Nigeria Treasury bills · auction of 8 April 2015
Nigeria T-bill auction, 8 April 2015: 364-day at 14.15%, down 70 bps
At the Treasury bill auction dated 8 April 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.50% (down 20 basis points), the 182-day bill at 14.10% (down 40 basis points) and the 364-day bill at 14.15% (down 70 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 423.1bn against NGN 183.7bn on offer, 230% of the amount sought, and NGN 183.7bn 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 13.60%, so the government is paying 55 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 141,500 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 1,141,500 after 12 months: NGN 141,500 in interest before any withholding tax, about NGN 11,792 a month.
That is NGN 7,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 70,500 on the 182-day bill (6 months), NGN 26,250 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 | 10.500% | 10.700% | NGN 20.16bn | NGN 25.53bn | NGN 20.16bn |
| 182-day | 14.100% | 14.500% | NGN 43.49bn | NGN 52.05bn | NGN 33.49bn |
| 364-day | 14.150% | 14.850% | NGN 120.00bn | NGN 345.56bn | NGN 130.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 8 April 2015, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-04-08
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