Nigeria Treasury bills · auction of 10 February 2021
Nigeria T-bill auction, 10 February 2021: 364-day at 4.00%, up 200 bps
At the Treasury bill auction dated 10 February 2021, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.00% (up 45 basis points), the 182-day bill at 2.00% (up 70 basis points) and the 364-day bill at 4.00% (up 200 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 198.7bn against NGN 169.8bn on offer, 117% of the amount sought, and NGN 130.9bn was accepted.
Over the past year the 364-day rate has ranged from 0.15% to 5.70%.
A year earlier the 364-day bill cleared at 6.50%, so the government is paying 250 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 40,000 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 1,040,000 after 12 months: NGN 40,000 in interest before any withholding tax, about NGN 3,333 a month.
That is NGN 20,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 10,000 on the 182-day bill (6 months), NGN 2,500 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 | 1.000% | 0.550% | NGN 19.78bn | NGN 30.62bn | NGN 24.67bn |
| 182-day | 2.000% | 1.300% | NGN 10.00bn | NGN 21.89bn | NGN 16.06bn |
| 364-day | 4.000% | 2.000% | NGN 140.00bn | NGN 146.19bn | NGN 90.15bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 10 February 2021, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2021-02-10
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