Nigeria Treasury bills · auction of 28 October 2010
Nigeria T-bill auction, 28 October 2010: 364-day at 9.28%, up 128 bps
At the Treasury bill auction dated 28 October 2010, the Central Bank of Nigeria set stop rates on the 91-day bill at 7.00% (up 42 basis points), the 182-day bill at 9.00% (up 145 basis points) and the 364-day bill at 9.28% (up 128 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 110.6bn against NGN 63.1bn on offer, 175% of the amount sought, and NGN 63.1bn was accepted.
At 9.28%, the 364-day rate is the highest in the 13 auctions of the past year.
A year earlier the 364-day bill cleared at 7.10%, so the government is paying 218 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 92,800 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 1,092,800 after 12 months: NGN 92,800 in interest before any withholding tax, about NGN 7,733 a month.
That is NGN 12,810 more than the same money would have earned at the previous auction.
For shorter money: NGN 45,000 on the 182-day bill (6 months), NGN 17,500 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 | 7.000% | 6.584% | NGN 30.00bn | NGN 53.01bn | NGN 30.00bn |
| 182-day | 9.000% | 7.549% | NGN 16.73bn | NGN 24.23bn | NGN 16.73bn |
| 364-day | 9.280% | 7.999% | NGN 16.39bn | NGN 33.39bn | NGN 16.39bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 28 October 2010, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2010-10-28
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