Nigeria Treasury bills · auction of 26 September 2013
Nigeria T-bill auction, 26 September 2013: 364-day at 11.75%, down 84 bps
At the Treasury bill auction dated 26 September 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.85% (down 15 basis points), the 182-day bill at 11.69% (down 61 basis points) and the 364-day bill at 11.75% (down 84 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 315.5bn against NGN 124.7bn on offer, 253% of the amount sought, and NGN 124.7bn 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 13.05%, so the government is paying 130 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 117,490 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 1,117,490 after 12 months: NGN 117,490 in interest before any withholding tax, about NGN 9,791 a month.
That is NGN 8,410 less than the same money would have earned at the previous auction.
For shorter money: NGN 58,450 on the 182-day bill (6 months), NGN 27,125 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 | 10.850% | 11.000% | NGN 31.84bn | NGN 39.53bn | NGN 31.84bn |
| 182-day | 11.690% | 12.300% | NGN 33.78bn | NGN 84.63bn | NGN 33.78bn |
| 364-day | 11.749% | 12.590% | NGN 59.08bn | NGN 191.33bn | NGN 59.08bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 26 September 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-09-26
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