Nigeria Treasury bills · auction of 27 January 2021
Nigeria T-bill auction, 27 January 2021: 364-day at 2.00%, up 50 bps
At the Treasury bill auction dated 27 January 2021, the Central Bank of Nigeria set stop rates on the 91-day bill at 0.55% (up 5 basis points), the 182-day bill at 1.30% (up 30 basis points) and the 364-day bill at 2.00% (up 50 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 289.6bn against NGN 187.3bn on offer, 155% of the amount sought, and NGN 182.0bn 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 5.09%, so the government is paying 309 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 20,000 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 1,020,000 after 12 months: NGN 20,000 in interest before any withholding tax, about NGN 1,667 a month.
That is NGN 5,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 6,500 on the 182-day bill (6 months), NGN 1,375 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 | 0.550% | 0.500% | NGN 7.50bn | NGN 20.18bn | NGN 11.39bn |
| 182-day | 1.300% | 1.000% | NGN 54.59bn | NGN 55.98bn | NGN 47.48bn |
| 364-day | 2.000% | 1.500% | NGN 125.20bn | NGN 213.45bn | NGN 123.11bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 27 January 2021, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2021-01-27
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