Nigeria Treasury bills · auction of 8 September 2021
Nigeria T-bill auction, 8 September 2021: 364-day at 7.20%, up 40 bps
At the Treasury bill auction dated 8 September 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 7.20% (up 40 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 256.1bn against NGN 138.2bn on offer, 185% of the amount sought, and NGN 209.5bn 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 3.34%, so the government is paying 386 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 72,000 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 1,072,000 after 12 months: NGN 72,000 in interest before any withholding tax, about NGN 6,000 a month.
That is NGN 4,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 17,499 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 5.06bn | NGN 5.85bn | NGN 4.94bn |
| 182-day | 3.500% | 3.500% | NGN 23.45bn | NGN 12.74bn | NGN 11.88bn |
| 364-day | 7.200% | 6.800% | NGN 109.65bn | NGN 237.54bn | NGN 192.68bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 8 September 2021, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2021-09-08
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