Nigeria Treasury bills · auction of 10 May 2012
Nigeria T-bill auction, 10 May 2012: 364-day at 13.95%, down 69 bps
At the Treasury bill auction dated 10 May 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.19% (down 66 basis points), the 182-day bill at 13.87% (down 72 basis points) and the 364-day bill at 13.95% (down 69 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 513.4bn against NGN 147.1bn on offer, 349% of the amount sought, and NGN 147.1bn was accepted.
Over the past year the 364-day rate has ranged from 9.01% to 16.90%.
A year earlier the 364-day bill cleared at 10.99%, so the government is paying 295 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 139,470 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 1,139,470 after 12 months: NGN 139,470 in interest before any withholding tax, about NGN 11,622 a month.
That is NGN 6,930 less than the same money would have earned at the previous auction.
For shorter money: NGN 69,355 on the 182-day bill (6 months), NGN 32,975 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 | 13.190% | 13.849% | NGN 32.06bn | NGN 98.11bn | NGN 32.06bn |
| 182-day | 13.871% | 14.590% | NGN 50.00bn | NGN 145.34bn | NGN 50.00bn |
| 364-day | 13.947% | 14.640% | NGN 65.00bn | NGN 269.99bn | NGN 65.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 10 May 2012, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-05-10
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.