Nigeria Treasury bills · auction of 5 March 2014
Nigeria T-bill auction, 5 March 2014: 364-day at 13.51%, up 31 bps
At the Treasury bill auction dated 5 March 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.89% (down 1 basis point), the 182-day bill at 13.36% (up 22 basis points) and the 364-day bill at 13.51% (up 31 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 314.8bn against NGN 275.1bn on offer, 114% of the amount sought, and NGN 275.1bn was accepted.
At 13.51%, the 364-day rate is the highest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 9.54%, so the government is paying 397 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 135,094 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 1,135,094 after 12 months: NGN 135,094 in interest before any withholding tax, about NGN 11,258 a month.
That is NGN 3,102 more than the same money would have earned at the previous auction.
For shorter money: NGN 66,791 on the 182-day bill (6 months), NGN 29,725 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 | 11.890% | 11.900% | NGN 22.97bn | NGN 27.73bn | NGN 22.97bn |
| 182-day | 13.358% | 13.142% | NGN 65.00bn | NGN 74.78bn | NGN 65.00bn |
| 364-day | 13.509% | 13.199% | NGN 187.12bn | NGN 212.33bn | NGN 187.12bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 5 March 2014, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-03-05
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