Nigeria Treasury bills · auction of 12 January 2005
Nigeria T-bill auction, 12 January 2005: 182-day at 16.00%, up 175 bps
At the Treasury bill auction dated 12 January 2005, the Central Bank of Nigeria set stop rates on the 182-day bill at 16.00% (up 175 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 13.3bn against NGN 15.0bn on offer, 89% of the amount sought, and NGN 12.3bn was accepted.
At 16.00%, the 182-day rate is the highest in the 10 auctions of the past year.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 80,000 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 1,080,000 after 6 months: NGN 80,000 in interest before any withholding tax, about NGN 13,333 a month.
That is NGN 8,750 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 | 16.000% | 14.250% | NGN 15.00bn | NGN 13.35bn | NGN 12.28bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 January 2005, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-01-12
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