Nigeria Treasury bills · auction of 5 September 2012
Nigeria T-bill auction, 5 September 2012: 364-day at 13.87%, down 151 bps
At the Treasury bill auction dated 5 September 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.64% (down 36 basis points), the 182-day bill at 13.80% (down 128 basis points) and the 364-day bill at 13.87% (down 151 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 430.8bn against NGN 143.0bn on offer, 301% of the amount sought, and NGN 143.0bn 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 9.05%, so the government is paying 482 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 138,726 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 1,138,726 after 12 months: NGN 138,726 in interest before any withholding tax, about NGN 11,561 a month.
That is NGN 15,074 less than the same money would have earned at the previous auction.
For shorter money: NGN 69,000 on the 182-day bill (6 months), NGN 34,100 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 | 13.640% | 14.000% | NGN 32.97bn | NGN 62.71bn | NGN 32.97bn |
| 182-day | 13.800% | 15.080% | NGN 50.00bn | NGN 109.12bn | NGN 50.00bn |
| 364-day | 13.873% | 15.380% | NGN 60.00bn | NGN 258.92bn | 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, 5 September 2012, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-09-05
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