Nigeria Treasury bills · auction of 14 July 2011
Nigeria T-bill auction, 14 July 2011: 91-day at 6.80%, down 99 bps
At the Treasury bill auction dated 14 July 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.80% (down 99 basis points) and the 182-day bill at 7.79% (down 58 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 237.1bn against NGN 89.7bn on offer, 264% of the amount sought, and NGN 89.7bn 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 2.98%, so the government is paying 383 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 38,950 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 1,038,950 after 6 months: NGN 38,950 in interest before any withholding tax, about NGN 6,492 a month.
That is NGN 2,890 less than the same money would have earned at the previous auction.
For shorter money: NGN 17,000 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 | 6.800% | 7.790% | NGN 44.34bn | NGN 90.19bn | NGN 44.34bn |
| 182-day | 7.790% | 8.368% | NGN 45.40bn | NGN 146.94bn | NGN 45.40bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 July 2011, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-07-14
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