Nigeria Treasury bills · auction of 25 June 2014
Nigeria T-bill auction, 25 June 2014: 364-day at 10.35%, down 5 bps
At the Treasury bill auction dated 25 June 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.95% (down 4 basis points), the 182-day bill at 10.25% (down 13 basis points) and the 364-day bill at 10.35% (down 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 314.3bn against NGN 134.6bn on offer, 234% of the amount sought, and NGN 134.6bn 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 12.99%, so the government is paying 264 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 103,490 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 1,103,490 after 12 months: NGN 103,490 in interest before any withholding tax, about NGN 8,624 a month.
That is NGN 483 less than the same money would have earned at the previous auction.
For shorter money: NGN 51,250 on the 182-day bill (6 months), NGN 24,875 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 | 9.950% | 9.990% | NGN 21.54bn | NGN 40.73bn | NGN 21.54bn |
| 182-day | 10.250% | 10.380% | NGN 31.84bn | NGN 75.03bn | NGN 31.84bn |
| 364-day | 10.349% | 10.397% | NGN 81.19bn | NGN 198.57bn | NGN 81.19bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 25 June 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-06-25
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