Nigeria Treasury bills · auction of 11 September 2003
Nigeria T-bill auction, 11 September 2003: 91-day at 13.39%, down 261 bps
At the Treasury bill auction dated 11 September 2003, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.39% (down 261 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 76.7bn against NGN 60.9bn on offer, 126% of the amount sought, and NGN 60.9bn was accepted.
At 13.39%, the 91-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 91-day bill cleared at 16.49%, so the government is paying 310 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 33,475 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 1,033,475 after 3 months: NGN 33,475 in interest before any withholding tax, about NGN 11,158 a month.
That is NGN 6,525 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 | 13.390% | 16.000% | NGN 60.91bn | NGN 76.70bn | NGN 60.91bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 11 September 2003, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2003-09-11
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