Nigeria Treasury bills · auction of 16 October 2019
Nigeria T-bill auction, 16 October 2019: 364-day at 12.94%, down 26 bps
At the Treasury bill auction dated 16 October 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.80% (down 28 basis points), the 182-day bill at 11.00% (down 60 basis points) and the 364-day bill at 12.94% (down 26 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 634.1bn against NGN 121.9bn on offer, 520% of the amount sought, and NGN 121.9bn 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 13.33%, so the government is paying 39 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 129,400 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 1,129,400 after 12 months: NGN 129,400 in interest before any withholding tax, about NGN 10,783 a month.
That is NGN 2,600 less than the same money would have earned at the previous auction.
For shorter money: NGN 55,000 on the 182-day bill (6 months), NGN 27,000 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 | 10.800% | 11.085% | NGN 5.85bn | NGN 9.39bn | NGN 5.85bn |
| 182-day | 11.000% | 11.600% | NGN 3.50bn | NGN 38.09bn | NGN 3.50bn |
| 364-day | 12.940% | 13.200% | NGN 112.54bn | NGN 586.64bn | NGN 112.54bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 October 2019, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-10-16
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