Nigeria Treasury bills · auction of 12 February 2020
Nigeria T-bill auction, 12 February 2020: 364-day at 6.54%, up 4 bps
At the Treasury bill auction dated 12 February 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.00% (down 50 basis points), the 182-day bill at 4.00% (down 50 basis points) and the 364-day bill at 6.54% (up 4 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 287.8bn against NGN 154.4bn on offer, 186% of the amount sought, and NGN 154.4bn was accepted.
Over the past year the 364-day rate has ranged from 5.09% to 14.37%.
A year earlier the 364-day bill cleared at 15.00%, so the government is paying 846 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 65,432 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 1,065,432 after 12 months: NGN 65,432 in interest before any withholding tax, about NGN 5,453 a month.
That is NGN 432 more than the same money would have earned at the previous auction.
For shorter money: NGN 20,000 on the 182-day bill (6 months), NGN 7,500 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 | 3.000% | 3.500% | NGN 4.38bn | NGN 29.83bn | NGN 4.38bn |
| 182-day | 4.000% | 4.500% | NGN 10.00bn | NGN 52.50bn | NGN 10.00bn |
| 364-day | 6.543% | 6.500% | NGN 140.00bn | NGN 205.48bn | NGN 140.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 February 2020, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-02-12
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