Nigeria Treasury bills · auction of 19 December 2002
Nigeria T-bill auction, 19 December 2002: 91-day at 13.75%, down 265 bps
At the Treasury bill auction dated 19 December 2002, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.75% (down 265 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 70.0bn against NGN 69.3bn on offer, 101% of the amount sought, and NGN 69.0bn was accepted.
At 13.75%, the 91-day rate is the lowest in the 40 auctions of the past year.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 34,375 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 1,034,375 after 3 months: NGN 34,375 in interest before any withholding tax, about NGN 11,458 a month.
That is NGN 6,623 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 | 13.750% | 16.399% | NGN 69.33bn | NGN 69.98bn | NGN 68.98bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 December 2002, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2002-12-19
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