Nigeria Treasury bills · auction of 25 April 2013
Nigeria T-bill auction, 25 April 2013: 364-day at 12.25%, up 154 bps
At the Treasury bill auction dated 25 April 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.35% (down 14 basis points), the 182-day bill at 12.09% (up 141 basis points) and the 364-day bill at 12.25% (up 154 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 186.4bn against NGN 140.6bn on offer, 133% of the amount sought, and NGN 140.6bn 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 332 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 122,490 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 1,122,490 after 12 months: NGN 122,490 in interest before any withholding tax, about NGN 10,208 a month.
That is NGN 15,390 more than the same money would have earned at the previous auction.
For shorter money: NGN 60,450 on the 182-day bill (6 months), NGN 25,875 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 | 10.350% | 10.490% | NGN 24.89bn | NGN 39.44bn | NGN 24.89bn |
| 182-day | 12.090% | 10.680% | NGN 30.00bn | NGN 49.90bn | NGN 30.00bn |
| 364-day | 12.249% | 10.710% | NGN 85.73bn | NGN 97.03bn | NGN 85.73bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 25 April 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-04-25
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