Nigeria Treasury bills · auction of 18 May 2006
Nigeria T-bill auction, 18 May 2006: 91-day at 4.35%, down 15 bps
At the Treasury bill auction dated 18 May 2006, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.35% (down 15 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 12.6bn against NGN 10.0bn on offer, 126% of the amount sought, and NGN 10.0bn 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 6.50%, so the government is paying 215 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 10,875 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 1,010,875 after 3 months: NGN 10,875 in interest before any withholding tax, about NGN 3,625 a month.
That is NGN 375 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 | 4.350% | 4.500% | NGN 10.00bn | NGN 12.64bn | NGN 10.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 May 2006, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2006-05-18
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