Nigeria Treasury bills · auction of 18 February 2015
Nigeria T-bill auction, 18 February 2015: 364-day at 15.25%, up 95 bps
At the Treasury bill auction dated 18 February 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.75% (down 23 basis points), the 182-day bill at 13.70% (down 20 basis points) and the 364-day bill at 15.25% (up 95 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 254.3bn against NGN 142.4bn on offer, 179% of the amount sought, and NGN 142.4bn 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 13.34%, so the government is paying 191 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 152,500 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 1,152,500 after 12 months: NGN 152,500 in interest before any withholding tax, about NGN 12,708 a month.
That is NGN 9,500 more than the same money would have earned at the previous auction.
For shorter money: NGN 68,500 on the 182-day bill (6 months), NGN 26,875 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 | 10.750% | 10.980% | NGN 32.44bn | NGN 34.80bn | NGN 32.44bn |
| 182-day | 13.700% | 13.900% | NGN 30.00bn | NGN 48.15bn | NGN 30.00bn |
| 364-day | 15.250% | 14.300% | NGN 80.00bn | NGN 171.40bn | NGN 80.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 February 2015, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-02-18
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