Nigeria Treasury bills · auction of 15 February 2017
Nigeria T-bill auction, 15 February 2017: 364-day at 18.45%, down 9 bps
At the Treasury bill auction dated 15 February 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.69% (down 11 basis points), the 182-day bill at 17.15% (down 10 basis points) and the 364-day bill at 18.45% (down 9 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 415.0bn against NGN 142.4bn on offer, 291% of the amount sought, and NGN 202.4bn was accepted.
Over the past year the 364-day rate has ranged from 9.00% to 18.70%.
A year earlier the 364-day bill cleared at 9.49%, so the government is paying 896 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 184,495 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 1,184,495 after 12 months: NGN 184,495 in interest before any withholding tax, about NGN 15,375 a month.
That is NGN 905 less than the same money would have earned at the previous auction.
For shorter money: NGN 85,750 on the 182-day bill (6 months), NGN 34,225 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 | 13.690% | 13.799% | NGN 32.44bn | NGN 38.91bn | NGN 32.44bn |
| 182-day | 17.150% | 17.249% | NGN 30.00bn | NGN 42.30bn | NGN 30.00bn |
| 364-day | 18.450% | 18.540% | NGN 80.00bn | NGN 333.84bn | NGN 140.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 February 2017, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-02-15
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