Nigeria Treasury bills · auction of 20 January 2016
Nigeria T-bill auction, 20 January 2016: 364-day at 9.33%, up 128 bps
At the Treasury bill auction dated 20 January 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.29% (up 29 basis points), the 182-day bill at 7.59% (up 60 basis points) and the 364-day bill at 9.33% (up 128 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 289.1bn against NGN 196.0bn on offer, 148% of the amount sought, and NGN 196.0bn 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 15.00%, so the government is paying 567 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 93,285 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 1,093,285 after 12 months: NGN 93,285 in interest before any withholding tax, about NGN 7,774 a month.
That is NGN 12,785 more than the same money would have earned at the previous auction.
For shorter money: NGN 37,950 on the 182-day bill (6 months), NGN 10,725 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 | 4.290% | 4.000% | NGN 36.79bn | NGN 64.31bn | NGN 36.79bn |
| 182-day | 7.590% | 6.990% | NGN 39.18bn | NGN 75.49bn | NGN 39.18bn |
| 364-day | 9.329% | 8.050% | NGN 120.00bn | NGN 149.26bn | NGN 120.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 January 2016, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-01-20
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