Nigeria Treasury bills · auction of 27 March 2024
Nigeria T-bill auction, 27 March 2024: 364-day at 21.12%, unchanged
At the Treasury bill auction dated 27 March 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 16.24% (unchanged), the 182-day bill at 17.00% (unchanged) and the 364-day bill at 21.12% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 2618.1bn against NGN 161.3bn on offer, 1623% of the amount sought, and NGN 1189.7bn 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 9.49%, so the government is paying 1163 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 the same as 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% | 16.240% | NGN 17.61bn | NGN 76.81bn | NGN 29.83bn |
| 182-day | 17.000% | 17.000% | NGN 1.56bn | NGN 58.18bn | NGN 25.58bn |
| 364-day | 21.124% | 21.124% | NGN 142.16bn | NGN 2483.15bn | NGN 1134.30bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 27 March 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-03-27
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