Nigeria Treasury bills · auction of 10 March 2005
Nigeria T-bill auction, 10 March 2005: 91-day at 11.00%, down 25 bps
At the Treasury bill auction dated 10 March 2005, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (down 25 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 48.9bn against NGN 400.0bn on offer, 12% of the amount sought, and NGN 40.0bn was accepted.
At 11.00%, the 91-day rate is the lowest in the 41 auctions of the past year.
A year earlier the 91-day bill cleared at 14.48%, so the government is paying 348 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 27,500 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 1,027,500 after 3 months: NGN 27,500 in interest before any withholding tax, about NGN 9,167 a month.
That is NGN 625 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 | 11.000% | 11.250% | NGN 400.00bn | NGN 48.85bn | NGN 40.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 10 March 2005, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-03-10
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