Nigeria Treasury bills · auction of 27 December 2012
Nigeria T-bill auction, 27 December 2012: 91-day at 11.70%, up 3 bps
At the Treasury bill auction dated 27 December 2012, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.70% (up 3 basis points) and the 182-day bill at 11.75% (up 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 79.8bn against NGN 126.6bn on offer, 63% of the amount sought, and NGN 74.6bn was accepted.
Over the past year the 91-day rate has ranged from 11.67% to 14.80%.
A year earlier the 91-day bill cleared at 14.09%, so the government is paying 239 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 58,750 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,058,750 after 6 months: NGN 58,750 in interest before any withholding tax, about NGN 9,792 a month.
That is NGN 250 more than the same money would have earned at the previous auction.
For shorter money: NGN 29,248 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 | 11.699% | 11.670% | NGN 31.84bn | NGN 37.09bn | NGN 31.84bn |
| 182-day | 11.750% | 11.700% | NGN 94.79bn | NGN 42.73bn | NGN 42.73bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 27 December 2012, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2012-12-27
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