Nigeria Treasury bills · auction of 6 March 2008
Nigeria T-bill auction, 6 March 2008: 364-day at 8.99%, down 51 bps
At the Treasury bill auction dated 6 March 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.50% (down 25 basis points), the 182-day bill at 9.25% (down 25 basis points) and the 364-day bill at 8.99% (down 51 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 98.2bn against NGN 55.0bn on offer, 179% of the amount sought, and NGN 23.2bn was accepted.
Over the past year the 364-day rate has ranged from 7.00% to 9.50%.
A year earlier the 364-day bill cleared at 8.00%, so the government is paying 99 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 89,900 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 1,089,900 after 12 months: NGN 89,900 in interest before any withholding tax, about NGN 7,492 a month.
That is NGN 5,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 46,250 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% | 8.750% | NGN 5.00bn | NGN 3.13bn | — |
| 182-day | 9.250% | 9.500% | NGN 35.00bn | NGN 22.24bn | NGN 8.25bn |
| 364-day | 8.990% | 9.500% | NGN 15.00bn | NGN 72.83bn | NGN 15.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 6 March 2008, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-03-06
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