Nigeria Treasury bills · auction of 10 March 2011
Nigeria T-bill auction, 10 March 2011: 364-day at 9.09%, down 51 bps
At the Treasury bill auction dated 10 March 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.80% (down 29 basis points), the 182-day bill at 8.42% (down 58 basis points) and the 364-day bill at 9.09% (down 51 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 310.8bn against NGN 130.0bn on offer, 239% of the amount sought, and NGN 130.0bn was accepted.
Over the past year the 364-day rate has ranged from 2.55% to 10.25%.
A year earlier the 364-day bill cleared at 4.55%, so the government is paying 454 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 90,900 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 1,090,900 after 12 months: NGN 90,900 in interest before any withholding tax, about NGN 7,575 a month.
That is NGN 5,099 less than the same money would have earned at the previous auction.
For shorter money: NGN 42,090 on the 182-day bill (6 months), NGN 17,000 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 | 6.800% | 7.090% | NGN 30.00bn | NGN 58.02bn | NGN 30.00bn |
| 182-day | 8.418% | 9.000% | NGN 50.00bn | NGN 74.02bn | NGN 50.00bn |
| 364-day | 9.090% | 9.600% | NGN 50.00bn | NGN 178.77bn | NGN 50.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 10 March 2011, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-03-10
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