Nigeria Treasury bills · auction of 17 February 2005
Nigeria T-bill auction, 17 February 2005: 91-day at 12.50%, up 21 bps
At the Treasury bill auction dated 17 February 2005, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.50% (up 21 basis points) and the 182-day bill at 13.04% (down 46 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 87.0bn against NGN 60.0bn on offer, 145% of the amount sought, and NGN 56.3bn was accepted.
Over the past year the 91-day rate has ranged from 12.29% to 14.50%.
A year earlier the 91-day bill cleared at 14.48%, so the government is paying 198 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 65,200 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 1,065,200 after 6 months: NGN 65,200 in interest before any withholding tax, about NGN 10,867 a month.
That is NGN 2,300 less than the same money would have earned at the previous auction.
For shorter money: NGN 31,250 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 | 12.500% | 12.290% | NGN 45.00bn | NGN 41.79bn | NGN 41.29bn |
| 182-day | 13.040% | 13.500% | NGN 15.00bn | NGN 45.16bn | 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, 17 February 2005, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-02-17
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