Nigeria Treasury bills · auction of 5 November 2014
Nigeria T-bill auction, 5 November 2014: 364-day at 11.20%, down 5 bps
At the Treasury bill auction dated 5 November 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.70% (down 10 basis points), the 182-day bill at 10.50% (up 30 basis points) and the 364-day bill at 11.20% (down 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 235.2bn against NGN 123.0bn on offer, 191% of the amount sought, and NGN 123.0bn 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 11.70%, so the government is paying 50 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 112,000 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 1,112,000 after 12 months: NGN 112,000 in interest before any withholding tax, about NGN 9,333 a month.
That is NGN 500 less than the same money would have earned at the previous auction.
For shorter money: NGN 52,500 on the 182-day bill (6 months), NGN 24,250 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 | 9.700% | 9.800% | NGN 45.18bn | NGN 51.29bn | NGN 45.18bn |
| 182-day | 10.500% | 10.200% | NGN 23.43bn | NGN 27.94bn | NGN 23.43bn |
| 364-day | 11.200% | 11.250% | NGN 54.35bn | NGN 156.01bn | NGN 54.35bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 5 November 2014, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-11-05
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