Nigeria Treasury bills · auction of 23 April 2014
Nigeria T-bill auction, 23 April 2014: 364-day at 12.25%, down 79 bps
At the Treasury bill auction dated 23 April 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (down 71 basis points), the 182-day bill at 11.77% (down 107 basis points) and the 364-day bill at 12.25% (down 79 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 680.2bn against NGN 150.6bn on offer, 452% of the amount sought, and NGN 150.6bn 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 10.71%, so the government is paying 154 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 122,490 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 1,122,490 after 12 months: NGN 122,490 in interest before any withholding tax, about NGN 10,208 a month.
That is NGN 7,910 less than the same money would have earned at the previous auction.
For shorter money: NGN 58,850 on the 182-day bill (6 months), NGN 27,500 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 | 11.000% | 11.714% | NGN 34.89bn | NGN 75.00bn | NGN 34.89bn |
| 182-day | 11.770% | 12.840% | NGN 30.00bn | NGN 165.46bn | NGN 30.00bn |
| 364-day | 12.249% | 13.040% | NGN 85.73bn | NGN 439.69bn | NGN 85.73bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 April 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-04-23
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