Nigeria Treasury bills · auction of 4 June 2014
Nigeria T-bill auction, 4 June 2014: 364-day at 10.49%, up 37 bps
At the Treasury bill auction dated 4 June 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.45% (up 43 basis points) and the 364-day bill at 10.49% (up 37 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 304.4bn against NGN 137.9bn on offer, 221% of the amount sought, and NGN 137.9bn was accepted.
Over the past year the 364-day rate has ranged from 10.13% to 13.60%.
A year earlier the 364-day bill cleared at 11.97%, so the government is paying 148 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 104,900 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 1,104,900 after 12 months: NGN 104,900 in interest before any withholding tax, about NGN 8,742 a month.
That is NGN 3,650 more than the same money would have earned at the previous auction.
For shorter money: NGN 52,250 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% | 10.000% | NGN 22.85bn | NGN 50.14bn | NGN 27.85bn |
| 182-day | 10.450% | 10.015% | NGN 30.00bn | NGN 61.88bn | NGN 30.00bn |
| 364-day | 10.490% | 10.125% | NGN 85.00bn | NGN 192.37bn | NGN 80.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 June 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-06-04
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