Nigeria Treasury bills · auction of 22 December 2005
Nigeria T-bill auction, 22 December 2005: 91-day at 9.75%, down 210 bps
At the Treasury bill auction dated 22 December 2005, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.75% (down 210 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 40.9bn against NGN 16.7bn on offer, 245% of the amount sought, and NGN 16.7bn was accepted.
Over the past year the 91-day rate has ranged from 3.00% to 14.50%.
A year earlier the 91-day bill cleared at 13.99%, so the government is paying 424 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 24,375 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 1,024,375 after 3 months: NGN 24,375 in interest before any withholding tax, about NGN 8,125 a month.
That is NGN 5,250 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 | 9.750% | 11.850% | NGN 16.69bn | NGN 40.88bn | NGN 16.69bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 December 2005, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2005-12-22
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