Nigeria Treasury bills · auction of 23 January 2013
Nigeria T-bill auction, 23 January 2013: 364-day at 11.05%, down 75 bps
At the Treasury bill auction dated 23 January 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.84% (down 71 basis points), the 182-day bill at 11.00% (down 60 basis points) and the 364-day bill at 11.05% (down 75 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 334.2bn against NGN 164.9bn on offer, 203% of the amount sought, and NGN 164.9bn was accepted.
At 11.05%, the 364-day rate is the lowest in the 18 auctions of the past year.
A year earlier the 364-day bill cleared at 16.75%, so the government is paying 570 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 110,490 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 1,110,490 after 12 months: NGN 110,490 in interest before any withholding tax, about NGN 9,207 a month.
That is NGN 7,500 less than the same money would have earned at the previous auction.
For shorter money: NGN 55,000 on the 182-day bill (6 months), NGN 27,100 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 | 10.840% | 11.550% | NGN 34.89bn | NGN 52.99bn | NGN 34.89bn |
| 182-day | 11.000% | 11.600% | NGN 50.00bn | NGN 93.52bn | NGN 30.00bn |
| 364-day | 11.049% | 11.799% | NGN 80.00bn | NGN 187.70bn | NGN 100.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 January 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-01-23
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