Nigeria Treasury bills · auction of 4 January 2017
Nigeria T-bill auction, 4 January 2017: 364-day at 18.68%, unchanged
At the Treasury bill auction dated 4 January 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.00% (unchanged), the 182-day bill at 17.50% (unchanged) and the 364-day bill at 18.68% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 194.1bn against NGN 172.8bn on offer, 112% of the amount sought, and NGN 172.8bn was accepted.
Over the past year the 364-day rate has ranged from 8.98% to 18.70%.
A year earlier the 364-day bill cleared at 7.45%, so the government is paying 1124 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 186,850 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 1,186,850 after 12 months: NGN 186,850 in interest before any withholding tax, about NGN 15,571 a month.
That is NGN 50 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 35.00bn | NGN 35.70bn | NGN 35.00bn |
| 182-day | 17.500% | 17.500% | NGN 22.00bn | NGN 23.15bn | NGN 22.00bn |
| 364-day | 18.685% | 18.680% | NGN 115.85bn | NGN 135.27bn | NGN 115.85bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 January 2017, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-01-04
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