Nigeria Treasury bills · auction of 1 April 2020
Nigeria T-bill auction, 1 April 2020: 364-day at 4.30%, down 30 bps
At the Treasury bill auction dated 1 April 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.20% (down 10 basis points), the 182-day bill at 3.20% (down 20 basis points) and the 364-day bill at 4.30% (down 30 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 161.4bn against NGN 95.7bn on offer, 169% of the amount sought, and NGN 95.7bn was accepted.
At 4.30%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 12.35%, so the government is paying 805 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 43,000 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 1,043,000 after 12 months: NGN 43,000 in interest before any withholding tax, about NGN 3,583 a month.
That is NGN 3,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 16,000 on the 182-day bill (6 months), NGN 5,500 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 | 2.200% | 2.300% | NGN 10.00bn | NGN 20.71bn | NGN 10.00bn |
| 182-day | 3.200% | 3.400% | NGN 17.60bn | NGN 28.82bn | NGN 17.60bn |
| 364-day | 4.300% | 4.600% | NGN 68.08bn | NGN 111.86bn | NGN 68.08bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 1 April 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-04-01
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