Nigeria Treasury bills · auction of 10 April 2008
Nigeria T-bill auction, 10 April 2008: 364-day at 9.08%, up 9 bps
At the Treasury bill auction dated 10 April 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.25% (up 5 basis points), the 182-day bill at 9.31% (up 8 basis points) and the 364-day bill at 9.08% (up 9 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 132.2bn against NGN 55.6bn on offer, 238% of the amount sought, and NGN 55.6bn 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 108 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 90,800 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 1,090,800 after 12 months: NGN 90,800 in interest before any withholding tax, about NGN 7,567 a month.
That is NGN 900 more than the same money would have earned at the previous auction.
For shorter money: NGN 46,550 on the 182-day bill (6 months), NGN 20,625 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 | 8.250% | 8.200% | NGN 5.00bn | NGN 5.37bn | NGN 5.00bn |
| 182-day | 9.310% | 9.230% | NGN 35.56bn | NGN 52.74bn | NGN 35.56bn |
| 364-day | 9.080% | 8.990% | NGN 15.00bn | NGN 74.13bn | 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, 10 April 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-04-10
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