Nigeria Treasury bills · auction of 30 December 2020
Nigeria T-bill auction, 30 December 2020: 364-day at 1.21%, up 7 bps
At the Treasury bill auction dated 30 December 2020, the Central Bank of Nigeria set stop rates on the 91-day bill at 0.04% (down 1 basis point), the 182-day bill at 0.50% (unchanged) and the 364-day bill at 1.21% (up 7 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 171.4bn against NGN 74.8bn on offer, 229% of the amount sought, and NGN 74.8bn 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 5.50%, so the government is paying 428 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 12,100 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 1,012,100 after 12 months: NGN 12,100 in interest before any withholding tax, about NGN 1,008 a month.
That is NGN 710 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 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% | 0.048% | NGN 10.00bn | NGN 30.55bn | NGN 10.00bn |
| 182-day | 0.500% | 0.500% | NGN 20.00bn | NGN 28.90bn | NGN 20.00bn |
| 364-day | 1.210% | 1.139% | NGN 44.84bn | NGN 111.97bn | NGN 44.84bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 30 December 2020, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2020-12-30
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