Nigeria Treasury bills · auction of 11 December 2019
Nigeria T-bill auction, 11 December 2019: 364-day at 6.88%, down 149 bps
At the Treasury bill auction dated 11 December 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.00% (down 149 basis points), the 182-day bill at 6.19% (down 104 basis points) and the 364-day bill at 6.88% (down 149 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 292.6bn against NGN 45.0bn on offer, 650% of the amount sought, and NGN 45.0bn was accepted.
At 6.88%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 14.45%, so the government is paying 757 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 68,800 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 1,068,800 after 12 months: NGN 68,800 in interest before any withholding tax, about NGN 5,733 a month.
That is NGN 14,900 less than the same money would have earned at the previous auction.
For shorter money: NGN 30,950 on the 182-day bill (6 months), NGN 12,500 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 | 5.000% | 6.495% | NGN 5.00bn | NGN 53.86bn | NGN 1.80bn |
| 182-day | 6.190% | 7.230% | NGN 10.00bn | NGN 46.28bn | NGN 4.50bn |
| 364-day | 6.880% | 8.370% | NGN 30.00bn | NGN 192.43bn | NGN 38.70bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 11 December 2019, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-12-11
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.