Nigeria Treasury bills · auction of 22 June 2016
Nigeria T-bill auction, 22 June 2016: 364-day at 15.00%, up 301 bps
At the Treasury bill auction dated 22 June 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.99% (up 199 basis points), the 182-day bill at 12.30% (up 295 basis points) and the 364-day bill at 15.00% (up 301 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 111.7bn against NGN 167.5bn on offer, 67% of the amount sought, and NGN 79.5bn was accepted.
At 15.00%, the 364-day rate is the highest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 12.80%, so the government is paying 220 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 149,990 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 1,149,990 after 12 months: NGN 149,990 in interest before any withholding tax, about NGN 12,499 a month.
That is NGN 30,090 more than the same money would have earned at the previous auction.
For shorter money: NGN 61,500 on the 182-day bill (6 months), NGN 24,987 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 | 9.995% | 8.000% | NGN 48.12bn | NGN 20.81bn | NGN 18.12bn |
| 182-day | 12.300% | 9.350% | NGN 69.34bn | NGN 16.57bn | NGN 11.34bn |
| 364-day | 14.999% | 11.990% | NGN 50.00bn | NGN 74.29bn | NGN 50.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 June 2016, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-06-22
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