Nigeria Treasury bills · auction of 4 December 2024
Nigeria T-bill auction, 4 December 2024: 364-day at 22.93%, down 57 bps
At the Treasury bill auction dated 4 December 2024, the Central Bank of Nigeria set stop rates on the 91-day bill at 18.00% (unchanged), the 182-day bill at 18.50% (unchanged) and the 364-day bill at 22.93% (down 57 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 2546.8bn against NGN 583.3bn on offer, 437% of the amount sought, and NGN 756.7bn was accepted.
Over the past year the 364-day rate has ranged from 8.40% to 23.50%.
A year earlier the 364-day bill cleared at 16.75%, so the government is paying 618 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 229,300 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 1,229,300 after 12 months: NGN 229,300 in interest before any withholding tax, about NGN 19,108 a month.
That is NGN 5,700 less 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% | 18.000% | NGN 7.86bn | NGN 2.92bn | NGN 2.31bn |
| 182-day | 18.500% | 18.500% | NGN 12.27bn | NGN 17.35bn | NGN 13.25bn |
| 364-day | 22.930% | 23.500% | NGN 563.12bn | NGN 2526.56bn | NGN 741.15bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 December 2024, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-12-04
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