Nigeria Treasury bills · auction of 27 November 2019
Nigeria T-bill auction, 27 November 2019: 364-day at 8.37%, down 163 bps
At the Treasury bill auction dated 27 November 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.50% (down 130 basis points), the 182-day bill at 7.23% (down 177 basis points) and the 364-day bill at 8.37% (down 163 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 533.9bn against NGN 150.6bn on offer, 355% of the amount sought, and NGN 150.6bn was accepted.
At 8.37%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 14.45%, so the government is paying 608 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 83,700 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 1,083,700 after 12 months: NGN 83,700 in interest before any withholding tax, about NGN 6,975 a month.
That is NGN 16,300 less than the same money would have earned at the previous auction.
For shorter money: NGN 36,150 on the 182-day bill (6 months), NGN 16,238 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 | 6.495% | 7.800% | NGN 24.37bn | NGN 106.88bn | NGN 20.37bn |
| 182-day | 7.230% | 9.000% | NGN 23.16bn | NGN 107.63bn | NGN 19.16bn |
| 364-day | 8.370% | 10.000% | NGN 103.07bn | NGN 319.42bn | NGN 111.07bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 27 November 2019, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-11-27
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