Nigeria Treasury bills · auction of 7 November 2012
Nigeria T-bill auction, 7 November 2012: 364-day at 13.05%, down 23 bps
At the Treasury bill auction dated 7 November 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.75% (down 13 basis points), the 182-day bill at 13.03% (down 22 basis points) and the 364-day bill at 13.05% (down 23 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 303.1bn against NGN 129.8bn on offer, 233% of the amount sought, and NGN 129.8bn was accepted.
At 13.05%, the 364-day rate is the lowest in the 18 auctions of the past year.
A year earlier the 364-day bill cleared at 16.22%, so the government is paying 317 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 130,489 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 1,130,489 after 12 months: NGN 130,489 in interest before any withholding tax, about NGN 10,874 a month.
That is NGN 2,257 less than the same money would have earned at the previous auction.
For shorter money: NGN 65,150 on the 182-day bill (6 months), NGN 31,875 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 | 12.750% | 12.880% | NGN 32.06bn | NGN 56.78bn | NGN 39.06bn |
| 182-day | 13.030% | 13.250% | NGN 50.00bn | NGN 109.25bn | NGN 43.00bn |
| 364-day | 13.049% | 13.275% | NGN 47.79bn | NGN 137.06bn | NGN 47.79bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 November 2012, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-11-07
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