Nigeria Treasury bills · auction of 25 November 2020
Nigeria T-bill auction, 25 November 2020: 364-day at 0.15%, down 15 bps
At the Treasury bill auction dated 25 November 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 0.02% (down 1 basis point), the 182-day bill at 0.09% (down 6 basis points) and the 364-day bill at 0.15% (down 15 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 445.9bn against NGN 150.6bn on offer, 296% of the amount sought, and NGN 150.6bn was accepted.
At 0.15%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 985 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 1,500 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 1,001,500 after 12 months: NGN 1,500 in interest before any withholding tax, about NGN 125 a month.
That is NGN 1,500 less than the same money would have earned at the previous auction.
For shorter money: NGN 450 on the 182-day bill (6 months), NGN 54 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 | 0.021% | 0.035% | NGN 20.37bn | NGN 57.30bn | NGN 20.37bn |
| 182-day | 0.090% | 0.150% | NGN 19.16bn | NGN 54.81bn | NGN 19.16bn |
| 364-day | 0.150% | 0.300% | NGN 111.07bn | NGN 333.83bn | NGN 111.07bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 25 November 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-11-25
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