Nigeria Treasury bills · auction of 7 February 2024
Nigeria T-bill auction, 7 February 2024: 364-day at 19.00%, up 746 bps
At the Treasury bill auction dated 7 February 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 17.24% (up 1224 basis points), the 182-day bill at 18.00% (up 1085 basis points) and the 364-day bill at 19.00% (up 746 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1982.9bn against NGN 1000.0bn on offer, 198% of the amount sought, and NGN 1000.0bn was accepted.
At 19.00%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 4.78%, so the government is paying 1422 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 190,000 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 1,190,000 after 12 months: NGN 190,000 in interest before any withholding tax, about NGN 15,833 a month.
That is NGN 74,600 more than the same money would have earned at the previous auction.
For shorter money: NGN 90,000 on the 182-day bill (6 months), NGN 43,100 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 | 17.240% | 5.000% | NGN 200.00bn | NGN 39.90bn | NGN 39.90bn |
| 182-day | 18.000% | 7.150% | NGN 200.00bn | NGN 76.83bn | NGN 51.35bn |
| 364-day | 19.000% | 11.540% | NGN 600.00bn | NGN 1866.20bn | NGN 908.75bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 February 2024, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-02-07
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