Nigeria Treasury bills · auction of 26 June 2008
Nigeria T-bill auction, 26 June 2008: 91-day at 9.25%, up 80 bps
At the Treasury bill auction dated 26 June 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.25% (up 80 basis points) and the 182-day bill at 9.54% (down 1 basis point). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 81.1bn against NGN 40.0bn on offer, 203% of the amount sought, and NGN 47.6bn was accepted.
At 9.25%, the 91-day rate is the highest in the 42 auctions of the past year.
A year earlier the 91-day bill cleared at 6.18%, so the government is paying 307 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,700 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 1,047,700 after 6 months: NGN 47,700 in interest before any withholding tax, about NGN 7,950 a month.
That is NGN 50 less than the same money would have earned at the previous auction.
For shorter money: NGN 23,125 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 | 9.250% | 8.450% | NGN 5.00bn | NGN 6.33bn | NGN 5.00bn |
| 182-day | 9.540% | 9.550% | NGN 35.00bn | NGN 74.81bn | NGN 42.56bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 26 June 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-06-26
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