Nigeria Treasury bills · auction of 1 July 2020
Nigeria T-bill auction, 1 July 2020: 364-day at 3.39%, down 36 bps
At the Treasury bill auction dated 1 July 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.79% (down 1 basis point), the 182-day bill at 1.91% (down 13 basis points) and the 364-day bill at 3.39% (down 36 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 335.7bn against NGN 88.9bn on offer, 378% of the amount sought, and NGN 88.9bn was accepted.
At 3.39%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 12.02%, so the government is paying 863 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 33,900 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 1,033,900 after 12 months: NGN 33,900 in interest before any withholding tax, about NGN 2,825 a month.
That is NGN 3,560 less than the same money would have earned at the previous auction.
For shorter money: NGN 9,550 on the 182-day bill (6 months), NGN 4,473 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 | 1.789% | 1.800% | NGN 10.00bn | NGN 29.98bn | NGN 10.00bn |
| 182-day | 1.910% | 2.040% | NGN 20.00bn | NGN 58.82bn | NGN 20.00bn |
| 364-day | 3.390% | 3.746% | NGN 58.86bn | NGN 246.88bn | NGN 58.86bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 1 July 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-07-01
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.