Nigeria Treasury bills · auction of 22 May 2024
Nigeria T-bill auction, 22 May 2024: 364-day at 20.69%, down 1 bps
At the Treasury bill auction dated 22 May 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 16.50% (up 26 basis points) and the 364-day bill at 20.69% (down 1 basis point). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1557.9bn against NGN 499.7bn on offer, 312% of the amount sought, and NGN 610.5bn 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 8.99%, so the government is paying 1170 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 206,900 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 1,206,900 after 12 months: NGN 206,900 in interest before any withholding tax, about NGN 17,242 a month.
That is NGN 100 less than the same money would have earned at the previous auction.
For shorter money: NGN 41,250 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 | 16.500% | 16.240% | NGN 331.01bn | NGN 124.92bn | NGN 60.69bn |
| 364-day | 20.690% | 20.700% | NGN 168.67bn | NGN 1432.97bn | NGN 549.83bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 May 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-05-22
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