Nigeria Treasury bills · auction of 6 January 2016
Nigeria T-bill auction, 6 January 2016: 364-day at 8.05%, up 60 bps
At the Treasury bill auction dated 6 January 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.00% (up 38 basis points), the 182-day bill at 6.99% (up 79 basis points) and the 364-day bill at 8.05% (up 60 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 311.5bn against NGN 136.2bn on offer, 229% of the amount sought, and NGN 136.2bn was accepted.
Over the past year the 364-day rate has ranged from 7.45% to 16.28%.
A year earlier the 364-day bill cleared at 15.99%, so the government is paying 794 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 80,500 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 1,080,500 after 12 months: NGN 80,500 in interest before any withholding tax, about NGN 6,708 a month.
That is NGN 6,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 34,950 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% | 3.625% | NGN 55.40bn | NGN 99.61bn | NGN 55.40bn |
| 182-day | 6.990% | 6.199% | NGN 25.00bn | NGN 76.90bn | NGN 25.00bn |
| 364-day | 8.050% | 7.450% | NGN 55.85bn | NGN 135.00bn | NGN 55.85bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 6 January 2016, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-01-06
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