Nigeria Treasury bills · auction of 12 August 2020
Nigeria T-bill auction, 12 August 2020: 364-day at 3.20%, down 20 bps
At the Treasury bill auction dated 12 August 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.20% (unchanged) and the 364-day bill at 3.20% (down 20 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 87.1bn against NGN 46.8bn on offer, 186% of the amount sought, and NGN 46.8bn was accepted.
At 3.20%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 11.14%, so the government is paying 794 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 31,999 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 1,031,999 after 12 months: NGN 31,999 in interest before any withholding tax, about NGN 2,667 a month.
That is NGN 2,001 less than the same money would have earned at the previous auction.
For shorter money: 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% | 1.200% | NGN 19.78bn | NGN 30.61bn | NGN 19.78bn |
| 364-day | 3.200% | 3.400% | NGN 27.00bn | NGN 56.47bn | NGN 27.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 August 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-08-12
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