Nigeria Treasury bills · auction of 11 December 2024
Nigeria T-bill auction, 11 December 2024: 364-day at 22.80%, down 13 bps
At the Treasury bill auction dated 11 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 22.80% (down 13 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 907.9bn against NGN 275.7bn on offer, 329% of the amount sought, and NGN 527.8bn 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 15.75%, so the government is paying 705 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 228,000 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 1,228,000 after 12 months: NGN 228,000 in interest before any withholding tax, about NGN 19,000 a month.
That is NGN 1,300 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 10.84bn | NGN 8.80bn | NGN 8.80bn |
| 182-day | 18.500% | 18.500% | NGN 8.36bn | NGN 10.61bn | NGN 7.03bn |
| 364-day | 22.800% | 22.930% | NGN 256.51bn | NGN 888.43bn | NGN 512.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 11 December 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-12-11
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