Nigeria Treasury bills · auction of 10 January 2024
Nigeria T-bill auction, 10 January 2024: 364-day at 8.40%, down 384 bps
At the Treasury bill auction dated 10 January 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.44% (down 456 basis points), the 182-day bill at 4.22% (down 578 basis points) and the 364-day bill at 8.40% (down 384 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 10084.9bn against NGN 56.6bn on offer, 17831% of the amount sought, and NGN 55.1bn was accepted.
Over the past year the 364-day rate has ranged from 2.24% to 16.75%.
A year earlier the 364-day bill cleared at 8.49%, so the government is paying 9 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 83,990 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 1,083,990 after 12 months: NGN 83,990 in interest before any withholding tax, about NGN 6,999 a month.
That is NGN 38,410 less than the same money would have earned at the previous auction.
For shorter money: NGN 21,100 on the 182-day bill (6 months), NGN 6,100 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 | 2.440% | 7.000% | NGN 2.78bn | NGN 38.87bn | NGN 2.78bn |
| 182-day | 4.220% | 10.000% | NGN 1.49bn | NGN 38.87bn | — |
| 364-day | 8.399% | 12.240% | NGN 52.29bn | NGN 10007.17bn | NGN 52.29bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 10 January 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-01-10
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