Nigeria Treasury bills · auction of 20 July 2016
Nigeria T-bill auction, 20 July 2016: 364-day at 16.48%, up 149 bps
At the Treasury bill auction dated 20 July 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.14% (up 416 basis points), the 182-day bill at 15.48% (up 324 basis points) and the 364-day bill at 16.48% (up 149 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 392.4bn against NGN 128.0bn on offer, 307% of the amount sought, and NGN 205.0bn was accepted.
At 16.48%, the 364-day rate is the highest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 16.28%, so the government is paying 20 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 164,800 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 1,164,800 after 12 months: NGN 164,800 in interest before any withholding tax, about NGN 13,733 a month.
That is NGN 14,900 more than the same money would have earned at the previous auction.
For shorter money: NGN 77,425 on the 182-day bill (6 months), NGN 35,350 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 | 14.140% | 9.980% | NGN 36.79bn | NGN 52.08bn | NGN 36.79bn |
| 182-day | 15.485% | 12.240% | NGN 39.18bn | NGN 85.07bn | NGN 39.18bn |
| 364-day | 16.480% | 14.990% | NGN 52.00bn | NGN 255.24bn | NGN 129.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 July 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-07-20
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