Nigeria Treasury bills · auction of 24 April 2024
Nigeria T-bill auction, 24 April 2024: 364-day at 20.70%, down 42 bps
At the Treasury bill auction dated 24 April 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 20.70% (down 42 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 757.9bn against NGN 142.6bn on offer, 532% of the amount sought, and NGN 362.5bn 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 14.70%, so the government is paying 600 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 207,000 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 1,207,000 after 12 months: NGN 207,000 in interest before any withholding tax, about NGN 17,250 a month.
That is NGN 4,240 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% | 16.240% | NGN 7.85bn | NGN 18.70bn | NGN 16.48bn |
| 182-day | 17.000% | 17.000% | NGN 12.95bn | NGN 13.48bn | NGN 11.99bn |
| 364-day | 20.700% | 21.124% | NGN 121.77bn | NGN 725.66bn | NGN 333.98bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 24 April 2024, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-04-24
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