Nigeria Treasury bills · auction of 21 December 2007
Nigeria T-bill auction, 21 December 2007: 91-day at 7.58%, down 2 bps
At the Treasury bill auction dated 21 December 2007, the Central Bank of Nigeria set stop rates on the 91-day bill at 7.58% (down 2 basis points) and the 182-day bill at 8.38% (up 38 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 47.2bn against NGN 105.0bn on offer, 45% of the amount sought, and NGN 5.0bn was accepted.
Over the past year the 91-day rate has ranged from 6.00% to 7.60%.
A year earlier the 91-day bill cleared at 7.40%, so the government is paying 18 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 41,900 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 1,041,900 after 6 months: NGN 41,900 in interest before any withholding tax, about NGN 6,983 a month.
That is NGN 1,900 more than the same money would have earned at the previous auction.
For shorter money: NGN 18,950 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 | 7.580% | 7.600% | NGN 5.00bn | NGN 7.99bn | NGN 5.00bn |
| 182-day | 8.380% | 8.000% | NGN 100.00bn | NGN 39.20bn | — |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 December 2007, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2007-12-21
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