Nigeria Treasury bills · auction of 21 September 2016
Nigeria T-bill auction, 21 September 2016: 364-day at 18.30%, down 18 bps
At the Treasury bill auction dated 21 September 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.00% (unchanged), the 182-day bill at 17.27% (down 50 basis points) and the 364-day bill at 18.30% (down 18 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 399721.0bn against NGN 140886.3bn on offer, 284% of the amount sought, and NGN 140886.3bn was accepted.
Over the past year the 364-day rate has ranged from 7.45% to 18.50%.
A year earlier the 364-day bill cleared at 14.69%, so the government is paying 361 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 183,000 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 1,183,000 after 12 months: NGN 183,000 in interest before any withholding tax, about NGN 15,250 a month.
That is NGN 1,800 less than the same money would have earned at the previous auction.
For shorter money: NGN 86,350 on the 182-day bill (6 months), NGN 35,000 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 | 14.000% | 14.000% | NGN 28122.00bn | NGN 29705.28bn | NGN 28122.00bn |
| 182-day | 17.270% | 17.770% | NGN 23683.15bn | NGN 74361.88bn | NGN 23683.15bn |
| 364-day | 18.300% | 18.480% | NGN 89081.14bn | NGN 295653.78bn | NGN 89081.14bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 September 2016, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-09-21
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