Nigeria Treasury bills · auction of 10 November 2011
Nigeria T-bill auction, 10 November 2011: 364-day at 16.35%, up 13 bps
At the Treasury bill auction dated 10 November 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 15.00% (unchanged), the 182-day bill at 16.20% (up 20 basis points) and the 364-day bill at 16.35% (up 13 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 241.4bn against NGN 132.1bn on offer, 183% of the amount sought, and NGN 132.1bn was accepted.
At 16.35%, the 364-day rate is the highest in the 14 auctions of the past year.
A year earlier the 364-day bill cleared at 9.28%, so the government is paying 707 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 163,491 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 1,163,491 after 12 months: NGN 163,491 in interest before any withholding tax, about NGN 13,624 a month.
That is NGN 1,272 more than the same money would have earned at the previous auction.
For shorter money: NGN 81,000 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% | 15.000% | NGN 39.28bn | NGN 77.25bn | NGN 39.28bn |
| 182-day | 16.200% | 16.000% | NGN 45.00bn | NGN 78.96bn | NGN 45.00bn |
| 364-day | 16.349% | 16.222% | NGN 47.79bn | NGN 85.21bn | NGN 47.79bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 10 November 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-11-10
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