Nigeria Treasury bills · auction of 9 October 2024
Nigeria T-bill auction, 9 October 2024: 364-day at 19.86%, down 14 bps
At the Treasury bill auction dated 9 October 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 17.00% (unchanged), the 182-day bill at 17.50% (unchanged) and the 364-day bill at 19.86% (down 14 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 273.3bn against NGN 81.9bn on offer, 334% of the amount sought, and NGN 81.9bn 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 11.37%, so the government is paying 849 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 198,640 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 1,198,640 after 12 months: NGN 198,640 in interest before any withholding tax, about NGN 16,553 a month.
That is NGN 1,360 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% | 17.000% | NGN 28.47bn | NGN 16.27bn | NGN 12.96bn |
| 182-day | 17.500% | 17.500% | NGN 22.67bn | NGN 5.32bn | NGN 3.91bn |
| 364-day | 19.864% | 20.000% | NGN 30.76bn | NGN 251.68bn | NGN 65.03bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 October 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-10-09
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