Nigeria Treasury bills · auction of 19 November 2014
Nigeria T-bill auction, 19 November 2014: 364-day at 12.48%, up 129 bps
At the Treasury bill auction dated 19 November 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (up 30 basis points), the 182-day bill at 10.80% (up 30 basis points) and the 364-day bill at 12.48% (up 129 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 165.8bn against NGN 119.9bn on offer, 138% of the amount sought, and NGN 119.9bn 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 11.80%, so the government is paying 68 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 124,850 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 1,124,850 after 12 months: NGN 124,850 in interest before any withholding tax, about NGN 10,404 a month.
That is NGN 12,850 more than the same money would have earned at the previous auction.
For shorter money: NGN 54,000 on the 182-day bill (6 months), NGN 24,995 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 | 9.998% | 9.700% | NGN 40.65bn | NGN 34.90bn | NGN 32.44bn |
| 182-day | 10.800% | 10.500% | NGN 25.00bn | NGN 29.51bn | NGN 22.82bn |
| 364-day | 12.485% | 11.200% | NGN 54.29bn | NGN 101.44bn | NGN 64.68bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 November 2014, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-11-19
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