Nigeria Treasury bills · auction of 2 September 2015
Nigeria T-bill auction, 2 September 2015: 364-day at 14.69%, down 2 bps
At the Treasury bill auction dated 2 September 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (unchanged), the 182-day bill at 13.50% (up 50 basis points) and the 364-day bill at 14.69% (down 2 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 284.6bn against NGN 172.9bn on offer, 165% of the amount sought, and NGN 172.9bn was accepted.
Over the past year the 364-day rate has ranged from 10.35% to 16.28%.
A year earlier the 364-day bill cleared at 10.32%, so the government is paying 437 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 146,900 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 1,146,900 after 12 months: NGN 146,900 in interest before any withholding tax, about NGN 12,242 a month.
That is NGN 218 less than the same money would have earned at the previous auction.
For shorter money: NGN 67,500 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 17.85bn | NGN 18.20bn | NGN 17.85bn |
| 182-day | 13.500% | 13.000% | NGN 50.00bn | NGN 58.38bn | NGN 50.00bn |
| 364-day | 14.690% | 14.712% | NGN 105.00bn | NGN 207.98bn | NGN 105.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 2 September 2015, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-09-02
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