Nigeria Treasury bills · auction of 23 January 2003
Nigeria T-bill auction, 23 January 2003: 91-day at 14.75%, up 35 bps
At the Treasury bill auction dated 23 January 2003, the Central Bank of Nigeria set stop rates on the 91-day bill at 14.75% (up 35 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 52.2bn against NGN 117.6bn on offer, 44% of the amount sought, and NGN 47.5bn was accepted.
Over the past year the 91-day rate has ranged from 13.75% to 22.50%.
A year earlier the 91-day bill cleared at 21.25%, so the government is paying 650 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 36,875 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 1,036,875 after 3 months: NGN 36,875 in interest before any withholding tax, about NGN 12,292 a month.
That is NGN 875 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 | 14.750% | 14.400% | NGN 117.65bn | NGN 52.21bn | NGN 47.50bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 January 2003, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2003-01-23
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