Nigeria Treasury bills · auction of 4 May 2016
Nigeria T-bill auction, 4 May 2016: 364-day at 11.05%, up 80 bps
At the Treasury bill auction dated 4 May 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.00% (up 12 basis points), the 182-day bill at 9.00% (up 1 basis point) and the 364-day bill at 11.05% (up 80 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 261.5bn against NGN 150.6bn on offer, 174% of the amount sought, and NGN 150.6bn 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 13.00%, so the government is paying 195 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 110,500 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 1,110,500 after 12 months: NGN 110,500 in interest before any withholding tax, about NGN 9,208 a month.
That is NGN 8,015 more than the same money would have earned at the previous auction.
For shorter money: NGN 45,000 on the 182-day bill (6 months), NGN 19,997 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 | 7.999% | 7.880% | NGN 45.18bn | NGN 57.66bn | NGN 45.18bn |
| 182-day | 9.000% | 8.990% | NGN 23.43bn | NGN 62.38bn | NGN 23.43bn |
| 364-day | 11.050% | 10.248% | NGN 82.00bn | NGN 141.50bn | NGN 82.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 May 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-05-04
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