Nigeria Treasury bills · auction of 24 November 2004
Nigeria T-bill auction, 24 November 2004: 182-day at 14.25%, down 75 bps
At the Treasury bill auction dated 24 November 2004, the Central Bank of Nigeria set stop rates on the 182-day bill at 14.25% (down 75 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 25.1bn against NGN 5.0bn on offer, 501% 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 71,250 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 1,071,250 after 6 months: NGN 71,250 in interest before any withholding tax, about NGN 11,875 a month.
That is NGN 3,750 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 |
|---|---|---|---|---|---|
| 182-day | 14.250% | 15.000% | NGN 5.00bn | NGN 25.05bn | 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, 24 November 2004, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2004-11-24
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