Nigeria Treasury bills · auction of 19 March 2014
Nigeria T-bill auction, 19 March 2014: 364-day at 13.60%, up 9 bps
At the Treasury bill auction dated 19 March 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.95% (up 6 basis points), the 182-day bill at 13.25% (down 11 basis points) and the 364-day bill at 13.60% (up 9 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 381.6bn against NGN 166.6bn on offer, 229% of the amount sought, and NGN 166.6bn was accepted.
At 13.60%, the 364-day rate is the highest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 9.98%, so the government is paying 362 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 135,990 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 1,135,990 after 12 months: NGN 135,990 in interest before any withholding tax, about NGN 11,333 a month.
That is NGN 896 more than the same money would have earned at the previous auction.
For shorter money: NGN 66,245 on the 182-day bill (6 months), NGN 29,875 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 | 11.950% | 11.890% | NGN 33.27bn | NGN 42.50bn | NGN 33.27bn |
| 182-day | 13.249% | 13.358% | NGN 50.28bn | NGN 134.05bn | NGN 50.28bn |
| 364-day | 13.599% | 13.509% | NGN 83.05bn | NGN 205.01bn | NGN 83.05bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 March 2014, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-03-19
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