Nigeria Treasury bills · auction of 12 November 2009
Nigeria T-bill auction, 12 November 2009: 364-day at 5.70%, down 140 bps
At the Treasury bill auction dated 12 November 2009, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.66% (down 25 basis points), the 182-day bill at 5.66% (down 9 basis points) and the 364-day bill at 5.70% (down 140 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 147.9bn against NGN 75.1bn on offer, 197% of the amount sought, and NGN 75.1bn was accepted.
Over the past year the 364-day rate has ranged from 4.75% to 7.65%.
A year earlier the 364-day bill cleared at 9.30%, so the government is paying 360 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 57,000 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 1,057,000 after 12 months: NGN 57,000 in interest before any withholding tax, about NGN 4,750 a month.
That is NGN 14,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 28,295 on the 182-day bill (6 months), NGN 11,638 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 | 4.655% | 4.900% | NGN 15.11bn | NGN 36.25bn | NGN 15.11bn |
| 182-day | 5.659% | 5.745% | NGN 30.00bn | NGN 39.86bn | NGN 30.00bn |
| 364-day | 5.700% | 7.100% | NGN 30.00bn | NGN 71.75bn | NGN 30.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 November 2009, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2009-11-12
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