Nigeria Treasury bills · auction of 16 December 2020
Nigeria T-bill auction, 16 December 2020: 364-day at 1.14%, up 99 bps
At the Treasury bill auction dated 16 December 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 0.05% (up 3 basis points), the 182-day bill at 0.50% (up 41 basis points) and the 364-day bill at 1.14% (up 99 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 121.5bn against NGN 7.0bn on offer, 1736% of the amount sought, and NGN 7.0bn was accepted.
Over the past year the 364-day rate has ranged from 0.15% to 6.54%.
A year earlier the 364-day bill cleared at 6.88%, so the government is paying 574 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 11,390 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 1,011,390 after 12 months: NGN 11,390 in interest before any withholding tax, about NGN 949 a month.
That is NGN 9,890 more 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 120 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 | 0.048% | 0.021% | NGN 2.00bn | NGN 18.21bn | NGN 1.50bn |
| 182-day | 0.500% | 0.090% | NGN 2.00bn | NGN 10.27bn | NGN 1.70bn |
| 364-day | 1.139% | 0.150% | NGN 3.00bn | NGN 93.05bn | NGN 3.80bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 December 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-12-16
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