Nigeria Treasury bills · auction of 2 November 2016
Nigeria T-bill auction, 2 November 2016: 364-day at 18.50%, up 20 bps
At the Treasury bill auction dated 2 November 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.00% (unchanged), the 182-day bill at 17.50% (up 41 basis points) and the 364-day bill at 18.50% (up 20 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 99.1bn against NGN 87.6bn on offer, 113% of the amount sought, and NGN 87.6bn 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 10.82%, so the government is paying 768 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 2,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 87,500 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 22.15bn | NGN 24.44bn | NGN 22.15bn |
| 182-day | 17.500% | 17.090% | NGN 18.65bn | NGN 21.34bn | NGN 18.65bn |
| 364-day | 18.500% | 18.300% | NGN 46.77bn | NGN 53.34bn | NGN 46.77bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 2 November 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-11-02
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