Nigeria Treasury bills · auction of 18 March 2015
Nigeria T-bill auction, 18 March 2015: 364-day at 15.35%, down 55 bps
At the Treasury bill auction dated 18 March 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.79% (down 1 basis point), the 182-day bill at 14.70% (down 15 basis points) and the 364-day bill at 15.35% (down 55 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 447.8bn against NGN 167.2bn on offer, 268% of the amount sought, and NGN 167.2bn 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 13.51%, so the government is paying 184 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 153,500 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 1,153,500 after 12 months: NGN 153,500 in interest before any withholding tax, about NGN 12,792 a month.
That is NGN 5,490 less than the same money would have earned at the previous auction.
For shorter money: NGN 73,500 on the 182-day bill (6 months), NGN 26,975 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 | 10.790% | 10.800% | NGN 33.88bn | NGN 42.58bn | NGN 33.88bn |
| 182-day | 14.700% | 14.850% | NGN 50.28bn | NGN 68.60bn | NGN 50.28bn |
| 364-day | 15.350% | 15.899% | NGN 83.05bn | NGN 336.66bn | NGN 83.05bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 March 2015, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-03-18
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