Nigeria Treasury bills · auction of 22 September 2011
Nigeria T-bill auction, 22 September 2011: 91-day at 8.25%, up 91 bps
At the Treasury bill auction dated 22 September 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.25% (up 91 basis points) and the 182-day bill at 8.83% (up 59 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 128.6bn against NGN 86.8bn on offer, 148% of the amount sought, and NGN 86.8bn was accepted.
Over the past year the 91-day rate has ranged from 6.58% to 9.60%.
A year earlier the 91-day bill cleared at 2.50%, so the government is paying 575 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 44,150 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 1,044,150 after 6 months: NGN 44,150 in interest before any withholding tax, about NGN 7,358 a month.
That is NGN 2,948 more than the same money would have earned at the previous auction.
For shorter money: NGN 20,623 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 | 8.249% | 7.340% | NGN 37.49bn | NGN 45.75bn | NGN 37.49bn |
| 182-day | 8.830% | 8.241% | NGN 49.35bn | NGN 82.83bn | NGN 49.35bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 September 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-09-22
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