Nigeria Treasury bills · auction of 3 February 2005
Nigeria T-bill auction, 3 February 2005: 91-day at 12.70%, down 50 bps
At the Treasury bill auction dated 3 February 2005, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.70% (down 50 basis points) and the 182-day bill at 14.75% (down 73 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 118.7bn against NGN 60.0bn on offer, 198% of the amount sought, and NGN 60.0bn was accepted.
At 12.70%, the 91-day rate is the lowest in the 36 auctions of the past year.
A year earlier the 91-day bill cleared at 14.48%, so the government is paying 178 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 73,750 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,073,750 after 6 months: NGN 73,750 in interest before any withholding tax, about NGN 12,292 a month.
That is NGN 3,650 less than the same money would have earned at the previous auction.
For shorter money: NGN 31,750 on the 91-day bill (3 months).
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 | 12.700% | 13.200% | NGN 45.00bn | NGN 64.22bn | NGN 45.00bn |
| 182-day | 14.750% | 15.480% | NGN 15.00bn | NGN 54.50bn | NGN 15.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 February 2005, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-02-03
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