Nigeria Treasury bills · auction of 16 September 2004
Nigeria T-bill auction, 16 September 2004: 91-day at 14.50%, unchanged
At the Treasury bill auction dated 16 September 2004, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.50% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 52.8bn against NGN 60.0bn on offer, 88% of the amount sought, and NGN 52.8bn was accepted.
At 14.50%, the 91-day rate is the highest in the 21 auctions of the past year.
A year earlier the 91-day bill cleared at 13.39%, so the government is paying 111 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 36,250 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 1,036,250 after 3 months: NGN 36,250 in interest before any withholding tax, about NGN 12,083 a month.
That is the same as 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 | 14.500% | 14.500% | NGN 60.00bn | NGN 52.81bn | NGN 52.81bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 September 2004, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2004-09-16
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