Nigeria Treasury bills · auction of 6 April 2016
Nigeria T-bill auction, 6 April 2016: 364-day at 9.49%, down 7 bps
At the Treasury bill auction dated 6 April 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.10% (up 10 basis points), the 182-day bill at 8.69% (up 39 basis points) and the 364-day bill at 9.49% (down 7 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 445.9bn against NGN 218.9bn on offer, 204% of the amount sought, and NGN 218.9bn 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 14.85%, so the government is paying 536 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 94,880 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 1,094,880 after 12 months: NGN 94,880 in interest before any withholding tax, about NGN 7,907 a month.
That is NGN 705 less than the same money would have earned at the previous auction.
For shorter money: NGN 43,450 on the 182-day bill (6 months), NGN 15,250 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 | 6.100% | 6.000% | NGN 55.40bn | NGN 25.20bn | NGN 19.00bn |
| 182-day | 8.690% | 8.300% | NGN 33.49bn | NGN 62.27bn | NGN 33.49bn |
| 364-day | 9.488% | 9.559% | NGN 130.00bn | NGN 358.41bn | NGN 166.40bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 6 April 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-04-06
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