Nigeria Treasury bills · auction of 11 September 2019
Nigeria T-bill auction, 11 September 2019: 364-day at 13.29%, up 40 bps
At the Treasury bill auction dated 11 September 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.10% (unchanged), the 182-day bill at 11.80% (up 21 basis points) and the 364-day bill at 13.29% (up 40 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 325.9bn against NGN 158.7bn on offer, 205% of the amount sought, and NGN 158.7bn was accepted.
Over the past year the 364-day rate has ranged from 11.14% to 15.00%.
A year earlier the 364-day bill cleared at 13.05%, so the government is paying 24 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 132,860 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 1,132,860 after 12 months: NGN 132,860 in interest before any withholding tax, about NGN 11,072 a month.
That is NGN 3,960 more than the same money would have earned at the previous auction.
For shorter money: NGN 58,995 on the 182-day bill (6 months), NGN 27,750 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 | 11.100% | 11.100% | NGN 15.00bn | NGN 32.32bn | NGN 15.00bn |
| 182-day | 11.799% | 11.588% | NGN 14.00bn | NGN 24.21bn | NGN 14.00bn |
| 364-day | 13.286% | 12.890% | NGN 129.65bn | NGN 269.36bn | NGN 129.65bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 11 September 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-09-11
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.