Nigeria Treasury bills · auction of 22 July 2015
Nigeria T-bill auction, 22 July 2015: 364-day at 13.00%, down 328 bps
At the Treasury bill auction dated 22 July 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (unchanged), the 182-day bill at 12.65% (up 3 basis points) and the 364-day bill at 13.00% (down 328 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 148.4bn against NGN 128.1bn on offer, 116% of the amount sought, and NGN 128.0bn was accepted.
Over the past year the 364-day rate has ranged from 10.32% to 16.28%.
A year earlier the 364-day bill cleared at 10.35%, so the government is paying 265 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 130,000 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 1,130,000 after 12 months: NGN 130,000 in interest before any withholding tax, about NGN 10,833 a month.
That is NGN 32,832 less than the same money would have earned at the previous auction.
For shorter money: NGN 63,250 on the 182-day bill (6 months), NGN 25,000 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 | 10.000% | 10.000% | NGN 36.96bn | NGN 36.96bn | NGN 36.79bn |
| 182-day | 12.650% | 12.625% | NGN 39.18bn | NGN 45.63bn | NGN 39.18bn |
| 364-day | 13.000% | 16.283% | NGN 52.00bn | NGN 65.82bn | NGN 52.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 July 2015, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-07-22
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