Nigeria Treasury bills · auction of 21 February 2008
Nigeria T-bill auction, 21 February 2008: 91-day at 8.75%, up 25 bps
At the Treasury bill auction dated 21 February 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.75% (up 25 basis points) and the 182-day bill at 9.50% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 51.0bn against NGN 36.8bn on offer, 139% of the amount sought, and NGN 36.8bn was accepted.
At 8.75%, the 91-day rate is the highest in the 44 auctions of the past year.
A year earlier the 91-day bill cleared at 7.00%, so the government is paying 175 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,500 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 1,047,500 after 6 months: NGN 47,500 in interest before any withholding tax, about NGN 7,917 a month.
That is the same as at the previous auction.
For shorter money: NGN 21,875 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 | 8.750% | 8.500% | NGN 5.00bn | NGN 7.27bn | NGN 5.00bn |
| 182-day | 9.500% | 9.500% | NGN 31.76bn | NGN 43.76bn | NGN 31.76bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 21 February 2008, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-02-21
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