Nigeria Treasury bills · auction of 16 December 2015
Nigeria T-bill auction, 16 December 2015: 364-day at 7.45%, down 55 bps
At the Treasury bill auction dated 16 December 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.00% (down 161 basis points), the 182-day bill at 6.19% (down 81 basis points) and the 364-day bill at 7.45% (down 55 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 554.6bn against NGN 155.4bn on offer, 357% of the amount sought, and NGN 155.4bn was accepted.
At 7.45%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 12.48%, so the government is paying 503 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 74,500 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 1,074,500 after 12 months: NGN 74,500 in interest before any withholding tax, about NGN 6,208 a month.
That is NGN 5,500 less than the same money would have earned at the previous auction.
For shorter money: NGN 30,950 on the 182-day bill (6 months), NGN 10,000 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 | 4.000% | 5.612% | NGN 60.00bn | NGN 179.66bn | NGN 60.00bn |
| 182-day | 6.190% | 7.000% | NGN 25.00bn | NGN 115.47bn | NGN 25.00bn |
| 364-day | 7.450% | 8.000% | NGN 70.40bn | NGN 259.45bn | NGN 70.40bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 December 2015, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-12-16
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