Nigeria Treasury bills · auction of 3 September 2014
Nigeria T-bill auction, 3 September 2014: 364-day at 10.35%, up 3 bps
At the Treasury bill auction dated 3 September 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.79% (down 11 basis points), the 182-day bill at 10.17% (down 3 basis points) and the 364-day bill at 10.35% (up 3 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 284.4bn against NGN 182.9bn on offer, 156% of the amount sought, and NGN 182.9bn 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 13.08%, so the government is paying 273 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 103,519 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 1,103,519 after 12 months: NGN 103,519 in interest before any withholding tax, about NGN 8,627 a month.
That is NGN 329 more than the same money would have earned at the previous auction.
For shorter money: NGN 50,850 on the 182-day bill (6 months), NGN 24,475 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 | 9.790% | 9.900% | NGN 27.85bn | NGN 44.93bn | NGN 27.85bn |
| 182-day | 10.170% | 10.200% | NGN 50.00bn | NGN 65.18bn | NGN 50.00bn |
| 364-day | 10.352% | 10.319% | NGN 105.00bn | NGN 174.26bn | NGN 105.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 September 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-09-03
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