Nigeria Treasury bills · auction of 24 September 2014
Nigeria T-bill auction, 24 September 2014: 364-day at 10.35%, unchanged
At the Treasury bill auction dated 24 September 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.95% (up 37 basis points), the 182-day bill at 10.10% (down 14 basis points) and the 364-day bill at 10.35% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 181.5bn against NGN 114.4bn on offer, 159% of the amount sought, and NGN 114.4bn 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 12.59%, so the government is paying 224 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 103,500 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 1,103,500 after 12 months: NGN 103,500 in interest before any withholding tax, about NGN 8,625 a month.
That is NGN 19 less than the same money would have earned at the previous auction.
For shorter money: NGN 50,500 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% | 9.580% | NGN 21.54bn | NGN 23.60bn | NGN 21.54bn |
| 182-day | 10.100% | 10.240% | NGN 33.78bn | NGN 52.68bn | NGN 33.78bn |
| 364-day | 10.350% | 10.352% | NGN 59.08bn | NGN 105.17bn | NGN 59.08bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 24 September 2014, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-09-24
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