Nigeria Treasury bills · auction of 24 March 2011
Nigeria T-bill auction, 24 March 2011: 91-day at 8.40%, up 160 bps
At the Treasury bill auction dated 24 March 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.40% (up 160 basis points) and the 182-day bill at 9.80% (up 139 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 118.8bn against NGN 77.5bn on offer, 153% of the amount sought, and NGN 77.5bn was accepted.
At 8.40%, the 91-day rate is the highest in the 25 auctions of the past year.
A year earlier the 91-day bill cleared at 1.04%, so the government is paying 736 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 49,024 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 1,049,024 after 6 months: NGN 49,024 in interest before any withholding tax, about NGN 8,171 a month.
That is NGN 6,934 more than the same money would have earned at the previous auction.
For shorter money: NGN 21,000 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 | 8.400% | 6.800% | NGN 37.49bn | NGN 41.01bn | NGN 37.49bn |
| 182-day | 9.805% | 8.418% | NGN 40.00bn | NGN 77.77bn | 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, 24 March 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-03-24
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