Nigeria Treasury bills · auction of 17 February 2016
Nigeria T-bill auction, 17 February 2016: 364-day at 8.98%, down 51 bps
At the Treasury bill auction dated 17 February 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.85% (down 10 basis points), the 182-day bill at 7.30% (down 68 basis points) and the 364-day bill at 8.98% (down 51 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 513.7bn against NGN 142.4bn on offer, 361% of the amount sought, and NGN 142.4bn 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 14.30%, so the government is paying 532 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 89,800 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 1,089,800 after 12 months: NGN 89,800 in interest before any withholding tax, about NGN 7,483 a month.
That is NGN 5,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 36,500 on the 182-day bill (6 months), NGN 12,125 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 | 4.850% | 4.950% | NGN 32.44bn | NGN 50.05bn | NGN 32.44bn |
| 182-day | 7.300% | 7.978% | NGN 30.00bn | NGN 151.27bn | NGN 30.00bn |
| 364-day | 8.980% | 9.490% | NGN 80.00bn | NGN 312.41bn | NGN 80.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 February 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-02-17
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