Nigeria Treasury bills · auction of 22 March 2006
Nigeria T-bill auction, 22 March 2006: 182-day at 11.54%, down 249 bps
At the Treasury bill auction dated 22 March 2006, the Central Bank of Nigeria set stop rates on the 182-day bill at 11.54% (down 249 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 35.2bn against NGN 20.0bn on offer, 176% of the amount sought, and NGN 20.0bn was accepted.
Over the past year the 182-day rate has ranged from 4.50% to 14.24%.
A year earlier the 182-day bill cleared at 13.75%, so the government is paying 221 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 57,700 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 1,057,700 after 6 months: NGN 57,700 in interest before any withholding tax, about NGN 9,617 a month.
That is NGN 12,450 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 |
|---|---|---|---|---|---|
| 182-day | 11.540% | 14.030% | NGN 20.00bn | NGN 35.21bn | 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, 22 March 2006, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2006-03-22
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