Nigeria Treasury bills · auction of 27 January 2011
Nigeria T-bill auction, 27 January 2011: 91-day at 7.34%, down 26 bps
At the Treasury bill auction dated 27 January 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 7.34% (down 26 basis points) and the 182-day bill at 9.25% (down 20 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 201.3bn against NGN 70.0bn on offer, 288% of the amount sought, and NGN 70.0bn was accepted.
Over the past year the 91-day rate has ranged from 1.04% to 7.75%.
A year earlier the 91-day bill cleared at 4.00%, so the government is paying 334 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 46,250 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,046,250 after 6 months: NGN 46,250 in interest before any withholding tax, about NGN 7,708 a month.
That is NGN 1,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 18,350 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 | 7.340% | 7.599% | NGN 30.00bn | NGN 69.71bn | NGN 30.00bn |
| 182-day | 9.250% | 9.450% | NGN 40.00bn | NGN 131.55bn | 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, 27 January 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-01-27
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