of the amount sought, and NGN 107.0bn was accepted.
At 11.14%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 11.51%, so the government is paying 37 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 111,390 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 1,111,390 after 12 months: NGN 111,390 in interest before any withholding tax, about NGN 9,282 a month.
That is NGN 7,710 less than the same money would have earned at the previous auction.
For shorter money: NGN 53,750 on the 182-day bill (6 months), NGN 24,350 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 | 9.740% | 10.500% | NGN 5.85bn | NGN 29.15bn | NGN 5.85bn |
| 182-day | 10.750% | 11.700% | NGN 26.60bn | NGN 69.63bn | NGN 26.60bn |
| 364-day | 11.139% | 11.910% | NGN 74.60bn | NGN 374.77bn | NGN 74.60bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 July 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-07-17
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