Nigeria Treasury bills · auction of 14 April 2021
Nigeria T-bill auction, 14 April 2021: 364-day at 9.00%, up 100 bps
At the Treasury bill auction dated 14 April 2021, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.00% (unchanged), the 182-day bill at 3.50% (unchanged) and the 364-day bill at 9.00% (up 100 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 247.4bn against NGN 552.3bn on offer, 45% of the amount sought, and NGN 144.6bn was accepted.
At 9.00%, the 364-day rate is the highest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 4.30%, so the government is paying 470 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 90,000 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 1,090,000 after 12 months: NGN 90,000 in interest before any withholding tax, about NGN 7,500 a month.
That is NGN 10,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 17,500 on the 182-day bill (6 months), NGN 5,000 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 | 2.000% | 2.000% | NGN 15.92bn | NGN 15.87bn | NGN 12.46bn |
| 182-day | 3.500% | 3.500% | NGN 45.02bn | NGN 13.94bn | — |
| 364-day | 9.000% | 8.000% | NGN 491.41bn | NGN 217.59bn | NGN 132.12bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 April 2021, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2021-04-14
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