Nigeria Treasury bills · auction of 21 May 2014
Nigeria T-bill auction, 21 May 2014: 364-day at 10.13%, down 115 bps
At the Treasury bill auction dated 21 May 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (down 24 basis points), the 182-day bill at 10.02% (down 63 basis points) and the 364-day bill at 10.13% (down 115 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 520719.2bn against NGN 121331.4bn on offer, 429% of the amount sought, and NGN 121331.4bn was accepted.
At 10.13%, the 364-day rate is the lowest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 11.68%, so the government is paying 155 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 101,250 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 1,101,250 after 12 months: NGN 101,250 in interest before any withholding tax, about NGN 8,438 a month.
That is NGN 11,550 less than the same money would have earned at the previous auction.
For shorter money: NGN 50,075 on the 182-day bill (6 months), NGN 25,000 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 | 10.000% | 10.240% | NGN 40647.81bn | NGN 65306.50bn | NGN 40647.81bn |
| 182-day | 10.015% | 10.650% | NGN 25000.00bn | NGN 98837.42bn | NGN 25000.00bn |
| 364-day | 10.125% | 11.280% | NGN 55683.60bn | NGN 356575.29bn | NGN 55683.60bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 May 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-05-21
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