Nigeria Treasury bills · auction of 28 October 2020
Nigeria T-bill auction, 28 October 2020: 364-day at 0.98%, down 102 bps
At the Treasury bill auction dated 28 October 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 0.34% (down 66 basis points), the 182-day bill at 0.50% (down 50 basis points) and the 364-day bill at 0.98% (down 102 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 821.5bn against NGN 154.4bn on offer, 532% of the amount sought, and NGN 154.4bn was accepted.
At 0.98%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 12.94%, so the government is paying 1196 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 9,800 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 1,009,800 after 12 months: NGN 9,800 in interest before any withholding tax, about NGN 817 a month.
That is NGN 10,200 less than the same money would have earned at the previous auction.
For shorter money: NGN 2,500 on the 182-day bill (6 months), NGN 853 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 | 0.341% | 1.000% | NGN 49.84bn | NGN 84.89bn | NGN 7.50bn |
| 182-day | 0.500% | 1.000% | NGN 10.62bn | NGN 41.64bn | NGN 6.00bn |
| 364-day | 0.980% | 2.000% | NGN 93.92bn | NGN 694.96bn | NGN 140.87bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 28 October 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-10-28
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