Nigeria Treasury bills · auction of 20 April 2005
Nigeria T-bill auction, 20 April 2005: 182-day at 10.75%, down 79 bps
At the Treasury bill auction dated 20 April 2005, the Central Bank of Nigeria set stop rates on the 182-day bill at 10.75% (down 79 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 59.5bn against NGN 20.0bn on offer, 297% of the amount sought, and NGN 20.0bn was accepted.
At 10.75%, the 182-day rate is the lowest in the 21 auctions of the past year.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 53,750 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 1,053,750 after 6 months: NGN 53,750 in interest before any withholding tax, about NGN 8,958 a month.
That is NGN 3,950 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 |
|---|---|---|---|---|---|
| 182-day | 10.750% | 11.540% | NGN 20.00bn | NGN 59.46bn | NGN 20.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 April 2005, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-04-20
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