Nigeria Treasury bills · auction of 4 September 2024
Nigeria T-bill auction, 4 September 2024: 364-day at 18.94%, down 196 bps
At the Treasury bill auction dated 4 September 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 17.00% (down 120 basis points), the 182-day bill at 17.50% (down 170 basis points) and the 364-day bill at 18.94% (down 196 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1129.4bn against NGN 233.3bn on offer, 484% of the amount sought, and NGN 233.3bn 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 13.97%, so the government is paying 497 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 189,400 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 1,189,400 after 12 months: NGN 189,400 in interest before any withholding tax, about NGN 15,783 a month.
That is NGN 19,600 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 42,500 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 | 17.000% | 18.200% | NGN 19.61bn | NGN 41.74bn | NGN 7.86bn |
| 182-day | 17.500% | 19.200% | NGN 10.55bn | NGN 17.97bn | NGN 1.99bn |
| 364-day | 18.940% | 20.900% | NGN 203.15bn | NGN 1069.71bn | NGN 223.46bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 September 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-09-04
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