Nigeria Treasury bills · auction of 3 August 2016
Nigeria T-bill auction, 3 August 2016: 364-day at 18.50%, up 202 bps
At the Treasury bill auction dated 3 August 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.44% (up 130 basis points), the 182-day bill at 18.06% (up 257 basis points) and the 364-day bill at 18.50% (up 202 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 491.5bn against NGN 245.2bn on offer, 200% of the amount sought, and NGN 245.2bn was accepted.
At 18.50%, the 364-day rate is the highest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 13.00%, so the government is paying 550 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 185,000 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 1,185,000 after 12 months: NGN 185,000 in interest before any withholding tax, about NGN 15,417 a month.
That is NGN 20,200 more than the same money would have earned at the previous auction.
For shorter money: NGN 90,295 on the 182-day bill (6 months), NGN 38,600 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 | 15.440% | 14.140% | NGN 45.18bn | NGN 69.44bn | NGN 45.18bn |
| 182-day | 18.059% | 15.485% | NGN 80.00bn | NGN 128.66bn | NGN 80.00bn |
| 364-day | 18.500% | 16.480% | NGN 120.00bn | NGN 293.43bn | NGN 120.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 August 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-08-03
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