Nigeria Treasury bills · auction of 6 September 2007
Nigeria T-bill auction, 6 September 2007: 364-day at 8.13%, up 83 bps
At the Treasury bill auction dated 6 September 2007, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.10% (up 10 basis points), the 182-day bill at 6.25% (up 5 basis points) and the 364-day bill at 8.13% (up 83 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 57.4bn against NGN 64.0bn on offer, 90% of the amount sought, and NGN 44.0bn was accepted.
Over the past year the 364-day rate has ranged from 7.30% to 10.15%.
A year earlier the 364-day bill cleared at 10.00%, so the government is paying 187 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 81,300 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 1,081,300 after 12 months: NGN 81,300 in interest before any withholding tax, about NGN 6,775 a month.
That is NGN 8,300 more than the same money would have earned at the previous auction.
For shorter money: NGN 31,250 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% | 6.000% | NGN 10.00bn | NGN 5.64bn | — |
| 182-day | 6.250% | 6.200% | NGN 10.00bn | NGN 7.75bn | — |
| 364-day | 8.130% | 7.300% | NGN 43.99bn | NGN 43.99bn | NGN 43.99bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 6 September 2007, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2007-09-06
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