Nigeria Treasury bills · auction of 26 September 2012
Nigeria T-bill auction, 26 September 2012: 364-day at 13.05%, down 82 bps
At the Treasury bill auction dated 26 September 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.70% (up 70 basis points), the 182-day bill at 13.00% (up 40 basis points) and the 364-day bill at 13.05% (down 82 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 238.3bn against NGN 104.7bn on offer, 228% of the amount sought, and NGN 104.7bn 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 400 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 130,500 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 1,130,500 after 12 months: NGN 130,500 in interest before any withholding tax, about NGN 10,875 a month.
That is NGN 8,226 less than the same money would have earned at the previous auction.
For shorter money: NGN 65,000 on the 182-day bill (6 months), NGN 31,750 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 | 12.700% | 12.000% | NGN 21.84bn | NGN 50.04bn | NGN 21.84bn |
| 182-day | 13.000% | 12.600% | NGN 59.08bn | NGN 84.49bn | NGN 49.08bn |
| 364-day | 13.050% | 13.873% | NGN 23.78bn | NGN 103.78bn | NGN 33.78bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 26 September 2012, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-09-26
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