Nigeria Treasury bills · auction of 16 March 2016
Nigeria T-bill auction, 16 March 2016: 364-day at 9.15%, up 15 bps
At the Treasury bill auction dated 16 March 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.75% (up 56 basis points), the 182-day bill at 7.95% (up 38 basis points) and the 364-day bill at 9.15% (up 15 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 409.9bn against NGN 166.6bn on offer, 246% of the amount sought, and NGN 166.6bn 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 15.90%, so the government is paying 675 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 91,500 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 1,091,500 after 12 months: NGN 91,500 in interest before any withholding tax, about NGN 7,625 a month.
That is NGN 1,500 more than the same money would have earned at the previous auction.
For shorter money: NGN 39,750 on the 182-day bill (6 months), NGN 14,373 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 | 5.749% | 5.186% | NGN 35.10bn | NGN 40.21bn | NGN 35.10bn |
| 182-day | 7.950% | 7.570% | NGN 48.45bn | NGN 82.92bn | NGN 48.45bn |
| 364-day | 9.150% | 9.000% | NGN 83.05bn | NGN 286.72bn | NGN 83.05bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 March 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-03-16
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