Nigeria Treasury bills · auction of 9 August 2007
Nigeria T-bill auction, 9 August 2007: 364-day at 7.30%, down 49 bps
At the Treasury bill auction dated 9 August 2007, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.10% (up 5 basis points), the 182-day bill at 6.11% (down 1 basis point) and the 364-day bill at 7.30% (down 49 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 87.4bn against NGN 45.0bn on offer, 194% of the amount sought, and NGN 45.0bn was accepted.
At 7.30%, the 364-day rate is the lowest in the 8 auctions of the past year.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 270 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 73,000 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 1,073,000 after 12 months: NGN 73,000 in interest before any withholding tax, about NGN 6,083 a month.
That is NGN 4,900 less than the same money would have earned at the previous auction.
For shorter money: NGN 30,550 on the 182-day bill (6 months), NGN 15,250 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 | 6.100% | 6.050% | NGN 10.00bn | NGN 10.35bn | NGN 10.00bn |
| 182-day | 6.110% | 6.120% | NGN 10.00bn | NGN 11.23bn | NGN 10.00bn |
| 364-day | 7.300% | 7.790% | NGN 25.00bn | NGN 65.86bn | NGN 25.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 August 2007, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2007-08-09
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