Nigeria Treasury bills · auction of 29 January 2020
Nigeria T-bill auction, 29 January 2020: 364-day at 6.50%, up 141 bps
At the Treasury bill auction dated 29 January 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.50% (up 55 basis points), the 182-day bill at 4.50% (up 55 basis points) and the 364-day bill at 6.50% (up 141 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 263.7bn against NGN 229.6bn on offer, 115% of the amount sought, and NGN 229.6bn was accepted.
Over the past year the 364-day rate has ranged from 5.09% to 14.95%.
A year earlier the 364-day bill cleared at 15.00%, so the government is paying 850 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 65,000 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 1,065,000 after 12 months: NGN 65,000 in interest before any withholding tax, about NGN 5,417 a month.
That is NGN 14,100 more than the same money would have earned at the previous auction.
For shorter money: NGN 22,500 on the 182-day bill (6 months), NGN 8,750 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 | 3.500% | 2.950% | NGN 28.02bn | NGN 53.17bn | NGN 49.84bn |
| 182-day | 4.500% | 3.950% | NGN 33.68bn | NGN 57.78bn | NGN 54.59bn |
| 364-day | 6.500% | 5.090% | NGN 167.93bn | NGN 152.71bn | NGN 125.20bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 29 January 2020, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-01-29
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