Nigeria Treasury bills · auction of 12 May 2005
Nigeria T-bill auction, 12 May 2005: 91-day at 6.50%, down 65 bps
At the Treasury bill auction dated 12 May 2005, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.50% (down 65 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 43.3bn against NGN 30.0bn on offer, 144% of the amount sought, and NGN 30.0bn was accepted.
At 6.50%, the 91-day rate is the lowest in the 44 auctions of the past year.
A year earlier the 91-day bill cleared at 14.50%, so the government is paying 800 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 16,250 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 1,016,250 after 3 months: NGN 16,250 in interest before any withholding tax, about NGN 5,417 a month.
That is NGN 1,625 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 | 6.500% | 7.150% | NGN 30.00bn | NGN 43.30bn | NGN 30.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 May 2005, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-05-12
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