Nigeria Treasury bills · auction of 19 September 2012
Nigeria T-bill auction, 19 September 2012: 91-day at 12.00%, down 164 bps
At the Treasury bill auction dated 19 September 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.00% (down 164 basis points) and the 182-day bill at 12.60% (down 120 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 220.9bn against NGN 101.2bn on offer, 218% of the amount sought, and NGN 101.2bn was accepted.
Over the past year the 91-day rate has ranged from 8.25% to 15.00%.
A year earlier the 91-day bill cleared at 7.34%, so the government is paying 466 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 63,000 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,063,000 after 6 months: NGN 63,000 in interest before any withholding tax, about NGN 10,500 a month.
That is NGN 6,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 30,000 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 | 12.000% | 13.640% | NGN 37.49bn | NGN 77.40bn | NGN 37.49bn |
| 182-day | 12.600% | 13.800% | NGN 63.73bn | NGN 143.48bn | NGN 63.73bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 September 2012, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-09-19
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