Nigeria Treasury bills · auction of 28 July 2011
Nigeria T-bill auction, 28 July 2011: 364-day at 9.06%, up 5 bps
At the Treasury bill auction dated 28 July 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 7.49% (up 69 basis points), the 182-day bill at 8.17% (up 38 basis points) and the 364-day bill at 9.06% (up 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 252.2bn against NGN 120.0bn on offer, 210% of the amount sought, and NGN 120.0bn was accepted.
Over the past year the 364-day rate has ranged from 4.20% to 10.99%.
A year earlier the 364-day bill cleared at 4.62%, so the government is paying 444 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 90,575 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 1,090,575 after 12 months: NGN 90,575 in interest before any withholding tax, about NGN 7,548 a month.
That is NGN 475 more than the same money would have earned at the previous auction.
For shorter money: NGN 40,850 on the 182-day bill (6 months), NGN 18,725 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 | 7.490% | 6.800% | NGN 30.00bn | NGN 49.97bn | NGN 30.00bn |
| 182-day | 8.170% | 7.790% | NGN 40.00bn | NGN 89.55bn | NGN 40.00bn |
| 364-day | 9.057% | 9.010% | NGN 50.00bn | NGN 112.67bn | NGN 50.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 28 July 2011, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-07-28
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.