Nigeria Treasury bills · auction of 29 April 2020
Nigeria T-bill auction, 29 April 2020: 364-day at 3.84%, down 16 bps
At the Treasury bill auction dated 29 April 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.85% (down 8 basis points), the 182-day bill at 2.50% (down 24 basis points) and the 364-day bill at 3.84% (down 16 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 268.2bn against NGN 131.5bn on offer, 204% of the amount sought, and NGN 131.5bn was accepted.
At 3.84%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 12.74%, so the government is paying 890 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 38,400 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 1,038,400 after 12 months: NGN 38,400 in interest before any withholding tax, about NGN 3,200 a month.
That is NGN 1,600 less than the same money would have earned at the previous auction.
For shorter money: NGN 12,495 on the 182-day bill (6 months), NGN 4,625 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 | 1.850% | 1.930% | NGN 49.84bn | NGN 91.54bn | NGN 49.84bn |
| 182-day | 2.499% | 2.740% | NGN 10.62bn | NGN 27.69bn | NGN 10.62bn |
| 364-day | 3.840% | 4.000% | NGN 71.07bn | NGN 148.99bn | NGN 71.07bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 29 April 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-04-29
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