Nigeria Treasury bills · auction of 17 November 2004
Nigeria T-bill auction, 17 November 2004: 182-day at 15.00%, up 100 bps
At the Treasury bill auction dated 17 November 2004, the Central Bank of Nigeria set stop rates on the 182-day bill at 15.00% (up 100 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 7.5bn against NGN 5.0bn on offer, 151% of the amount sought, and NGN 5.0bn was accepted.
Over the past year the 182-day rate has ranged from 13.98% to 15.75%.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 75,000 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,075,000 after 6 months: NGN 75,000 in interest before any withholding tax, about NGN 12,500 a month.
That is NGN 5,000 more 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 |
|---|---|---|---|---|---|
| 182-day | 15.000% | 14.000% | NGN 5.00bn | NGN 7.55bn | NGN 5.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 November 2004, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2004-11-17
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