Nigeria Treasury bills · auction of 18 May 2016
Nigeria T-bill auction, 18 May 2016: 364-day at 12.48%, up 143 bps
At the Treasury bill auction dated 18 May 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.10% (up 10 basis points), the 182-day bill at 9.20% (up 20 basis points) and the 364-day bill at 12.48% (up 143 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 216.5bn against NGN 110.9bn on offer, 195% of the amount sought, and NGN 110.9bn 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 13.40%, so the government is paying 92 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 124,800 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 1,124,800 after 12 months: NGN 124,800 in interest before any withholding tax, about NGN 10,400 a month.
That is NGN 14,300 more than the same money would have earned at the previous auction.
For shorter money: NGN 46,000 on the 182-day bill (6 months), NGN 20,250 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 | 8.100% | 7.999% | NGN 32.44bn | NGN 49.84bn | NGN 32.44bn |
| 182-day | 9.200% | 9.000% | NGN 22.82bn | NGN 35.79bn | NGN 22.82bn |
| 364-day | 12.480% | 11.050% | NGN 55.68bn | NGN 130.88bn | NGN 55.68bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 18 May 2016, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-05-18
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.