Nigeria Treasury bills · auction of 24 November 2021
Nigeria T-bill auction, 24 November 2021: 364-day at 5.89%, down 61 bps
At the Treasury bill auction dated 24 November 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 5.89% (down 61 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 416.3bn against NGN 118.7bn on offer, 351% of the amount sought, and NGN 5.8bn was accepted.
Over the past year the 364-day rate has ranged from 1.14% to 9.75%.
A year earlier the 364-day bill cleared at 0.30%, so the government is paying 559 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 58,900 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 1,058,900 after 12 months: NGN 58,900 in interest before any withholding tax, about NGN 4,908 a month.
That is NGN 6,100 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 3.54bn | NGN 9.04bn | NGN 2.04bn |
| 182-day | 3.500% | 3.500% | NGN 4.12bn | NGN 4.28bn | NGN 3.78bn |
| 364-day | 5.890% | 6.500% | NGN 111.07bn | NGN 402.95bn | — |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 24 November 2021, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2021-11-24
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