Nigeria Treasury bills · auction of 28 January 2010
Nigeria T-bill auction, 28 January 2010: 91-day at 3.20%, down 80 bps
At the Treasury bill auction dated 28 January 2010, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.20% (down 80 basis points) and the 182-day bill at 4.73% (down 52 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 165.5bn against NGN 40.0bn on offer, 414% of the amount sought, and NGN 40.0bn was accepted.
Over the past year the 91-day rate has ranged from 1.90% to 5.25%.
A year earlier the 91-day bill cleared at 3.70%, so the government is paying 50 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 23,650 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 1,023,650 after 6 months: NGN 23,650 in interest before any withholding tax, about NGN 3,942 a month.
That is NGN 2,595 less than the same money would have earned at the previous auction.
For shorter money: NGN 7,996 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 | 3.199% | 4.000% | NGN 10.00bn | NGN 58.44bn | NGN 10.00bn |
| 182-day | 4.730% | 5.249% | NGN 30.00bn | NGN 107.04bn | 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, 28 January 2010, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2010-01-28
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