Nigeria Treasury bills · auction of 26 August 2020
Nigeria T-bill auction, 26 August 2020: 364-day at 3.34%, up 14 bps
At the Treasury bill auction dated 26 August 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.15% (down 5 basis points), the 182-day bill at 1.80% (up 30 basis points) and the 364-day bill at 3.34% (up 14 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 221.9bn against NGN 197.6bn on offer, 112% of the amount sought, and NGN 197.6bn was accepted.
Over the past year the 364-day rate has ranged from 3.20% to 13.30%.
A year earlier the 364-day bill cleared at 11.14%, so the government is paying 780 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 33,400 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 1,033,400 after 12 months: NGN 33,400 in interest before any withholding tax, about NGN 2,783 a month.
That is NGN 1,401 more than the same money would have earned at the previous auction.
For shorter money: NGN 9,000 on the 182-day bill (6 months), NGN 2,863 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 | 1.145% | 1.200% | NGN 20.37bn | NGN 31.18bn | NGN 20.37bn |
| 182-day | 1.800% | 1.500% | NGN 31.75bn | NGN 56.37bn | NGN 55.85bn |
| 364-day | 3.340% | 3.200% | NGN 145.48bn | NGN 134.37bn | NGN 121.38bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 26 August 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-08-26
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