Nigeria Treasury bills · auction of 11 February 2010
Nigeria T-bill auction, 11 February 2010: 364-day at 4.55%, down 80 bps
At the Treasury bill auction dated 11 February 2010, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.65% (down 55 basis points), the 182-day bill at 4.23% (down 50 basis points) and the 364-day bill at 4.55% (down 80 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 234.7bn against NGN 65.1bn on offer, 361% of the amount sought, and NGN 65.1bn was accepted.
At 4.55%, the 364-day rate is the lowest in the 10 auctions of the past year.
A year earlier the 364-day bill cleared at 5.50%, so the government is paying 95 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 45,500 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 1,045,500 after 12 months: NGN 45,500 in interest before any withholding tax, about NGN 3,792 a month.
That is NGN 8,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 21,150 on the 182-day bill (6 months), NGN 6,613 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 | 2.645% | 3.199% | NGN 5.11bn | NGN 18.95bn | NGN 5.11bn |
| 182-day | 4.230% | 4.730% | NGN 30.00bn | NGN 88.77bn | NGN 30.00bn |
| 364-day | 4.550% | 5.350% | NGN 30.00bn | NGN 127.03bn | 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, 11 February 2010, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2010-02-11
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