Nigeria Treasury bills · auction of 11 September 2024
Nigeria T-bill auction, 11 September 2024: 364-day at 18.59%, down 35 bps
At the Treasury bill auction dated 11 September 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 16.63% (down 37 basis points), the 182-day bill at 17.00% (down 50 basis points) and the 364-day bill at 18.59% (down 35 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 563.2bn against NGN 161.9bn on offer, 348% of the amount sought, and NGN 161.9bn 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 12.55%, so the government is paying 604 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 185,900 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 1,185,900 after 12 months: NGN 185,900 in interest before any withholding tax, about NGN 15,492 a month.
That is NGN 3,500 less than the same money would have earned at the previous auction.
For shorter money: NGN 85,000 on the 182-day bill (6 months), NGN 41,575 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 | 16.630% | 17.000% | NGN 6.78bn | NGN 17.80bn | NGN 10.84bn |
| 182-day | 17.000% | 17.500% | NGN 4.92bn | NGN 6.16bn | NGN 2.52bn |
| 364-day | 18.590% | 18.940% | NGN 150.18bn | NGN 539.21bn | NGN 148.52bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 11 September 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-09-11
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