Nigeria Treasury bills · auction of 9 August 2012
Nigeria T-bill auction, 9 August 2012: 364-day at 15.38%, down 22 bps
At the Treasury bill auction dated 9 August 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.50% (up 55 basis points), the 182-day bill at 15.30% (up 36 basis points) and the 364-day bill at 15.38% (down 22 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 422.8bn against NGN 172.1bn on offer, 246% of the amount sought, and NGN 172.1bn was accepted.
Over the past year the 364-day rate has ranged from 11.25% to 16.90%.
A year earlier the 364-day bill cleared at 9.06%, so the government is paying 632 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 153,800 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 1,153,800 after 12 months: NGN 153,800 in interest before any withholding tax, about NGN 12,817 a month.
That is NGN 2,200 less than the same money would have earned at the previous auction.
For shorter money: NGN 76,500 on the 182-day bill (6 months), NGN 36,250 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 | 14.500% | 13.947% | NGN 32.06bn | NGN 43.63bn | NGN 32.06bn |
| 182-day | 15.300% | 14.940% | NGN 50.00bn | NGN 104.33bn | NGN 50.00bn |
| 364-day | 15.380% | 15.600% | NGN 90.00bn | NGN 274.87bn | NGN 90.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 August 2012, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-08-09
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