Nigeria Treasury bills · auction of 18 July 2002
Nigeria T-bill auction, 18 July 2002: 91-day at 20.50%, down 14 bps
At the Treasury bill auction dated 18 July 2002, the Central Bank of Nigeria set stop rates on the 91-day bill at 20.50% (down 14 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 35.5bn against NGN 25.4bn on offer, 140% of the amount sought, and NGN 19.5bn was accepted.
At 20.50%, the 91-day rate is the lowest in the 27 auctions of the past year.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 51,250 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 1,051,250 after 3 months: NGN 51,250 in interest before any withholding tax, about NGN 17,083 a month.
That is NGN 363 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 | 20.500% | 20.645% | NGN 25.38bn | NGN 35.48bn | NGN 19.52bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 July 2002, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2002-07-18
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