Nigeria Treasury bills · auction of 11 August 2005
Nigeria T-bill auction, 11 August 2005: 91-day at 4.78%, down 22 bps
At the Treasury bill auction dated 11 August 2005, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.78% (down 22 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 27.4bn against NGN 20.0bn on offer, 137% of the amount sought, and NGN 20.0bn 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 972 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 11,950 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 1,011,950 after 3 months: NGN 11,950 in interest before any withholding tax, about NGN 3,983 a month.
That is NGN 550 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 | 4.780% | 5.000% | NGN 20.00bn | NGN 27.41bn | 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, 11 August 2005, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-08-11
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