Nigeria Treasury bills · auction of 19 February 2014
Nigeria T-bill auction, 19 February 2014: 364-day at 13.20%, down 14 bps
At the Treasury bill auction dated 19 February 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.90% (up 15 basis points), the 182-day bill at 13.14% (up 92 basis points) and the 364-day bill at 13.20% (down 14 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 159.0bn against NGN 190.6bn on offer, 83% of the amount sought, and NGN 130.6bn was accepted.
Over the past year the 364-day rate has ranged from 9.98% to 13.34%.
A year earlier the 364-day bill cleared at 10.60%, so the government is paying 260 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 131,992 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 1,131,992 after 12 months: NGN 131,992 in interest before any withholding tax, about NGN 10,999 a month.
That is NGN 1,408 less than the same money would have earned at the previous auction.
For shorter money: NGN 65,709 on the 182-day bill (6 months), NGN 29,750 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 | 11.900% | 11.750% | NGN 20.65bn | NGN 24.11bn | NGN 20.65bn |
| 182-day | 13.142% | 12.220% | NGN 50.00bn | NGN 31.49bn | NGN 30.00bn |
| 364-day | 13.199% | 13.340% | NGN 120.00bn | NGN 103.43bn | NGN 80.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 February 2014, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-02-19
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