Nigeria Treasury bills · auction of 12 April 2007
Nigeria T-bill auction, 12 April 2007: 364-day at 8.50%, up 50 bps
At the Treasury bill auction dated 12 April 2007, the Central Bank of Nigeria set stop rates on the 91-day bill at 7.20% (down 2 basis points), the 182-day bill at 7.75% (up 30 basis points) and the 364-day bill at 8.50% (up 50 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 74.8bn against NGN 35.0bn on offer, 214% of the amount sought, and NGN 36.6bn was accepted.
Over the past year the 364-day rate has ranged from 8.00% to 14.00%.
A year earlier the 364-day bill cleared at 9.68%, so the government is paying 118 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 85,000 in 12 months on the 364-day bill
Put NGN 1,000,000 into the 364-day bill at this auction and you get back NGN 1,085,000 after 12 months: NGN 85,000 in interest before any withholding tax, about NGN 7,083 a month.
That is NGN 5,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 38,750 on the 182-day bill (6 months), NGN 18,000 on the 91-day bill (3 months).
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 | 7.200% | 7.220% | NGN 10.00bn | NGN 13.10bn | NGN 10.00bn |
| 182-day | 7.750% | 7.450% | NGN 10.00bn | NGN 16.56bn | NGN 11.56bn |
| 364-day | 8.500% | 8.000% | NGN 15.00bn | NGN 45.17bn | NGN 15.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 April 2007, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2007-04-12
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