Nigeria Treasury bills · auction of 22 May 2013
Nigeria T-bill auction, 22 May 2013: 364-day at 11.97%, up 29 bps
At the Treasury bill auction dated 22 May 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (up 70 basis points), the 182-day bill at 11.77% (up 18 basis points) and the 364-day bill at 11.97% (up 29 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 188.9bn against NGN 121.3bn on offer, 156% of the amount sought, and NGN 121.3bn 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 13.95%, so the government is paying 198 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 119,700 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 1,119,700 after 12 months: NGN 119,700 in interest before any withholding tax, about NGN 9,975 a month.
That is NGN 2,900 more than the same money would have earned at the previous auction.
For shorter money: NGN 58,850 on the 182-day bill (6 months), NGN 27,497 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 | 10.999% | 10.300% | NGN 20.65bn | NGN 22.92bn | NGN 20.65bn |
| 182-day | 11.770% | 11.590% | NGN 25.00bn | NGN 48.46bn | NGN 25.00bn |
| 364-day | 11.970% | 11.680% | NGN 75.68bn | NGN 117.54bn | NGN 75.68bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 May 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-05-22
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