Nigeria Treasury bills · auction of 7 October 2015
Nigeria T-bill auction, 7 October 2015: 364-day at 12.50%, down 130 bps
At the Treasury bill auction dated 7 October 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (down 50 basis points), the 182-day bill at 12.20% (down 99 basis points) and the 364-day bill at 12.50% (down 130 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 367.3bn against NGN 127.1bn on offer, 289% of the amount sought, and NGN 127.1bn was accepted.
Over the past year the 364-day rate has ranged from 11.20% to 16.28%.
A year earlier the 364-day bill cleared at 10.35%, so the government is paying 215 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 125,000 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 1,125,000 after 12 months: NGN 125,000 in interest before any withholding tax, about NGN 10,417 a month.
That is NGN 13,012 less than the same money would have earned at the previous auction.
For shorter money: NGN 61,000 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% | 10.500% | NGN 25.40bn | NGN 36.64bn | NGN 25.40bn |
| 182-day | 12.200% | 13.190% | NGN 33.49bn | NGN 76.19bn | NGN 33.49bn |
| 364-day | 12.500% | 13.801% | NGN 68.18bn | NGN 254.47bn | NGN 68.18bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 October 2015, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-10-07
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