Nigeria Treasury bills · auction of 19 September 2013
Nigeria T-bill auction, 19 September 2013: 91-day at 11.00%, up 10 bps
At the Treasury bill auction dated 19 September 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (up 10 basis points) and the 182-day bill at 12.30% (down 4 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 119.0bn against NGN 53.5bn on offer, 222% of the amount sought, and NGN 53.5bn was accepted.
Over the past year the 91-day rate has ranged from 9.20% to 13.00%.
A year earlier the 91-day bill cleared at 12.00%, so the government is paying 100 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 61,500 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,061,500 after 6 months: NGN 61,500 in interest before any withholding tax, about NGN 10,250 a month.
That is NGN 200 less than the same money would have earned at the previous auction.
For shorter money: NGN 27,500 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 | 11.000% | 10.900% | NGN 20.28bn | NGN 28.39bn | NGN 20.28bn |
| 182-day | 12.300% | 12.340% | NGN 33.27bn | NGN 90.62bn | NGN 33.27bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 September 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-09-19
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