Nigeria Treasury bills · auction of 23 June 2011
Nigeria T-bill auction, 23 June 2011: 91-day at 8.54%, down 15 bps
At the Treasury bill auction dated 23 June 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.54% (down 15 basis points) and the 182-day bill at 9.19% (down 15 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 198.5bn against NGN 83.2bn on offer, 239% of the amount sought, and NGN 83.2bn was accepted.
Over the past year the 91-day rate has ranged from 2.50% to 9.60%.
A year earlier the 91-day bill cleared at 2.50%, so the government is paying 605 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 45,945 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 1,045,945 after 6 months: NGN 45,945 in interest before any withholding tax, about NGN 7,658 a month.
That is NGN 755 less than the same money would have earned at the previous auction.
For shorter money: NGN 21,363 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 | 8.545% | 8.690% | NGN 37.49bn | NGN 71.20bn | NGN 37.49bn |
| 182-day | 9.189% | 9.340% | NGN 45.73bn | NGN 127.34bn | NGN 45.73bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 June 2011, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-06-23
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