Nigeria Treasury bills · auction of 5 September 2013
Nigeria T-bill auction, 5 September 2013: 364-day at 12.59%, down 49 bps
At the Treasury bill auction dated 5 September 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.90% (down 19 basis points), the 182-day bill at 12.34% (up 9 basis points) and the 364-day bill at 12.59% (down 49 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 378.2bn against NGN 153.0bn on offer, 247% of the amount sought, and NGN 153.0bn was accepted.
Over the past year the 364-day rate has ranged from 9.54% to 13.39%.
A year earlier the 364-day bill cleared at 13.87%, so the government is paying 128 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 125,900 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 1,125,900 after 12 months: NGN 125,900 in interest before any withholding tax, about NGN 10,492 a month.
That is NGN 4,900 less than the same money would have earned at the previous auction.
For shorter money: NGN 61,700 on the 182-day bill (6 months), NGN 27,250 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 | 10.900% | 11.094% | NGN 22.97bn | NGN 52.13bn | NGN 22.97bn |
| 182-day | 12.340% | 12.250% | NGN 40.00bn | NGN 66.54bn | NGN 40.00bn |
| 364-day | 12.590% | 13.080% | NGN 90.00bn | NGN 259.57bn | NGN 90.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 5 September 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-09-05
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