Nigeria Treasury bills · auction of 4 February 2015
Nigeria T-bill auction, 4 February 2015: 364-day at 14.30%, down 26 bps
At the Treasury bill auction dated 4 February 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.98% (down 22 basis points), the 182-day bill at 13.90% (down 29 basis points) and the 364-day bill at 14.30% (down 26 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 461.9bn against NGN 192.4bn on offer, 240% of the amount sought, and NGN 192.4bn 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 12.22%, so the government is paying 208 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 143,000 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 1,143,000 after 12 months: NGN 143,000 in interest before any withholding tax, about NGN 11,917 a month.
That is NGN 2,616 less than the same money would have earned at the previous auction.
For shorter money: NGN 69,500 on the 182-day bill (6 months), NGN 27,450 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 | 10.980% | 11.200% | NGN 45.18bn | NGN 55.99bn | NGN 45.18bn |
| 182-day | 13.900% | 14.190% | NGN 30.00bn | NGN 111.39bn | NGN 30.00bn |
| 364-day | 14.300% | 14.562% | NGN 117.22bn | NGN 294.55bn | NGN 117.22bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 February 2015, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-02-04
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