Nigeria Treasury bills · auction of 13 October 2011
Nigeria T-bill auction, 13 October 2011: 364-day at 16.22%, up 497 bps
At the Treasury bill auction dated 13 October 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.00% (up 477 basis points), the 182-day bill at 16.00% (up 515 basis points) and the 364-day bill at 16.22% (up 497 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 224.1bn against NGN 128.9bn on offer, 174% of the amount sought, and NGN 201.8bn was accepted.
At 16.22%, the 364-day rate is the highest in the 15 auctions of the past year.
A year earlier the 364-day bill cleared at 8.00%, so the government is paying 822 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 162,219 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 1,162,219 after 12 months: NGN 162,219 in interest before any withholding tax, about NGN 13,518 a month.
That is NGN 49,724 more than the same money would have earned at the previous auction.
For shorter money: NGN 80,000 on the 182-day bill (6 months), NGN 37,500 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 | 15.000% | 10.230% | NGN 44.34bn | NGN 74.72bn | NGN 70.16bn |
| 182-day | 16.000% | 10.850% | NGN 44.00bn | NGN 65.79bn | NGN 63.49bn |
| 364-day | 16.222% | 11.249% | NGN 40.56bn | NGN 83.54bn | NGN 68.18bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 October 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-10-13
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