Nigeria Treasury bills · auction of 10 October 2002
Nigeria T-bill auction, 10 October 2002: 91-day at 16.49%, up 34 bps
At the Treasury bill auction dated 10 October 2002, the Central Bank of Nigeria set stop rates on the 91-day bill at 16.49% (up 34 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 80.6bn against NGN 100.0bn on offer, 81% of the amount sought, and NGN 80.6bn was accepted.
Over the past year the 91-day rate has ranged from 16.15% to 22.50%.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 41,225 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 1,041,225 after 3 months: NGN 41,225 in interest before any withholding tax, about NGN 13,742 a month.
That is NGN 850 more 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 | 16.490% | 16.150% | NGN 100.00bn | NGN 80.61bn | NGN 80.61bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 10 October 2002, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2002-10-10
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