Nigeria Treasury bills · auction of 20 March 2008
Nigeria T-bill auction, 20 March 2008: 91-day at 8.70%, up 20 bps
At the Treasury bill auction dated 20 March 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.70% (up 20 basis points) and the 182-day bill at 9.10% (down 10 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 45.9bn against NGN 107.6bn on offer, 43% of the amount sought, and NGN 13.0bn 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 6.75%, so the government is paying 195 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 45,500 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 1,045,500 after 6 months: NGN 45,500 in interest before any withholding tax, about NGN 7,583 a month.
That is NGN 500 less than the same money would have earned at the previous auction.
For shorter money: NGN 21,750 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 | 8.700% | 8.500% | NGN 5.00bn | NGN 4.27bn | — |
| 182-day | 9.100% | 9.200% | NGN 102.64bn | NGN 41.67bn | NGN 13.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 March 2008, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-03-20
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