Nigeria Treasury bills · auction of 23 December 2015
Nigeria T-bill auction, 23 December 2015: 91-day at 3.63%, down 37 bps
At the Treasury bill auction dated 23 December 2015, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.63% (down 37 basis points) and the 182-day bill at 6.20% (up 1 basis point). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 227.0bn against NGN 67.5bn on offer, 336% of the amount sought, and NGN 67.5bn was accepted.
At 3.63%, the 91-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 91-day bill cleared at 11.00%, so the government is paying 737 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 30,995 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,030,995 after 6 months: NGN 30,995 in interest before any withholding tax, about NGN 5,166 a month.
That is NGN 45 more than the same money would have earned at the previous auction.
For shorter money: NGN 9,063 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 | 3.625% | 4.000% | NGN 28.12bn | NGN 143.64bn | NGN 28.12bn |
| 182-day | 6.199% | 6.190% | NGN 39.34bn | NGN 83.34bn | NGN 39.34bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 December 2015, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2015-12-23
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