Nigeria Treasury bills · auction of 28 April 2011
Nigeria T-bill auction, 28 April 2011: 91-day at 9.40%, down 20 bps
At the Treasury bill auction dated 28 April 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.40% (down 20 basis points) and the 182-day bill at 10.40% (down 7 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 220.8bn against NGN 76.7bn on offer, 288% of the amount sought, and NGN 76.7bn was accepted.
Over the past year the 91-day rate has ranged from 1.60% to 9.60%.
A year earlier the 91-day bill cleared at 1.16%, so the government is paying 824 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 51,995 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 1,051,995 after 6 months: NGN 51,995 in interest before any withholding tax, about NGN 8,666 a month.
That is NGN 364 less than the same money would have earned at the previous auction.
For shorter money: NGN 23,500 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 | 9.400% | 9.599% | NGN 30.00bn | NGN 84.41bn | NGN 30.00bn |
| 182-day | 10.399% | 10.472% | NGN 46.73bn | NGN 136.35bn | NGN 46.73bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 28 April 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-04-28
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