Nigeria Treasury bills · auction of 7 February 2008
Nigeria T-bill auction, 7 February 2008: 364-day at 9.50%, up 127 bps
At the Treasury bill auction dated 7 February 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.50% (unchanged), the 182-day bill at 9.50% (up 35 basis points) and the 364-day bill at 9.50% (up 127 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 38.5bn against NGN 55.1bn on offer, 70% of the amount sought, and NGN 28.8bn was accepted.
At 9.50%, the 364-day rate is the highest in the 11 auctions of the past year.
A year earlier the 364-day bill cleared at 9.01%, so the government is paying 49 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 95,000 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 1,095,000 after 12 months: NGN 95,000 in interest before any withholding tax, about NGN 7,917 a month.
That is NGN 12,700 more than the same money would have earned at the previous auction.
For shorter money: NGN 47,500 on the 182-day bill (6 months), NGN 21,250 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 | 8.500% | 8.500% | NGN 5.11bn | NGN 6.06bn | NGN 5.11bn |
| 182-day | 9.500% | 9.150% | NGN 35.00bn | NGN 18.73bn | NGN 10.00bn |
| 364-day | 9.500% | 8.230% | NGN 15.00bn | NGN 13.72bn | NGN 13.72bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 February 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-02-07
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