Nigeria Treasury bills · auction of 4 May 2005
Nigeria T-bill auction, 4 May 2005: 182-day at 9.54%, down 38 bps
At the Treasury bill auction dated 4 May 2005, the Central Bank of Nigeria set stop rates on the 182-day bill at 9.54% (down 38 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 22.7bn against NGN 20.0bn on offer, 114% of the amount sought, and NGN 20.0bn was accepted.
At 9.54%, the 182-day rate is the lowest in the 23 auctions of the past year.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,700 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 1,047,700 after 6 months: NGN 47,700 in interest before any withholding tax, about NGN 7,950 a month.
That is NGN 1,900 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 | 9.540% | 9.920% | NGN 20.00bn | NGN 22.73bn | 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, 4 May 2005, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-05-04
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