Nigeria Treasury bills · auction of 7 August 2013
Nigeria T-bill auction, 7 August 2013: 364-day at 13.08%, down 26 bps
At the Treasury bill auction dated 7 August 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.50% (down 10 basis points), the 182-day bill at 12.70% (down 5 basis points) and the 364-day bill at 13.08% (down 26 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 428.4bn against NGN 172.1bn on offer, 249% of the amount sought, and NGN 172.1bn was accepted.
Over the past year the 364-day rate has ranged from 9.54% to 15.38%.
A year earlier the 364-day bill cleared at 15.60%, so the government is paying 252 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 130,800 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 1,130,800 after 12 months: NGN 130,800 in interest before any withholding tax, about NGN 10,900 a month.
That is NGN 2,581 less than the same money would have earned at the previous auction.
For shorter money: NGN 63,500 on the 182-day bill (6 months), NGN 28,750 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 | 11.500% | 11.600% | NGN 22.06bn | NGN 31.88bn | NGN 22.06bn |
| 182-day | 12.700% | 12.750% | NGN 60.00bn | NGN 91.40bn | NGN 50.00bn |
| 364-day | 13.080% | 13.338% | NGN 90.00bn | NGN 305.16bn | NGN 100.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 August 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-08-07
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