Nigeria Treasury bills · auction of 29 July 2020
Nigeria T-bill auction, 29 July 2020: 364-day at 3.40%, up 1 bps
At the Treasury bill auction dated 29 July 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.20% (down 59 basis points), the 182-day bill at 1.50% (down 41 basis points) and the 364-day bill at 3.40% (up 1 basis point). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 468.3bn against NGN 266.0bn on offer, 176% of the amount sought, and NGN 266.0bn was accepted.
Over the past year the 364-day rate has ranged from 3.39% to 13.30%.
A year earlier the 364-day bill cleared at 11.14%, so the government is paying 774 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 34,000 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 1,034,000 after 12 months: NGN 34,000 in interest before any withholding tax, about NGN 2,833 a month.
That is NGN 100 more than the same money would have earned at the previous auction.
For shorter money: NGN 7,500 on the 182-day bill (6 months), NGN 3,000 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 | 1.200% | 1.789% | NGN 49.84bn | NGN 94.39bn | NGN 49.84bn |
| 182-day | 1.500% | 1.910% | NGN 54.59bn | NGN 158.79bn | NGN 54.59bn |
| 364-day | 3.400% | 3.390% | NGN 161.52bn | NGN 215.09bn | NGN 161.52bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 29 July 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-07-29
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