Nigeria Treasury bills · auction of 24 January 2024
Nigeria T-bill auction, 24 January 2024: 364-day at 11.54%, up 314 bps
At the Treasury bill auction dated 24 January 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.00% (up 256 basis points), the 182-day bill at 7.15% (up 293 basis points) and the 364-day bill at 11.54% (up 314 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1086.4bn against NGN 231.8bn on offer, 469% of the amount sought, and NGN 231.8bn 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 7.30%, so the government is paying 424 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 115,400 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 1,115,400 after 12 months: NGN 115,400 in interest before any withholding tax, about NGN 9,617 a month.
That is NGN 31,410 more than the same money would have earned at the previous auction.
For shorter money: NGN 35,750 on the 182-day bill (6 months), NGN 12,500 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 | 5.000% | 2.440% | NGN 7.85bn | NGN 12.74bn | NGN 7.85bn |
| 182-day | 7.150% | 4.220% | NGN 6.44bn | NGN 34.84bn | NGN 6.44bn |
| 364-day | 11.540% | 8.399% | NGN 217.53bn | NGN 1038.77bn | NGN 217.53bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 24 January 2024, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-01-24
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