Nigeria Treasury bills · auction of 7 May 2014
Nigeria T-bill auction, 7 May 2014: 364-day at 11.28%, down 97 bps
At the Treasury bill auction dated 7 May 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.24% (down 76 basis points), the 182-day bill at 10.65% (down 112 basis points) and the 364-day bill at 11.28% (down 97 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 813.2bn against NGN 157.1bn on offer, 518% of the amount sought, and NGN 157.2bn was accepted.
At 11.28%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 12.25%, so the government is paying 97 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 112,800 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 1,112,800 after 12 months: NGN 112,800 in interest before any withholding tax, about NGN 9,400 a month.
That is NGN 9,690 less than the same money would have earned at the previous auction.
For shorter money: NGN 53,250 on the 182-day bill (6 months), NGN 25,600 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 | 10.240% | 11.000% | NGN 22.06bn | NGN 101.66bn | NGN 45.18bn |
| 182-day | 10.650% | 11.770% | NGN 30.00bn | NGN 159.99bn | NGN 30.00bn |
| 364-day | 11.280% | 12.249% | NGN 105.00bn | NGN 551.55bn | NGN 82.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 May 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-05-07
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