Nigeria Treasury bills · auction of 20 April 2016
Nigeria T-bill auction, 20 April 2016: 364-day at 10.25%, up 76 bps
At the Treasury bill auction dated 20 April 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 7.88% (up 178 basis points), the 182-day bill at 8.99% (up 30 basis points) and the 364-day bill at 10.25% (up 76 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 184.5bn against NGN 167.5bn on offer, 110% of the amount sought, and NGN 71.8bn 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 14.15%, so the government is paying 390 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 102,485 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 1,102,485 after 12 months: NGN 102,485 in interest before any withholding tax, about NGN 8,540 a month.
That is NGN 7,605 more than the same money would have earned at the previous auction.
For shorter money: NGN 44,950 on the 182-day bill (6 months), NGN 19,701 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 | 7.880% | 6.100% | NGN 36.79bn | NGN 37.31bn | NGN 36.79bn |
| 182-day | 8.990% | 8.690% | NGN 35.00bn | NGN 51.50bn | NGN 35.00bn |
| 364-day | 10.248% | 9.488% | NGN 95.73bn | NGN 95.73bn | — |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 April 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-04-20
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