Nigeria Treasury bills · auction of 2 October 2019
Nigeria T-bill auction, 2 October 2019: 364-day at 13.20%, down 10 bps
At the Treasury bill auction dated 2 October 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.08% (down 2 basis points), the 182-day bill at 11.60% (down 15 basis points) and the 364-day bill at 13.20% (down 10 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 338.2bn against NGN 134.0bn on offer, 252% of the amount sought, and NGN 134.0bn 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 13.47%, so the government is paying 28 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 132,000 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 1,132,000 after 12 months: NGN 132,000 in interest before any withholding tax, about NGN 11,000 a month.
That is NGN 1,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 58,000 on the 182-day bill (6 months), NGN 27,711 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 | 11.085% | 11.100% | NGN 10.00bn | NGN 10.39bn | NGN 10.00bn |
| 182-day | 11.600% | 11.750% | NGN 17.60bn | NGN 19.59bn | NGN 17.60bn |
| 364-day | 13.200% | 13.300% | NGN 106.37bn | NGN 308.20bn | NGN 106.37bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 2 October 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-10-02
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