Nigeria Treasury bills · auction of 7 January 2015
Nigeria T-bill auction, 7 January 2015: 364-day at 15.00%, down 99 bps
At the Treasury bill auction dated 7 January 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.20% (up 20 basis points), the 182-day bill at 14.40% (up 55 basis points) and the 364-day bill at 15.00% (down 99 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 461.2bn against NGN 156.4bn on offer, 295% of the amount sought, and NGN 156.4bn was accepted.
Over the past year the 364-day rate has ranged from 10.13% to 15.99%.
A year earlier the 364-day bill cleared at 12.50%, so the government is paying 250 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 150,000 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 1,150,000 after 12 months: NGN 150,000 in interest before any withholding tax, about NGN 12,500 a month.
That is NGN 9,900 less than the same money would have earned at the previous auction.
For shorter money: NGN 72,000 on the 182-day bill (6 months), NGN 28,000 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 | 11.200% | 11.000% | NGN 20.16bn | NGN 22.27bn | NGN 20.16bn |
| 182-day | 14.400% | 13.849% | NGN 50.40bn | NGN 106.86bn | NGN 50.40bn |
| 364-day | 15.000% | 15.990% | NGN 85.85bn | NGN 332.08bn | NGN 85.85bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 7 January 2015, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-01-07
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.