Nigeria Treasury bills · auction of 2 May 2008
Nigeria T-bill auction, 2 May 2008: 91-day at 8.15%, up 5 bps
At the Treasury bill auction dated 2 May 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.15% (up 5 basis points) and the 182-day bill at 9.25% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 32.5bn against NGN 40.0bn on offer, 81% of the amount sought.
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 7.25%, so the government is paying 90 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 46,250 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 1,046,250 after 6 months: NGN 46,250 in interest before any withholding tax, about NGN 7,708 a month.
That is the same as at the previous auction.
For shorter money: NGN 20,375 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 | 8.150% | 8.100% | NGN 5.00bn | NGN 4.34bn | — |
| 182-day | 9.250% | 9.250% | NGN 35.00bn | NGN 28.18bn | — |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 2 May 2008, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-05-02
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