Nigeria Treasury bills · auction of 13 June 2024
Nigeria T-bill auction, 13 June 2024: 364-day at 20.50%, down 250 bps
At the Treasury bill auction dated 13 June 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 16.30% (down 170 basis points), the 182-day bill at 17.44% (down 106 basis points) and the 364-day bill at 20.50% (down 250 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 407.8bn against NGN 44.2bn on offer, 922% of the amount sought, and NGN 55.2bn was accepted.
Over the past year the 364-day rate has ranged from 5.94% to 23.00%.
A year earlier the 364-day bill cleared at 8.24%, so the government is paying 1226 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 205,000 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 1,205,000 after 12 months: NGN 205,000 in interest before any withholding tax, about NGN 17,083 a month.
That is NGN 25,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 87,200 on the 182-day bill (6 months), NGN 40,750 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 | 16.300% | 18.000% | NGN 5.73bn | NGN 14.47bn | NGN 6.78bn |
| 182-day | 17.440% | 18.500% | NGN 6.35bn | NGN 16.96bn | NGN 8.36bn |
| 364-day | 20.500% | 23.000% | NGN 32.15bn | NGN 376.33bn | NGN 40.09bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 June 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-06-13
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