Nigeria Treasury bills · auction of 23 February 2006
Nigeria T-bill auction, 23 February 2006: 91-day at 8.00%, down 390 bps
At the Treasury bill auction dated 23 February 2006, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.00% (down 390 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 19.1bn against NGN 15.9bn on offer, 121% of the amount sought, and NGN 13.1bn was accepted.
Over the past year the 91-day rate has ranged from 3.00% to 12.50%.
A year earlier the 91-day bill cleared at 12.50%, so the government is paying 450 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 20,000 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 1,020,000 after 3 months: NGN 20,000 in interest before any withholding tax, about NGN 6,667 a month.
That is NGN 9,750 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 | 8.000% | 11.900% | NGN 15.86bn | NGN 19.14bn | NGN 13.12bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 February 2006, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2006-02-23
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