Nigeria Treasury bills · auction of 6 March 2013
Nigeria T-bill auction, 6 March 2013: 364-day at 9.98%, up 44 bps
At the Treasury bill auction dated 6 March 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.20% (unchanged), the 182-day bill at 9.45% (unchanged) and the 364-day bill at 9.98% (up 44 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 266.1bn against NGN 190.1bn on offer, 140% of the amount sought, and NGN 190.1bn was accepted.
Over the past year the 364-day rate has ranged from 9.54% to 15.70%.
A year earlier the 364-day bill cleared at 15.55%, so the government is paying 557 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 99,800 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 1,099,800 after 12 months: NGN 99,800 in interest before any withholding tax, about NGN 8,317 a month.
That is NGN 4,400 more than the same money would have earned at the previous auction.
For shorter money: NGN 47,245 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% | 9.200% | NGN 32.97bn | NGN 40.59bn | NGN 32.97bn |
| 182-day | 9.449% | 9.450% | NGN 40.00bn | NGN 67.31bn | NGN 40.00bn |
| 364-day | 9.980% | 9.540% | NGN 117.12bn | NGN 158.21bn | NGN 117.12bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 6 March 2013, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-03-06
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