Nigeria Treasury bills · auction of 17 December 2014
Nigeria T-bill auction, 17 December 2014: 364-day at 15.99%, up 351 bps
At the Treasury bill auction dated 17 December 2014, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (up 100 basis points), the 182-day bill at 13.85% (up 305 basis points) and the 364-day bill at 15.99% (up 351 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 187.6bn against NGN 195.6bn on offer, 96% of the amount sought, and NGN 85.2bn was accepted.
At 15.99%, the 364-day rate is the highest in the 22 auctions of the past year.
A year earlier the 364-day bill cleared at 11.66%, so the government is paying 433 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 159,900 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 1,159,900 after 12 months: NGN 159,900 in interest before any withholding tax, about NGN 13,325 a month.
That is NGN 35,050 more than the same money would have earned at the previous auction.
For shorter money: NGN 69,245 on the 182-day bill (6 months), NGN 27,500 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 | 11.000% | 9.998% | NGN 33.88bn | NGN 34.44bn | NGN 33.88bn |
| 182-day | 13.849% | 10.800% | NGN 51.30bn | NGN 57.55bn | NGN 51.30bn |
| 364-day | 15.990% | 12.485% | NGN 110.40bn | NGN 95.64bn | — |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 December 2014, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2014-12-17
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