Nigeria Treasury bills · auction of 31 March 2011
Nigeria T-bill auction, 31 March 2011: 91-day at 9.50%, up 110 bps
At the Treasury bill auction dated 31 March 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.50% (up 110 basis points) and the 182-day bill at 10.23% (up 43 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 120.4bn against NGN 76.6bn on offer, 157% of the amount sought, and NGN 76.6bn was accepted.
At 9.50%, 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 846 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 51,175 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 1,051,175 after 6 months: NGN 51,175 in interest before any withholding tax, about NGN 8,529 a month.
That is NGN 2,151 more than the same money would have earned at the previous auction.
For shorter money: NGN 23,748 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 | 9.499% | 8.400% | NGN 31.57bn | NGN 39.98bn | NGN 31.57bn |
| 182-day | 10.235% | 9.805% | NGN 45.00bn | NGN 80.38bn | NGN 45.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 31 March 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-03-31
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