Nigeria Treasury bills · auction of 9 September 2020
Nigeria T-bill auction, 9 September 2020: 364-day at 3.05%, down 29 bps
At the Treasury bill auction dated 9 September 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.10% (down 4 basis points), the 182-day bill at 1.55% (down 25 basis points) and the 364-day bill at 3.05% (down 29 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 262.4bn against NGN 128.1bn on offer, 205% of the amount sought, and NGN 128.1bn was accepted.
At 3.05%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 12.89%, so the government is paying 984 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 30,500 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 1,030,500 after 12 months: NGN 30,500 in interest before any withholding tax, about NGN 2,542 a month.
That is NGN 2,900 less than the same money would have earned at the previous auction.
For shorter money: NGN 7,750 on the 182-day bill (6 months), NGN 2,750 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 | 1.100% | 1.145% | NGN 4.41bn | NGN 8.62bn | NGN 4.41bn |
| 182-day | 1.550% | 1.800% | NGN 14.00bn | NGN 22.92bn | NGN 14.00bn |
| 364-day | 3.050% | 3.340% | NGN 109.65bn | NGN 230.86bn | NGN 109.65bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 September 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-09-09
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