Nigeria Treasury bills · auction of 9 July 2014
Nigeria T-bill auction, 9 July 2014: 91-day at 9.95%, unchanged
At the Treasury bill auction dated 9 July 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.95% (unchanged) and the 182-day bill at 10.24% (down 1 basis point). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 102.7bn against NGN 70.6bn on offer, 145% of the amount sought, and NGN 70.6bn was accepted.
At 9.95%, the 91-day rate is the lowest in the 28 auctions of the past year.
A year earlier the 91-day bill cleared at 11.62%, so the government is paying 167 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 51,223 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,051,223 after 6 months: NGN 51,223 in interest before any withholding tax, about NGN 8,537 a month.
That is NGN 27 less than the same money would have earned at the previous auction.
For shorter money: 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% | 9.950% | NGN 20.16bn | NGN 21.00bn | NGN 20.16bn |
| 182-day | 10.245% | 10.250% | NGN 50.40bn | NGN 81.67bn | NGN 50.40bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 July 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-07-09
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