Nigeria Treasury bills · auction of 13 May 2010
Nigeria T-bill auction, 13 May 2010: 364-day at 3.99%, up 144 bps
At the Treasury bill auction dated 13 May 2010, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.65% (up 31 basis points), the 182-day bill at 3.10% (up 10 basis points) and the 364-day bill at 3.99% (up 144 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 120.3bn against NGN 65.1bn on offer, 185% of the amount sought, and NGN 65.1bn was accepted.
Over the past year the 364-day rate has ranged from 1.90% to 7.10%.
A year earlier the 364-day bill cleared at 6.50%, so the government is paying 251 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 39,900 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 1,039,900 after 12 months: NGN 39,900 in interest before any withholding tax, about NGN 3,325 a month.
That is NGN 14,410 more than the same money would have earned at the previous auction.
For shorter money: NGN 15,500 on the 182-day bill (6 months), NGN 4,125 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 | 1.650% | 1.340% | NGN 5.11bn | NGN 11.79bn | NGN 5.11bn |
| 182-day | 3.100% | 3.000% | NGN 30.00bn | NGN 65.00bn | NGN 30.00bn |
| 364-day | 3.990% | 2.549% | NGN 30.00bn | NGN 43.50bn | 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, 13 May 2010, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2010-05-13
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