Nigeria Treasury bills · auction of 19 December 2012
Nigeria T-bill auction, 19 December 2012: 364-day at 11.80%, down 70 bps
At the Treasury bill auction dated 19 December 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.67% (down 73 basis points), the 182-day bill at 11.70% (down 75 basis points) and the 364-day bill at 11.80% (down 70 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 298.7bn against NGN 180.9bn on offer, 165% of the amount sought, and NGN 137.7bn was accepted.
At 11.80%, the 364-day rate is the lowest in the 17 auctions of the past year.
A year earlier the 364-day bill cleared at 16.41%, so the government is paying 461 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 117,990 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 1,117,990 after 12 months: NGN 117,990 in interest before any withholding tax, about NGN 9,833 a month.
That is NGN 7,010 less than the same money would have earned at the previous auction.
For shorter money: NGN 58,500 on the 182-day bill (6 months), NGN 29,175 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 | 11.670% | 12.400% | NGN 33.27bn | NGN 40.02bn | NGN 33.27bn |
| 182-day | 11.700% | 12.450% | NGN 78.24bn | NGN 78.24bn | NGN 35.03bn |
| 364-day | 11.799% | 12.500% | NGN 69.36bn | NGN 180.42bn | NGN 69.36bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 December 2012, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-12-19
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