Nigeria Treasury bills · auction of 18 September 2019
Nigeria T-bill auction, 18 September 2019: 364-day at 13.30%, up 1 bps
At the Treasury bill auction dated 18 September 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.10% (unchanged), the 182-day bill at 11.75% (down 5 basis points) and the 364-day bill at 13.30% (up 1 basis point). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 376.8bn against NGN 179.7bn on offer, 210% of the amount sought, and NGN 179.7bn 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 13.50%, so the government is paying 20 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 133,000 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 1,133,000 after 12 months: NGN 133,000 in interest before any withholding tax, about NGN 11,083 a month.
That is NGN 140 more than the same money would have earned at the previous auction.
For shorter money: NGN 58,750 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 3.00bn | NGN 4.46bn | NGN 3.00bn |
| 182-day | 11.750% | 11.799% | NGN 8.39bn | NGN 12.36bn | NGN 8.39bn |
| 364-day | 13.300% | 13.286% | NGN 168.36bn | NGN 359.96bn | NGN 168.36bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 September 2019, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-09-18
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