Nigeria Treasury bills · auction of 21 March 2013
Nigeria T-bill auction, 21 March 2013: 364-day at 10.76%, up 78 bps
At the Treasury bill auction dated 21 March 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.45% (up 125 basis points), the 182-day bill at 10.65% (up 120 basis points) and the 364-day bill at 10.76% (up 78 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 273.5bn against NGN 117.3bn on offer, 233% of the amount sought, and NGN 117.3bn 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 15.57%, so the government is paying 481 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 107,600 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 1,107,600 after 12 months: NGN 107,600 in interest before any withholding tax, about NGN 8,967 a month.
That is NGN 7,800 more than the same money would have earned at the previous auction.
For shorter money: NGN 53,250 on the 182-day bill (6 months), NGN 26,125 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 | 10.450% | 9.200% | NGN 20.28bn | NGN 63.20bn | NGN 20.28bn |
| 182-day | 10.650% | 9.449% | NGN 33.27bn | NGN 73.35bn | NGN 33.27bn |
| 364-day | 10.760% | 9.980% | NGN 63.73bn | NGN 137.00bn | NGN 63.73bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 March 2013, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-03-21
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