Nigeria Treasury bills · auction of 11 November 2020
Nigeria T-bill auction, 11 November 2020: 364-day at 0.30%, down 68 bps
At the Treasury bill auction dated 11 November 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 0.04% (down 31 basis points), the 182-day bill at 0.15% (down 35 basis points) and the 364-day bill at 0.30% (down 68 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 603.1bn against NGN 167.8bn on offer, 359% of the amount sought, and NGN 167.8bn was accepted.
At 0.30%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 11.50%, 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 3,000 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 1,003,000 after 12 months: NGN 3,000 in interest before any withholding tax, about NGN 250 a month.
That is NGN 6,800 less than the same money would have earned at the previous auction.
For shorter money: NGN 750 on the 182-day bill (6 months), NGN 88 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 | 0.035% | 0.341% | NGN 19.78bn | NGN 99.86bn | NGN 19.78bn |
| 182-day | 0.150% | 0.500% | NGN 40.09bn | NGN 92.18bn | NGN 10.00bn |
| 364-day | 0.300% | 0.980% | NGN 107.94bn | NGN 411.09bn | NGN 138.03bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 11 November 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-11-11
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