Nigeria Treasury bills · auction of 21 January 2015
Nigeria T-bill auction, 21 January 2015: 364-day at 14.56%, down 44 bps
At the Treasury bill auction dated 21 January 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.20% (unchanged), the 182-day bill at 14.19% (down 21 basis points) and the 364-day bill at 14.56% (down 44 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 611.2bn against NGN 227.9bn on offer, 268% of the amount sought, and NGN 227.9bn 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 12.00%, so the government is paying 256 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 145,616 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 1,145,616 after 12 months: NGN 145,616 in interest before any withholding tax, about NGN 12,135 a month.
That is NGN 4,384 less than the same money would have earned at the previous auction.
For shorter money: NGN 70,950 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% | 11.200% | NGN 38.71bn | NGN 44.04bn | NGN 38.71bn |
| 182-day | 14.190% | 14.400% | NGN 69.18bn | NGN 123.56bn | NGN 69.18bn |
| 364-day | 14.562% | 15.000% | NGN 120.00bn | NGN 443.63bn | NGN 120.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 January 2015, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-01-21
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