Nigeria Treasury bills · auction of 30 September 2010
Nigeria T-bill auction, 30 September 2010: 364-day at 8.00%, up 380 bps
At the Treasury bill auction dated 30 September 2010, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.60% (up 410 basis points), the 182-day bill at 7.55% (up 405 basis points) and the 364-day bill at 8.00% (up 380 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 146.6bn against NGN 531.6bn on offer, 28% of the amount sought, and NGN 102.1bn was accepted.
At 8.00%, the 364-day rate is the highest in the 12 auctions of the past year.
A year earlier the 364-day bill cleared at 5.60%, so the government is paying 240 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 79,990 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 1,079,990 after 12 months: NGN 79,990 in interest before any withholding tax, about NGN 6,666 a month.
That is NGN 37,990 more than the same money would have earned at the previous auction.
For shorter money: NGN 37,745 on the 182-day bill (6 months), NGN 16,498 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 | 6.599% | 2.500% | NGN 31.57bn | NGN 46.62bn | NGN 31.57bn |
| 182-day | 7.549% | 3.499% | NGN 450.00bn | NGN 43.02bn | NGN 30.27bn |
| 364-day | 7.999% | 4.200% | NGN 50.00bn | NGN 57.00bn | NGN 40.25bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 30 September 2010, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2010-09-30
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