Nigeria Treasury bills · auction of 27 September 2007
Nigeria T-bill auction, 27 September 2007: 91-day at 6.45%, down 5 bps
At the Treasury bill auction dated 27 September 2007, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.45% (down 5 basis points) and the 182-day bill at 6.79% (up 54 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 61.4bn against NGN 15.0bn on offer, 409% of the amount sought, and NGN 15.0bn was accepted.
Over the past year the 91-day rate has ranged from 5.00% to 7.40%.
A year earlier the 91-day bill cleared at 5.30%, so the government is paying 115 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 33,950 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 1,033,950 after 6 months: NGN 33,950 in interest before any withholding tax, about NGN 5,658 a month.
That is NGN 2,700 more than the same money would have earned at the previous auction.
For shorter money: NGN 16,125 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 | 6.450% | 6.500% | NGN 5.00bn | NGN 16.25bn | NGN 5.00bn |
| 182-day | 6.790% | 6.250% | NGN 10.00bn | NGN 45.12bn | 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, 27 September 2007, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2007-09-27
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