Nigeria Treasury bills · auction of 24 July 2024
Nigeria T-bill auction, 24 July 2024: 364-day at 22.10%, up 142 bps
At the Treasury bill auction dated 24 July 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 18.50% (up 220 basis points), the 182-day bill at 19.50% (up 206 basis points) and the 364-day bill at 22.10% (up 142 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 373.9bn against NGN 278.0bn on offer, 135% of the amount sought, and NGN 278.0bn was accepted.
Over the past year the 364-day rate has ranged from 8.40% to 23.00%.
A year earlier the 364-day bill cleared at 5.94%, so the government is paying 1616 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 221,000 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 1,221,000 after 12 months: NGN 221,000 in interest before any withholding tax, about NGN 18,417 a month.
That is NGN 14,200 more than the same money would have earned at the previous auction.
For shorter money: NGN 97,500 on the 182-day bill (6 months), NGN 46,250 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 | 18.500% | 16.300% | NGN 16.48bn | NGN 13.14bn | NGN 13.14bn |
| 182-day | 19.500% | 17.440% | NGN 6.44bn | NGN 6.40bn | NGN 6.40bn |
| 364-day | 22.100% | 20.680% | NGN 255.04bn | NGN 354.40bn | NGN 258.42bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 24 July 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-07-24
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