Nigeria Treasury bills · auction of 20 November 2013
Nigeria T-bill auction, 20 November 2013: 364-day at 11.65%, down 15 bps
At the Treasury bill auction dated 20 November 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.70% (down 20 basis points), the 182-day bill at 11.45% (down 15 basis points) and the 364-day bill at 11.65% (down 15 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 243.9bn against NGN 99.9bn on offer, 244% of the amount sought, and NGN 99.9bn 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 13.05%, so the government is paying 140 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 116,490 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 1,116,490 after 12 months: NGN 116,490 in interest before any withholding tax, about NGN 9,708 a month.
That is NGN 1,510 less than the same money would have earned at the previous auction.
For shorter money: NGN 57,250 on the 182-day bill (6 months), NGN 26,750 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 | 10.700% | 10.899% | NGN 20.65bn | NGN 33.53bn | NGN 20.65bn |
| 182-day | 11.450% | 11.600% | NGN 25.00bn | NGN 81.30bn | NGN 25.00bn |
| 364-day | 11.649% | 11.800% | NGN 54.29bn | NGN 129.07bn | NGN 54.29bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 November 2013, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-11-20
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