Nigeria Treasury bills · auction of 20 November 2024
Nigeria T-bill auction, 20 November 2024: 364-day at 23.50%, up 285 bps
At the Treasury bill auction dated 20 November 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 18.00% (up 100 basis points), the 182-day bill at 18.50% (up 100 basis points) and the 364-day bill at 23.50% (up 285 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1177.2bn against NGN 610.8bn on offer, 193% of the amount sought, and NGN 693.0bn was accepted.
At 23.50%, the 364-day rate is the highest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 16.75%, so the government is paying 675 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 235,000 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 1,235,000 after 12 months: NGN 235,000 in interest before any withholding tax, about NGN 19,583 a month.
That is NGN 28,500 more than the same money would have earned at the previous auction.
For shorter money: NGN 92,500 on the 182-day bill (6 months), NGN 45,000 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 | 18.000% | 17.000% | NGN 41.89bn | NGN 35.41bn | NGN 35.41bn |
| 182-day | 18.500% | 17.500% | NGN 28.46bn | NGN 18.88bn | NGN 16.92bn |
| 364-day | 23.500% | 20.650% | NGN 540.45bn | NGN 1122.88bn | NGN 640.71bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 November 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-11-20
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