Nigeria Treasury bills · auction of 5 February 2014
Nigeria T-bill auction, 5 February 2014: 364-day at 13.34%, up 112 bps
At the Treasury bill auction dated 5 February 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.75% (up 100 basis points), the 182-day bill at 12.22% (up 28 basis points) and the 364-day bill at 13.34% (up 112 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 323.0bn against NGN 189.3bn on offer, 171% of the amount sought, and NGN 189.3bn was accepted.
At 13.34%, the 364-day rate is the highest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 11.05%, so the government is paying 229 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 133,400 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 1,133,400 after 12 months: NGN 133,400 in interest before any withholding tax, about NGN 11,117 a month.
That is NGN 11,200 more than the same money would have earned at the previous auction.
For shorter money: NGN 61,100 on the 182-day bill (6 months), NGN 29,375 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 | 11.750% | 10.750% | NGN 22.06bn | NGN 22.12bn | NGN 22.06bn |
| 182-day | 12.220% | 11.940% | NGN 50.00bn | NGN 62.51bn | NGN 50.00bn |
| 364-day | 13.340% | 12.220% | NGN 117.22bn | NGN 238.32bn | NGN 117.22bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 5 February 2014, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-02-05
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