Nigeria Treasury bills · auction of 22 December 2011
Nigeria T-bill auction, 22 December 2011: 364-day at 16.75%, up 34 bps
At the Treasury bill auction dated 22 December 2011, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.09% (up 9 basis points), the 182-day bill at 16.20% (up 25 basis points) and the 364-day bill at 16.75% (up 34 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 152.7bn against NGN 130.2bn on offer, 117% of the amount sought, and NGN 130.2bn was accepted.
At 16.75%, the 364-day rate is the highest in the 14 auctions of the past year.
A year earlier the 364-day bill cleared at 10.25%, so the government is paying 650 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 167,500 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 1,167,500 after 12 months: NGN 167,500 in interest before any withholding tax, about NGN 13,958 a month.
That is NGN 3,400 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 35,225 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 | 14.090% | 14.000% | NGN 37.49bn | NGN 45.74bn | NGN 37.49bn |
| 182-day | 16.200% | 15.950% | NGN 45.73bn | NGN 53.31bn | NGN 45.73bn |
| 364-day | 16.750% | 16.410% | NGN 47.03bn | NGN 53.65bn | NGN 47.03bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 December 2011, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2011-12-22
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