Nigeria Treasury bills · auction of 9 April 2014
Nigeria T-bill auction, 9 April 2014: 364-day at 13.04%, down 56 bps
At the Treasury bill auction dated 9 April 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.71% (down 19 basis points), the 182-day bill at 12.84% (down 34 basis points) and the 364-day bill at 13.04% (down 56 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 534.8bn against NGN 183.7bn on offer, 291% of the amount sought, and NGN 183.7bn was accepted.
Over the past year the 364-day rate has ranged from 11.65% to 13.60%.
A year earlier the 364-day bill cleared at 10.76%, so the government is paying 228 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 130,400 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 1,130,400 after 12 months: NGN 130,400 in interest before any withholding tax, about NGN 10,867 a month.
That is NGN 5,590 less than the same money would have earned at the previous auction.
For shorter money: NGN 64,200 on the 182-day bill (6 months), NGN 29,285 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 | 11.714% | 11.900% | NGN 20.16bn | NGN 50.91bn | NGN 20.16bn |
| 182-day | 12.840% | 13.180% | NGN 43.49bn | NGN 102.47bn | NGN 43.49bn |
| 364-day | 13.040% | 13.599% | NGN 120.00bn | NGN 381.37bn | NGN 120.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 April 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-04-09
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