Nigeria Treasury bills · auction of 23 June 2005
Nigeria T-bill auction, 23 June 2005: 91-day at 4.99%, down 1 bps
At the Treasury bill auction dated 23 June 2005, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.99% (down 1 basis point). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 43.9bn against NGN 30.8bn on offer, 142% of the amount sought.
At 4.99%, the 91-day rate is the lowest in the 43 auctions of the past year.
A year earlier the 91-day bill cleared at 14.50%, so the government is paying 951 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 12,475 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 1,012,475 after 3 months: NGN 12,475 in interest before any withholding tax, about NGN 4,158 a month.
That is NGN 25 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 | 4.990% | 5.000% | NGN 30.81bn | NGN 43.89bn | — |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 June 2005, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-06-23
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