Nigeria Treasury bills · auction of 25 October 2012
Nigeria T-bill auction, 25 October 2012: 364-day at 13.27%, down 12 bps
At the Treasury bill auction dated 25 October 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.88% (down 12 basis points), the 182-day bill at 13.25% (down 9 basis points) and the 364-day bill at 13.27% (down 12 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 231.5bn against NGN 111.3bn on offer, 208% of the amount sought, and NGN 111.3bn was accepted.
Over the past year the 364-day rate has ranged from 13.05% to 16.90%.
A year earlier the 364-day bill cleared at 16.22%, so the government is paying 295 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 132,746 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 1,132,746 after 12 months: NGN 132,746 in interest before any withholding tax, about NGN 11,062 a month.
That is NGN 1,153 less than the same money would have earned at the previous auction.
For shorter money: NGN 66,250 on the 182-day bill (6 months), NGN 32,200 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 | 12.880% | 13.000% | NGN 34.89bn | NGN 66.44bn | NGN 34.89bn |
| 182-day | 13.250% | 13.340% | NGN 45.00bn | NGN 72.80bn | NGN 45.00bn |
| 364-day | 13.275% | 13.390% | NGN 31.39bn | NGN 92.22bn | NGN 31.39bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 25 October 2012, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-10-25
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