Nigeria Treasury bills · auction of 15 January 2004
Nigeria T-bill auction, 15 January 2004: 91-day at 14.48%, down 2 bps
At the Treasury bill auction dated 15 January 2004, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.48% (down 2 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 32.3bn against NGN 25.4bn on offer, 127% of the amount sought, and NGN 25.4bn was accepted.
Over the past year the 91-day rate has ranged from 13.39% to 16.00%.
A year earlier the 91-day bill cleared at 14.50%, so the government is paying 2 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 36,200 in 3 months on the 91-day bill
Put NGN 1,000,000 into the 91-day bill at this auction and you get back NGN 1,036,200 after 3 months: NGN 36,200 in interest before any withholding tax, about NGN 12,067 a month.
That is NGN 50 less than the same money would have earned at the previous auction.
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 | 14.480% | 14.500% | NGN 25.38bn | NGN 32.29bn | NGN 25.38bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 January 2004, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2004-01-15
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