Nigeria Treasury bills · auction of 14 May 2008
Nigeria T-bill auction, 14 May 2008: 91-day at 8.40%, up 25 bps
At the Treasury bill auction dated 14 May 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.40% (up 25 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 6.4bn against NGN 5.1bn on offer, 125% of the amount sought, and NGN 5.1bn 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 7.25%, so the government is paying 115 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 21,000 in 3 months on the 91-day bill
Put NGN 1,000,000 into the 91-day bill at this auction and you get back NGN 1,021,000 after 3 months: NGN 21,000 in interest before any withholding tax, about NGN 7,000 a month.
That is NGN 625 more than the same money would have earned at the previous auction.
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 | 8.400% | 8.150% | NGN 5.11bn | NGN 6.38bn | NGN 5.11bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 May 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-05-14
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