Nigeria Treasury bills · auction of 8 January 2014
Nigeria T-bill auction, 8 January 2014: 364-day at 12.00%, down 50 bps
At the Treasury bill auction dated 8 January 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.90% (unchanged), the 182-day bill at 11.85% (unchanged) and the 364-day bill at 12.00% (down 50 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 362.1bn against NGN 156.4bn on offer, 231% of the amount sought, and NGN 156.4bn was accepted.
Over the past year the 364-day rate has ranged from 9.54% to 13.34%.
A year earlier the 364-day bill cleared at 11.80%, so the government is paying 20 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 120,000 in 12 months on the 364-day bill
Put NGN 1,000,000 into the 364-day bill at this auction and you get back NGN 1,120,000 after 12 months: NGN 120,000 in interest before any withholding tax, about NGN 10,000 a month.
That is NGN 5,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 59,250 on the 182-day bill (6 months), NGN 27,250 on the 91-day bill (3 months).
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 | 10.900% | 10.900% | NGN 20.16bn | NGN 31.43bn | NGN 20.16bn |
| 182-day | 11.850% | 11.850% | NGN 50.40bn | NGN 77.32bn | NGN 50.40bn |
| 364-day | 12.000% | 12.500% | NGN 85.85bn | NGN 253.29bn | NGN 85.85bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 8 January 2014, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-01-08
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