Nigeria Treasury bills · auction of 16 November 2016
Nigeria T-bill auction, 16 November 2016: 364-day at 18.70%, up 20 bps
At the Treasury bill auction dated 16 November 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.99% (down 1 basis point), the 182-day bill at 17.40% (down 10 basis points) and the 364-day bill at 18.70% (up 20 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 158.1bn against NGN 119.9bn on offer, 132% of the amount sought, and NGN 131.5bn was accepted.
At 18.70%, the 364-day rate is the highest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 9.48%, so the government is paying 922 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 187,000 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 1,187,000 after 12 months: NGN 187,000 in interest before any withholding tax, about NGN 15,583 a month.
That is NGN 2,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 87,000 on the 182-day bill (6 months), NGN 34,975 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 | 13.990% | 14.000% | NGN 32.44bn | NGN 36.63bn | NGN 32.44bn |
| 182-day | 17.400% | 17.500% | NGN 22.82bn | NGN 34.39bn | NGN 34.39bn |
| 364-day | 18.700% | 18.500% | NGN 64.68bn | NGN 87.06bn | NGN 64.68bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 November 2016, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-11-16
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