Nigeria Treasury bills · auction of 13 March 2008
Nigeria T-bill auction, 13 March 2008: 91-day at 8.50%, unchanged
At the Treasury bill auction dated 13 March 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.50% (unchanged) and the 182-day bill at 9.20% (down 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 53.5bn against NGN 15.0bn on offer, 357% of the amount sought, and NGN 15.4bn was accepted.
Over the past year the 91-day rate has ranged from 6.00% to 8.75%.
A year earlier the 91-day bill cleared at 6.90%, so the government is paying 160 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 46,000 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 1,046,000 after 6 months: NGN 46,000 in interest before any withholding tax, about NGN 7,667 a month.
That is NGN 250 less than the same money would have earned at the previous auction.
For shorter money: 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 5.00bn | NGN 4.14bn | — |
| 182-day | 9.200% | 9.250% | NGN 10.00bn | NGN 49.35bn | NGN 15.35bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 March 2008, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-03-13
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