Nigeria Treasury bills · auction of 19 October 2016
Nigeria T-bill auction, 19 October 2016: 364-day at 18.30%, up 5 bps
At the Treasury bill auction dated 19 October 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.00% (up 10 basis points), the 182-day bill at 17.09% (unchanged) and the 364-day bill at 18.30% (up 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 115.3bn against NGN 138.2bn on offer, 83% of the amount sought.
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 12.50%, so the government is paying 580 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 500 more than the same money would have earned at the previous auction.
For shorter money: NGN 85,450 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% | 13.900% | NGN 36.79bn | NGN 22.66bn | — |
| 182-day | 17.090% | 17.090% | NGN 35.00bn | NGN 33.66bn | — |
| 364-day | 18.300% | 18.250% | NGN 66.39bn | NGN 58.96bn | — |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 October 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-10-19
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