Nigeria Treasury bills · auction of 3 February 2016
Nigeria T-bill auction, 3 February 2016: 364-day at 9.49%, up 16 bps
At the Treasury bill auction dated 3 February 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.95% (up 66 basis points), the 182-day bill at 7.98% (up 39 basis points) and the 364-day bill at 9.49% (up 16 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 400.8bn against NGN 242.4bn on offer, 165% of the amount sought, and NGN 242.4bn 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 14.56%, so the government is paying 507 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 94,900 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 1,094,900 after 12 months: NGN 94,900 in interest before any withholding tax, about NGN 7,908 a month.
That is NGN 1,615 more than the same money would have earned at the previous auction.
For shorter money: NGN 39,890 on the 182-day bill (6 months), NGN 12,375 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 | 4.950% | 4.290% | NGN 45.18bn | NGN 59.93bn | NGN 45.18bn |
| 182-day | 7.978% | 7.590% | NGN 80.00bn | NGN 119.89bn | NGN 80.00bn |
| 364-day | 9.490% | 9.329% | NGN 117.22bn | NGN 221.02bn | NGN 117.22bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 February 2016, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-02-03
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