Nigeria Treasury bills · auction of 18 June 2014
Nigeria T-bill auction, 18 June 2014: 364-day at 10.40%, down 9 bps
At the Treasury bill auction dated 18 June 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.99% (down 1 basis point), the 182-day bill at 10.38% (down 7 basis points) and the 364-day bill at 10.40% (down 9 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 404.3bn against NGN 168.3bn on offer, 240% of the amount sought, and NGN 168.3bn 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 12.64%, so the government is paying 224 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 103,973 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 1,103,973 after 12 months: NGN 103,973 in interest before any withholding tax, about NGN 8,664 a month.
That is NGN 927 less than the same money would have earned at the previous auction.
For shorter money: NGN 51,900 on the 182-day bill (6 months), NGN 24,975 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 | 9.990% | 10.000% | NGN 33.27bn | NGN 59.46bn | NGN 33.27bn |
| 182-day | 10.380% | 10.450% | NGN 65.03bn | NGN 110.59bn | NGN 50.03bn |
| 364-day | 10.397% | 10.490% | NGN 70.00bn | NGN 234.29bn | NGN 85.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 June 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-06-18
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