Nigeria Treasury bills · auction of 29 September 2011
Nigeria T-bill auction, 29 September 2011: 364-day at 11.25%, up 220 bps
At the Treasury bill auction dated 29 September 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.23% (up 198 basis points), the 182-day bill at 10.85% (up 202 basis points) and the 364-day bill at 11.25% (up 220 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 110.0bn against NGN 53.6bn on offer, 205% of the amount sought, and NGN 53.6bn was accepted.
At 11.25%, the 364-day rate is the highest in the 15 auctions of the past year.
A year earlier the 364-day bill cleared at 4.20%, so the government is paying 705 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 112,495 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 1,112,495 after 12 months: NGN 112,495 in interest before any withholding tax, about NGN 9,375 a month.
That is NGN 21,995 more than the same money would have earned at the previous auction.
For shorter money: NGN 54,250 on the 182-day bill (6 months), NGN 25,575 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 | 10.230% | 8.249% | NGN 19.10bn | NGN 29.63bn | NGN 19.10bn |
| 182-day | 10.850% | 8.830% | NGN 19.08bn | NGN 34.78bn | NGN 19.08bn |
| 364-day | 11.249% | 9.050% | NGN 15.45bn | NGN 45.60bn | NGN 15.45bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 29 September 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-09-29
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