Nigeria Treasury bills · auction of 28 July 2021
Nigeria T-bill auction, 28 July 2021: 364-day at 8.20%, down 47 bps
At the Treasury bill auction dated 28 July 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 8.20% (down 47 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 452.9bn against NGN 216.2bn on offer, 210% of the amount sought, and NGN 265.2bn 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 3.39%, so the government is paying 481 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 82,000 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 1,082,000 after 12 months: NGN 82,000 in interest before any withholding tax, about NGN 6,833 a month.
That is NGN 4,700 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 7.19bn | NGN 4.23bn | NGN 3.17bn |
| 182-day | 3.500% | 3.500% | NGN 47.48bn | NGN 8.42bn | NGN 3.54bn |
| 364-day | 8.200% | 8.670% | NGN 161.52bn | NGN 440.29bn | NGN 258.53bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 28 July 2021, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2021-07-28
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