Nigeria Treasury bills · auction of 13 March 2024
Nigeria T-bill auction, 13 March 2024: 364-day at 21.12%, down 37 bps
At the Treasury bill auction dated 13 March 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 16.24% (down 100 basis points), the 182-day bill at 17.00% (down 100 basis points) and the 364-day bill at 21.12% (down 37 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1496.7bn against NGN 161.5bn on offer, 927% of the amount sought, and NGN 161.5bn was accepted.
Over the past year the 364-day rate has ranged from 5.94% to 21.49%.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 1112 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 211,240 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 1,211,240 after 12 months: NGN 211,240 in interest before any withholding tax, about NGN 17,603 a month.
That is NGN 3,660 less than the same money would have earned at the previous auction.
For shorter money: NGN 85,000 on the 182-day bill (6 months), NGN 40,600 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 | 16.240% | 17.240% | NGN 728m | NGN 85.51bn | NGN 5.73bn |
| 182-day | 17.000% | 18.000% | NGN 918m | NGN 49.65bn | NGN 4.92bn |
| 364-day | 21.124% | 21.490% | NGN 159.85bn | NGN 1361.51bn | NGN 150.85bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 March 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-03-13
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