Nigeria Treasury bills · auction of 16 June 2021
Nigeria T-bill auction, 16 June 2021: 364-day at 9.40%, down 24 bps
At the Treasury bill auction dated 16 June 2021, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.50% (unchanged), the 182-day bill at 3.50% (unchanged) and the 364-day bill at 9.40% (down 24 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 281.7bn against NGN 14.8bn on offer, 1899% of the amount sought, and NGN 30.6bn was accepted.
Over the past year the 364-day rate has ranged from 0.15% to 9.75%.
A year earlier the 364-day bill cleared at 4.02%, so the government is paying 538 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 94,000 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 1,094,000 after 12 months: NGN 94,000 in interest before any withholding tax, about NGN 7,833 a month.
That is NGN 2,400 less 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 6,250 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 | 2.500% | 2.500% | NGN 2.52bn | NGN 14.37bn | NGN 1.61bn |
| 182-day | 3.500% | 3.500% | NGN 1.70bn | NGN 2.64bn | NGN 1.10bn |
| 364-day | 9.400% | 9.640% | NGN 10.61bn | NGN 264.73bn | NGN 27.87bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 June 2021, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2021-06-16
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