Nigeria Treasury bills · auction of 14 April 2011
Nigeria T-bill auction, 14 April 2011: 364-day at 10.99%, up 190 bps
At the Treasury bill auction dated 14 April 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.60% (up 10 basis points), the 182-day bill at 10.47% (up 24 basis points) and the 364-day bill at 10.99% (up 190 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 297.3bn against NGN 138.3bn on offer, 215% of the amount sought, and NGN 138.3bn was accepted.
At 10.99%, the 364-day rate is the highest in the 15 auctions of the past year.
A year earlier the 364-day bill cleared at 1.90%, so the government is paying 909 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 109,922 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 1,109,922 after 12 months: NGN 109,922 in interest before any withholding tax, about NGN 9,160 a month.
That is NGN 19,022 more than the same money would have earned at the previous auction.
For shorter money: NGN 52,359 on the 182-day bill (6 months), NGN 23,998 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 | 9.599% | 9.499% | NGN 44.34bn | NGN 65.12bn | NGN 44.34bn |
| 182-day | 10.472% | 10.235% | NGN 44.00bn | NGN 100.93bn | NGN 44.00bn |
| 364-day | 10.992% | 9.090% | NGN 50.00bn | NGN 131.20bn | 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, 14 April 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-04-14
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