Nigeria Treasury bills · auction of 25 September 2024
Nigeria T-bill auction, 25 September 2024: 364-day at 20.00%, up 141 bps
At the Treasury bill auction dated 25 September 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 17.00% (up 37 basis points), the 182-day bill at 17.50% (up 50 basis points) and the 364-day bill at 20.00% (up 141 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 304.3bn against NGN 227.5bn on offer, 134% of the amount sought, and NGN 227.5bn 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 12.98%, so the government is paying 702 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 200,000 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 1,200,000 after 12 months: NGN 200,000 in interest before any withholding tax, about NGN 16,667 a month.
That is NGN 14,100 more 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% | 16.630% | NGN 28.15bn | NGN 30.65bn | NGN 27.35bn |
| 182-day | 17.500% | 17.000% | NGN 25.58bn | NGN 23.19bn | NGN 23.09bn |
| 364-day | 20.000% | 18.590% | NGN 173.81bn | NGN 250.42bn | NGN 177.10bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 25 September 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-09-25
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.