Nigeria Treasury bills · auction of 25 December 2013
Nigeria T-bill auction, 25 December 2013: 91-day at 10.90%, down 10 bps
At the Treasury bill auction dated 25 December 2013, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.90% (down 10 basis points) and the 182-day bill at 11.85% (up 55 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 106.3bn against NGN 53.4bn on offer, 199% of the amount sought, and NGN 53.4bn was accepted.
Over the past year the 91-day rate has ranged from 9.20% to 11.70%.
A year earlier the 91-day bill cleared at 11.67%, so the government is paying 77 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 59,250 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 1,059,250 after 6 months: NGN 59,250 in interest before any withholding tax, about NGN 9,875 a month.
That is NGN 2,750 more than the same money would have earned at the previous auction.
For shorter money: NGN 27,250 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 | 10.900% | 11.000% | NGN 21.54bn | NGN 28.64bn | NGN 21.54bn |
| 182-day | 11.850% | 11.300% | NGN 31.84bn | NGN 77.64bn | NGN 31.84bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 25 December 2013, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2013-12-25
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