Nigeria Treasury bills · auction of 28 June 2012
Nigeria T-bill auction, 28 June 2012: 364-day at 15.60%, down 10 bps
At the Treasury bill auction dated 28 June 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.09% (up 59 basis points), the 182-day bill at 15.31% (up 117 basis points) and the 364-day bill at 15.60% (down 10 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 307.9bn against NGN 134.6bn on offer, 229% of the amount sought, and NGN 134.6bn was accepted.
Over the past year the 364-day rate has ranged from 9.05% to 16.90%.
A year earlier the 364-day bill cleared at 9.70%, so the government is paying 590 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 156,000 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 1,156,000 after 12 months: NGN 156,000 in interest before any withholding tax, about NGN 13,000 a month.
That is NGN 999 less than the same money would have earned at the previous auction.
For shorter money: NGN 76,550 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% | 13.500% | NGN 21.84bn | NGN 31.73bn | NGN 21.84bn |
| 182-day | 15.310% | 14.140% | NGN 52.73bn | NGN 83.52bn | NGN 52.73bn |
| 364-day | 15.600% | 15.700% | NGN 60.00bn | NGN 192.64bn | NGN 60.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 28 June 2012, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-06-28
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