Nigeria Treasury bills · auction of 7 August 2024
Nigeria T-bill auction, 7 August 2024: 364-day at 21.89%, down 21 bps
At the Treasury bill auction dated 7 August 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 18.50% (unchanged), the 182-day bill at 19.50% (unchanged) and the 364-day bill at 21.89% (down 21 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 486.9bn against NGN 216.1bn on offer, 225% of the amount sought, and NGN 216.1bn 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 12.15%, so the government is paying 974 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 218,890 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 1,218,890 after 12 months: NGN 218,890 in interest before any withholding tax, about NGN 18,241 a month.
That is NGN 2,110 less 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% | 18.500% | NGN 16.59bn | NGN 21.83bn | NGN 20.75bn |
| 182-day | 19.500% | 19.500% | NGN 51.35bn | NGN 33.46bn | NGN 32.62bn |
| 364-day | 21.889% | 22.100% | NGN 148.15bn | NGN 431.58bn | NGN 162.72bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 August 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-08-07
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