Nigeria Treasury bills · auction of 18 December 2013
Nigeria T-bill auction, 18 December 2013: 364-day at 12.50%, up 84 bps
At the Treasury bill auction dated 18 December 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (up 5 basis points), the 182-day bill at 11.30% (up 10 basis points) and the 364-day bill at 12.50% (up 84 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 257.5bn against NGN 222.9bn on offer, 116% of the amount sought, and NGN 222.9bn 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 the same 12.50%.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 125,000 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 1,125,000 after 12 months: NGN 125,000 in interest before any withholding tax, about NGN 10,417 a month.
That is NGN 8,400 more than the same money would have earned at the previous auction.
For shorter money: NGN 56,500 on the 182-day bill (6 months), 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% | 10.950% | NGN 50.28bn | NGN 52.55bn | NGN 50.28bn |
| 182-day | 11.300% | 11.200% | NGN 65.03bn | NGN 82.29bn | NGN 65.03bn |
| 364-day | 12.500% | 11.660% | NGN 107.62bn | NGN 122.67bn | NGN 107.62bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 December 2013, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-12-18
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