Nigeria Treasury bills · auction of 23 December 2010
Nigeria T-bill auction, 23 December 2010: 364-day at 10.25%, unchanged
At the Treasury bill auction dated 23 December 2010, the Central Bank of Nigeria set stop rates on the 91-day bill at 7.50% (up 10 basis points), the 182-day bill at 9.55% (down 10 basis points) and the 364-day bill at 10.25% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 188.8bn against NGN 101.0bn on offer, 187% of the amount sought, and NGN 101.0bn was accepted.
Over the past year the 364-day rate has ranged from 1.90% to 10.25%.
A year earlier the 364-day bill cleared at 5.30%, so the government is paying 495 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 102,470 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 1,102,470 after 12 months: NGN 102,470 in interest before any withholding tax, about NGN 8,539 a month.
That is NGN 30 less than the same money would have earned at the previous auction.
For shorter money: NGN 47,735 on the 182-day bill (6 months), NGN 18,750 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 | 7.500% | 7.400% | NGN 25.00bn | NGN 30.66bn | NGN 25.00bn |
| 182-day | 9.547% | 9.649% | NGN 35.99bn | NGN 83.99bn | NGN 35.99bn |
| 364-day | 10.247% | 10.250% | NGN 40.00bn | NGN 74.11bn | NGN 40.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 December 2010, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2010-12-23
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