Nigeria Treasury bills · auction of 28 March 2002
Nigeria T-bill auction, 28 March 2002: 91-day at 22.25%, down 25 bps
At the Treasury bill auction dated 28 March 2002, the Central Bank of Nigeria set stop rates on the 91-day bill at 22.25% (down 25 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 32.1bn against NGN 16.0bn on offer, 201% of the amount sought, and NGN 16.0bn was accepted.
Over the past year the 91-day rate has ranged from 20.75% to 22.50%.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 55,625 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 1,055,625 after 3 months: NGN 55,625 in interest before any withholding tax, about NGN 18,542 a month.
That is NGN 625 less than the same money would have earned 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 | 22.250% | 22.500% | NGN 16.00bn | NGN 32.12bn | NGN 16.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 28 March 2002, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2002-03-28
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