Nigeria Treasury bills · auction of 21 July 2005
Nigeria T-bill auction, 21 July 2005: 91-day at 5.00%, up 100 bps
At the Treasury bill auction dated 21 July 2005, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.00% (up 100 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 19.0bn against NGN 20.0bn on offer, 95% of the amount sought, and NGN 16.0bn was accepted.
Over the past year the 91-day rate has ranged from 4.00% to 14.50%.
A year earlier the 91-day bill cleared at 14.50%, so the government is paying 950 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 12,500 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 1,012,500 after 3 months: NGN 12,500 in interest before any withholding tax, about NGN 4,167 a month.
That is NGN 2,500 more 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 | 5.000% | 4.000% | NGN 20.00bn | NGN 19.05bn | NGN 16.05bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 July 2005, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-07-21
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