Nigeria Treasury bills · auction of 14 October 2020
Nigeria T-bill auction, 14 October 2020: 364-day at 2.00%, down 80 bps
At the Treasury bill auction dated 14 October 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.00% (down 8 basis points), the 182-day bill at 1.00% (down 49 basis points) and the 364-day bill at 2.00% (down 80 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 618.1bn against NGN 124.9bn on offer, 495% of the amount sought, and NGN 124.9bn was accepted.
At 2.00%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 13.20%, so the government is paying 1120 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 20,000 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 1,020,000 after 12 months: NGN 20,000 in interest before any withholding tax, about NGN 1,667 a month.
That is NGN 8,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 5,000 on the 182-day bill (6 months), NGN 2,500 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 | 1.000% | 1.080% | NGN 8.85bn | NGN 33.04bn | NGN 12.76bn |
| 182-day | 1.000% | 1.490% | NGN 3.50bn | NGN 44.73bn | NGN 4.50bn |
| 364-day | 2.000% | 2.800% | NGN 112.54bn | NGN 540.32bn | NGN 107.62bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 October 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-10-14
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