Nigeria Treasury bills · auction of 14 January 2010
Nigeria T-bill auction, 14 January 2010: 364-day at 5.35%, up 5 bps
At the Treasury bill auction dated 14 January 2010, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.00% (down 55 basis points), the 182-day bill at 5.25% (down 75 basis points) and the 364-day bill at 5.35% (up 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 218.8bn against NGN 109.8bn on offer, 199% of the amount sought, and NGN 109.8bn was accepted.
Over the past year the 364-day rate has ranged from 4.75% to 7.10%.
A year earlier the 364-day bill cleared at 7.65%, so the government is paying 230 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 53,500 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 1,053,500 after 12 months: NGN 53,500 in interest before any withholding tax, about NGN 4,458 a month.
That is NGN 510 more than the same money would have earned at the previous auction.
For shorter money: NGN 26,245 on the 182-day bill (6 months), NGN 10,000 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 | 4.000% | 4.545% | NGN 18.59bn | NGN 38.51bn | NGN 18.59bn |
| 182-day | 5.249% | 5.999% | NGN 45.40bn | NGN 82.26bn | NGN 45.40bn |
| 364-day | 5.350% | 5.299% | NGN 45.85bn | NGN 98.05bn | NGN 45.85bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 January 2010, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2010-01-14
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