Nigeria Treasury bills · auction of 17 September 2014
Nigeria T-bill auction, 17 September 2014: 91-day at 9.58%, down 21 bps
At the Treasury bill auction dated 17 September 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.58% (down 21 basis points) and the 182-day bill at 10.24% (up 7 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 122.0bn against NGN 83.5bn on offer, 146% of the amount sought, and NGN 83.5bn was accepted.
At 9.58%, the 91-day rate is the lowest in the 29 auctions of the past year.
A year earlier the 91-day bill cleared at 10.90%, so the government is paying 132 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 51,200 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 1,051,200 after 6 months: NGN 51,200 in interest before any withholding tax, about NGN 8,533 a month.
That is NGN 350 more than the same money would have earned at the previous auction.
For shorter money: NGN 23,950 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 | 9.580% | 9.790% | NGN 33.27bn | NGN 58.49bn | NGN 33.27bn |
| 182-day | 10.240% | 10.170% | NGN 50.28bn | NGN 63.55bn | NGN 50.28bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 September 2014, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-09-17
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