Nigeria Treasury bills · auction of 4 March 2015
Nigeria T-bill auction, 4 March 2015: 364-day at 15.90%, up 65 bps
At the Treasury bill auction dated 4 March 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.80% (up 5 basis points), the 182-day bill at 14.85% (up 115 basis points) and the 364-day bill at 15.90% (up 65 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 318.6bn against NGN 255.0bn on offer, 125% of the amount sought, and NGN 255.0bn 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 13.20%, so the government is paying 270 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 158,990 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 1,158,990 after 12 months: NGN 158,990 in interest before any withholding tax, about NGN 13,249 a month.
That is NGN 6,490 more than the same money would have earned at the previous auction.
For shorter money: NGN 74,250 on the 182-day bill (6 months), NGN 27,000 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 | 10.800% | 10.750% | NGN 17.85bn | NGN 18.30bn | NGN 17.85bn |
| 182-day | 14.850% | 13.700% | NGN 50.00bn | NGN 22.07bn | NGN 15.04bn |
| 364-day | 15.899% | 15.250% | NGN 187.12bn | NGN 278.22bn | NGN 222.08bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 March 2015, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-03-04
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