Nigeria Treasury bills · auction of 21 November 2012
Nigeria T-bill auction, 21 November 2012: 364-day at 12.50%, down 55 bps
At the Treasury bill auction dated 21 November 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.40% (down 35 basis points), the 182-day bill at 12.45% (down 58 basis points) and the 364-day bill at 12.50% (down 55 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 355.9bn against NGN 116.2bn on offer, 306% of the amount sought, and NGN 116.2bn was accepted.
At 12.50%, the 364-day rate is the lowest in the 18 auctions of the past year.
A year earlier the 364-day bill cleared at 16.35%, so the government is paying 385 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 125,000 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 1,125,000 after 12 months: NGN 125,000 in interest before any withholding tax, about NGN 10,417 a month.
That is NGN 5,489 less than the same money would have earned at the previous auction.
For shorter money: NGN 62,250 on the 182-day bill (6 months), NGN 31,000 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 | 12.400% | 12.750% | NGN 30.65bn | NGN 67.26bn | NGN 30.65bn |
| 182-day | 12.450% | 13.030% | NGN 45.00bn | NGN 110.21bn | NGN 31.25bn |
| 364-day | 12.500% | 13.049% | NGN 40.54bn | NGN 178.45bn | NGN 54.29bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 November 2012, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-11-21
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