Nigeria Treasury bills · auction of 16 September 2020
Nigeria T-bill auction, 16 September 2020: 364-day at 3.05%, unchanged
At the Treasury bill auction dated 16 September 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.09% (down 1 basis point), the 182-day bill at 1.50% (down 5 basis points) and the 364-day bill at 3.05% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 204.2bn against NGN 158.7bn on offer, 129% of the amount sought, and NGN 158.7bn 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 13.29%, so the government is paying 1024 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 the same as at the previous auction.
For shorter money: NGN 7,500 on the 182-day bill (6 months), NGN 2,725 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 | 1.090% | 1.100% | NGN 2.00bn | NGN 3.99bn | NGN 2.00bn |
| 182-day | 1.500% | 1.550% | NGN 8.39bn | NGN 15.47bn | NGN 8.39bn |
| 364-day | 3.050% | 3.050% | NGN 148.36bn | NGN 184.71bn | NGN 148.36bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 September 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-09-16
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