Nigeria Treasury bills · auction of 23 March 2016
Nigeria T-bill auction, 23 March 2016: 364-day at 9.56%, up 41 bps
At the Treasury bill auction dated 23 March 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.00% (up 25 basis points), the 182-day bill at 8.30% (up 35 basis points) and the 364-day bill at 9.56% (up 41 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 323.5bn against NGN 115.0bn on offer, 281% of the amount sought, and NGN 115.0bn 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 15.35%, so the government is paying 579 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 95,585 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 1,095,585 after 12 months: NGN 95,585 in interest before any withholding tax, about NGN 7,965 a month.
That is NGN 4,085 more than the same money would have earned at the previous auction.
For shorter money: NGN 41,500 on the 182-day bill (6 months), NGN 15,000 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 | 6.000% | 5.749% | NGN 18.12bn | NGN 42.20bn | NGN 18.12bn |
| 182-day | 8.300% | 7.950% | NGN 13.68bn | NGN 41.04bn | NGN 13.68bn |
| 364-day | 9.559% | 9.150% | NGN 83.17bn | NGN 240.25bn | NGN 83.17bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 March 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-03-23
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