Nigeria Treasury bills · auction of 13 January 2021
Nigeria T-bill auction, 13 January 2021: 364-day at 1.50%, up 29 bps
At the Treasury bill auction dated 13 January 2021, the Central Bank of Nigeria set stop rates on the 91-day bill at 0.50% (up 47 basis points), the 182-day bill at 1.00% (up 50 basis points) and the 364-day bill at 1.50% (up 29 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 286.1bn against NGN 232.4bn on offer, 123% of the amount sought, and NGN 107.2bn 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 5.20%, so the government is paying 370 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 15,000 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 1,015,000 after 12 months: NGN 15,000 in interest before any withholding tax, about NGN 1,250 a month.
That is NGN 2,900 more than the same money would have earned at the previous auction.
For shorter money: NGN 5,000 on the 182-day bill (6 months), NGN 1,250 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 | 0.500% | 0.035% | NGN 12.76bn | NGN 23.57bn | NGN 15.92bn |
| 182-day | 1.000% | 0.500% | NGN 26.60bn | NGN 30.63bn | NGN 25.37bn |
| 364-day | 1.500% | 1.210% | NGN 193.00bn | NGN 231.93bn | NGN 65.93bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 January 2021, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2021-01-13
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