Nigeria Treasury bills · auction of 21 March 2002
Nigeria T-bill auction, 21 March 2002: 91-day at 22.50%, unchanged
At the Treasury bill auction dated 21 March 2002, the Central Bank of Nigeria set stop rates on the 91-day bill at 22.50% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 31.2bn against NGN 69.3bn on offer, 45% of the amount sought, and NGN 30.1bn was accepted.
At 22.50%, the 91-day rate is the highest in the 12 auctions of the past year.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 56,250 in 3 months on the 91-day bill
Put NGN 1,000,000 into the 91-day bill at this auction and you get back NGN 1,056,250 after 3 months: NGN 56,250 in interest before any withholding tax, about NGN 18,750 a month.
That is the same as at the previous auction.
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 | 22.500% | 22.500% | NGN 69.33bn | NGN 31.24bn | NGN 30.06bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 March 2002, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2002-03-21
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