Nigeria Treasury bills · auction of 24 November 2011
Nigeria T-bill auction, 24 November 2011: 364-day at 15.49%, down 86 bps
At the Treasury bill auction dated 24 November 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.90% (down 110 basis points), the 182-day bill at 15.10% (down 110 basis points) and the 364-day bill at 15.49% (down 86 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 355.9bn against NGN 110.9bn on offer, 321% of the amount sought, and NGN 110.9bn was accepted.
Over the past year the 364-day rate has ranged from 9.01% to 16.35%.
A year earlier the 364-day bill cleared at 10.25%, so the government is paying 524 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 154,900 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 1,154,900 after 12 months: NGN 154,900 in interest before any withholding tax, about NGN 12,908 a month.
That is NGN 8,591 less than the same money would have earned at the previous auction.
For shorter money: NGN 75,500 on the 182-day bill (6 months), NGN 34,750 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 | 13.900% | 15.000% | NGN 29.65bn | NGN 100.22bn | NGN 29.65bn |
| 182-day | 15.100% | 16.200% | NGN 40.68bn | NGN 109.69bn | NGN 40.68bn |
| 364-day | 15.490% | 16.349% | NGN 40.54bn | NGN 145.97bn | NGN 40.54bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 24 November 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-11-24
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