Nigeria Treasury bills · auction of 5 June 2024
Nigeria T-bill auction, 5 June 2024: 364-day at 20.67%, down 2 bps
At the Treasury bill auction dated 5 June 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 16.50% (unchanged), the 182-day bill at 17.50% (up 5 basis points) and the 364-day bill at 20.67% (down 2 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 713.9bn against NGN 221.1bn on offer, 323% of the amount sought, and NGN 278.4bn 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 7.99%, so the government is paying 1268 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 206,700 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 1,206,700 after 12 months: NGN 206,700 in interest before any withholding tax, about NGN 17,225 a month.
That is NGN 200 less than the same money would have earned at the previous auction.
For shorter money: NGN 87,500 on the 182-day bill (6 months), 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% | 16.500% | NGN 14.42bn | NGN 21.44bn | NGN 19.61bn |
| 182-day | 17.500% | 17.449% | NGN 26.82bn | NGN 15.02bn | NGN 12.27bn |
| 364-day | 20.670% | 20.690% | NGN 179.89bn | NGN 677.42bn | NGN 246.55bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 5 June 2024, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-06-05
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