Nigeria Treasury bills · auction of 18 December 2019
Nigeria T-bill auction, 18 December 2019: 364-day at 5.50%, down 138 bps
At the Treasury bill auction dated 18 December 2019, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.00% (down 100 basis points), the 182-day bill at 5.00% (down 119 basis points) and the 364-day bill at 5.50% (down 138 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 100.0bn against NGN 7.0bn on offer, 1429% of the amount sought, and NGN 7.0bn was accepted.
At 5.50%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 14.45%, so the government is paying 895 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 54,950 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 1,054,950 after 12 months: NGN 54,950 in interest before any withholding tax, about NGN 4,579 a month.
That is NGN 13,850 less than the same money would have earned at the previous auction.
For shorter money: NGN 25,000 on the 182-day bill (6 months), NGN 10,000 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 | 4.000% | 5.000% | NGN 2.00bn | NGN 24.72bn | NGN 2.00bn |
| 182-day | 5.000% | 6.190% | NGN 2.00bn | NGN 18.68bn | NGN 2.00bn |
| 364-day | 5.495% | 6.880% | NGN 3.00bn | NGN 56.61bn | NGN 3.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 December 2019, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2019-12-18
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