Nigeria Treasury bills · auction of 20 February 2013
Nigeria T-bill auction, 20 February 2013: 364-day at 9.54%, down 106 bps
At the Treasury bill auction dated 20 February 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.20% (down 112 basis points), the 182-day bill at 9.45% (down 105 basis points) and the 364-day bill at 9.54% (down 106 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 529.9bn against NGN 135.6bn on offer, 391% of the amount sought, and NGN 135.6bn was accepted.
At 9.54%, the 364-day rate is the lowest in the 19 auctions of the past year.
A year earlier the 364-day bill cleared at 16.90%, so the government is paying 736 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 95,400 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 1,095,400 after 12 months: NGN 95,400 in interest before any withholding tax, about NGN 7,950 a month.
That is NGN 10,600 less than the same money would have earned at the previous auction.
For shorter money: NGN 47,250 on the 182-day bill (6 months), NGN 23,000 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 | 9.200% | 10.320% | NGN 25.65bn | NGN 40.06bn | NGN 25.65bn |
| 182-day | 9.450% | 10.500% | NGN 30.00bn | NGN 142.37bn | NGN 30.00bn |
| 364-day | 9.540% | 10.600% | NGN 80.00bn | NGN 347.49bn | NGN 80.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 February 2013, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-02-20
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