Nigeria Treasury bills · auction of 20 August 2014
Nigeria T-bill auction, 20 August 2014: 91-day at 9.90%, down 10 bps
At the Treasury bill auction dated 20 August 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.90% (down 10 basis points) and the 182-day bill at 10.20% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 122.3bn against NGN 70.6bn on offer, 173% of the amount sought, and NGN 70.6bn was accepted.
Over the past year the 91-day rate has ranged from 9.84% to 11.95%.
A year earlier the 91-day bill cleared at 11.50%, so the government is paying 160 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 51,000 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 1,051,000 after 6 months: NGN 51,000 in interest before any withholding tax, about NGN 8,500 a month.
That is the same as at the previous auction.
For shorter money: NGN 24,750 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 | 9.900% | 10.000% | NGN 40.65bn | NGN 56.33bn | NGN 40.65bn |
| 182-day | 10.200% | 10.200% | NGN 30.00bn | NGN 66.00bn | NGN 30.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 August 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-08-20
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