Nigeria Treasury bills · auction of 30 October 2019
Nigeria T-bill auction, 30 October 2019: 364-day at 11.50%, down 144 bps
At the Treasury bill auction dated 30 October 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.50% (down 130 basis points), the 182-day bill at 10.45% (down 55 basis points) and the 364-day bill at 11.50% (down 144 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 565.6bn against NGN 132.5bn on offer, 427% of the amount sought, and NGN 132.5bn 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 13.45%, so the government is paying 195 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 115,000 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 1,115,000 after 12 months: NGN 115,000 in interest before any withholding tax, about NGN 9,583 a month.
That is NGN 14,400 less than the same money would have earned at the previous auction.
For shorter money: NGN 52,250 on the 182-day bill (6 months), NGN 23,750 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 | 9.500% | 10.800% | NGN 28.02bn | NGN 72.44bn | NGN 28.02bn |
| 182-day | 10.450% | 11.000% | NGN 10.62bn | NGN 49.68bn | NGN 10.62bn |
| 364-day | 11.500% | 12.940% | NGN 93.92bn | NGN 443.50bn | NGN 93.92bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 30 October 2019, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-10-30
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