Nigeria Treasury bills · auction of 9 February 2012
Nigeria T-bill auction, 9 February 2012: 364-day at 16.90%, up 15 bps
At the Treasury bill auction dated 9 February 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.70% (down 10 basis points), the 182-day bill at 16.10% (unchanged) and the 364-day bill at 16.90% (up 15 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 316.9bn against NGN 149.3bn on offer, 212% of the amount sought, and NGN 149.3bn was accepted.
At 16.90%, the 364-day rate is the highest in the 13 auctions of the past year.
A year earlier the 364-day bill cleared at 10.20%, so the government is paying 670 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 168,990 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 1,168,990 after 12 months: NGN 168,990 in interest before any withholding tax, about NGN 14,083 a month.
That is NGN 1,490 more than the same money would have earned at the previous auction.
For shorter money: NGN 80,485 on the 182-day bill (6 months), NGN 36,750 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 | 14.700% | 14.800% | NGN 32.06bn | NGN 53.90bn | NGN 32.06bn |
| 182-day | 16.097% | 16.100% | NGN 50.00bn | NGN 106.15bn | NGN 50.00bn |
| 364-day | 16.899% | 16.750% | NGN 67.22bn | NGN 156.81bn | NGN 67.22bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 February 2012, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-02-09
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