Nigeria Treasury bills · auction of 23 October 2013
Nigeria T-bill auction, 23 October 2013: 364-day at 11.70%, down 4 bps
At the Treasury bill auction dated 23 October 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.80% (unchanged), the 182-day bill at 11.58% (down 6 basis points) and the 364-day bill at 11.70% (down 4 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 191.1bn against NGN 94.3bn on offer, 203% of the amount sought, and NGN 94.3bn was accepted.
Over the past year the 364-day rate has ranged from 9.54% to 13.34%.
A year earlier the 364-day bill cleared at 13.39%, so the government is paying 169 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 117,000 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 1,117,000 after 12 months: NGN 117,000 in interest before any withholding tax, about NGN 9,750 a month.
That is NGN 400 less than the same money would have earned at the previous auction.
For shorter money: NGN 57,900 on the 182-day bill (6 months), NGN 27,000 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 | 10.800% | 10.800% | NGN 32.89bn | NGN 43.69bn | NGN 32.89bn |
| 182-day | 11.580% | 11.640% | NGN 30.00bn | NGN 79.93bn | NGN 30.00bn |
| 364-day | 11.700% | 11.740% | NGN 31.39bn | NGN 67.51bn | NGN 31.39bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 October 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-10-23
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