Nigeria Treasury bills · auction of 18 November 2015
Nigeria T-bill auction, 18 November 2015: 364-day at 8.50%, down 98 bps
At the Treasury bill auction dated 18 November 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.34% (down 48 basis points), the 182-day bill at 7.25% (down 74 basis points) and the 364-day bill at 8.50% (down 98 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 301.1bn against NGN 119.9bn on offer, 251% of the amount sought, and NGN 119.9bn was accepted.
At 8.50%, the 364-day rate is the lowest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 11.20%, so the government is paying 270 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 85,000 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 1,085,000 after 12 months: NGN 85,000 in interest before any withholding tax, about NGN 7,083 a month.
That is NGN 9,800 less than the same money would have earned at the previous auction.
For shorter money: NGN 36,250 on the 182-day bill (6 months), NGN 13,356 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 | 5.342% | 5.827% | NGN 32.44bn | NGN 67.10bn | NGN 32.44bn |
| 182-day | 7.250% | 7.988% | NGN 22.82bn | NGN 63.46bn | NGN 22.82bn |
| 364-day | 8.500% | 9.480% | NGN 64.68bn | NGN 170.50bn | NGN 64.68bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 November 2015, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-11-18
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