Nigeria Treasury bills · auction of 6 March 2024
Nigeria T-bill auction, 6 March 2024: 364-day at 21.49%, up 249 bps
At the Treasury bill auction dated 6 March 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 17.24% (up 24 basis points), the 182-day bill at 18.00% (up 50 basis points) and the 364-day bill at 21.49% (up 249 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1661.9bn against NGN 337.9bn on offer, 492% of the amount sought, and NGN 1317.7bn was accepted.
At 21.49%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 9.90%, so the government is paying 1159 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 214,900 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 1,214,900 after 12 months: NGN 214,900 in interest before any withholding tax, about NGN 17,908 a month.
That is NGN 24,900 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% | 17.000% | NGN 14.42bn | NGN 66.63bn | NGN 14.42bn |
| 182-day | 18.000% | 17.500% | NGN 10.55bn | NGN 51.51bn | NGN 10.55bn |
| 364-day | 21.490% | 19.000% | NGN 312.92bn | NGN 1543.81bn | NGN 1292.71bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 6 March 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-03-06
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