Nigeria Treasury bills · auction of 4 January 2006
Nigeria T-bill auction, 4 January 2006: 182-day at 14.00%, up 200 bps
At the Treasury bill auction dated 4 January 2006, the Central Bank of Nigeria set stop rates on the 182-day bill at 14.00% (up 200 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 7.0bn against NGN 20.0bn on offer, 35% of the amount sought, and NGN 7.0bn was accepted.
Over the past year the 182-day rate has ranged from 4.50% to 16.00%.
A year earlier the 182-day bill cleared at 14.25%, so the government is paying 25 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 70,000 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,070,000 after 6 months: NGN 70,000 in interest before any withholding tax, about NGN 11,667 a month.
That is NGN 10,000 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 |
|---|---|---|---|---|---|
| 182-day | 14.000% | 12.000% | NGN 20.00bn | NGN 6.99bn | NGN 6.99bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 January 2006, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2006-01-04
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