Nigeria Treasury bills · auction of 20 September 2006
Nigeria T-bill auction, 20 September 2006: 182-day at 6.25%, down 263 bps
At the Treasury bill auction dated 20 September 2006, the Central Bank of Nigeria set stop rates on the 182-day bill at 6.25% (down 263 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 11.4bn against NGN 10.0bn on offer, 114% of the amount sought, and NGN 10.0bn was accepted.
At 6.25%, the 182-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 182-day bill cleared at 6.49%, so the government is paying 24 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 31,250 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 1,031,250 after 6 months: NGN 31,250 in interest before any withholding tax, about NGN 5,208 a month.
That is NGN 13,150 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 | 6.250% | 8.880% | NGN 10.00bn | NGN 11.36bn | 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, 20 September 2006, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2006-09-20
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