Nigeria Treasury bills · auction of 27 May 2020
Nigeria T-bill auction, 27 May 2020: 364-day at 4.02%, up 18 bps
At the Treasury bill auction dated 27 May 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.45% (down 5 basis points), the 182-day bill at 2.72% (down 13 basis points) and the 364-day bill at 4.02% (up 18 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 130.6bn against NGN 59.4bn on offer, 220% of the amount sought, and NGN 59.4bn was accepted.
Over the past year the 364-day rate has ranged from 3.84% to 13.30%.
A year earlier the 364-day bill cleared at 12.49%, so the government is paying 847 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 40,199 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 1,040,199 after 12 months: NGN 40,199 in interest before any withholding tax, about NGN 3,350 a month.
That is NGN 1,799 more than the same money would have earned at the previous auction.
For shorter money: NGN 13,600 on the 182-day bill (6 months), NGN 6,125 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 | 2.450% | 2.500% | NGN 20.37bn | NGN 37.46bn | NGN 20.37bn |
| 182-day | 2.720% | 2.850% | NGN 19.16bn | NGN 55.15bn | NGN 19.16bn |
| 364-day | 4.020% | 3.840% | NGN 19.84bn | NGN 37.95bn | NGN 19.84bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 27 May 2020, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-05-27
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