Nigeria Treasury bills · auction of 10 April 2013
Nigeria T-bill auction, 10 April 2013: 364-day at 10.71%, down 5 bps
At the Treasury bill auction dated 10 April 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.49% (down 51 basis points), the 182-day bill at 10.68% (down 47 basis points) and the 364-day bill at 10.71% (down 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 328.0bn against NGN 183.7bn on offer, 179% of the amount sought, and NGN 183.7bn 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 486 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 107,100 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 1,107,100 after 12 months: NGN 107,100 in interest before any withholding tax, about NGN 8,925 a month.
That is NGN 500 less than the same money would have earned at the previous auction.
For shorter money: NGN 53,400 on the 182-day bill (6 months), NGN 26,225 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 | 10.490% | 11.000% | NGN 20.16bn | NGN 35.08bn | NGN 20.16bn |
| 182-day | 10.680% | 11.150% | NGN 43.49bn | NGN 95.62bn | NGN 43.49bn |
| 364-day | 10.710% | 10.760% | NGN 120.00bn | NGN 197.29bn | NGN 120.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 10 April 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-04-10
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