Nigeria Treasury bills · auction of 21 December 2016
Nigeria T-bill auction, 21 December 2016: 91-day at 14.00%, unchanged
At the Treasury bill auction dated 21 December 2016, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.00% (unchanged) and the 182-day bill at 17.50% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 42.7bn against NGN 39.7bn on offer, 107% of the amount sought, and NGN 39.7bn was accepted.
Over the past year the 91-day rate has ranged from 4.00% to 15.44%.
A year earlier the 91-day bill cleared at 4.00%, so the government is paying 1000 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 87,500 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,087,500 after 6 months: NGN 87,500 in interest before any withholding tax, about NGN 14,583 a month.
That is the same as at the previous auction.
For shorter money: 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 13.18bn | NGN 13.32bn | NGN 13.18bn |
| 182-day | 17.500% | 17.500% | NGN 26.56bn | NGN 29.37bn | NGN 26.56bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 December 2016, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2016-12-21
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