Nigeria Treasury bills · auction of 3 July 2008
Nigeria T-bill auction, 3 July 2008: 364-day at 9.55%, up 67 bps
At the Treasury bill auction dated 3 July 2008, the Central Bank of Nigeria set stop rates on the 364-day bill at 9.55% (up 67 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 54.6bn against NGN 10.0bn on offer, 546% of the amount sought, and NGN 48.0bn was accepted.
At 9.55%, the 364-day rate is the highest in the 11 auctions of the past year.
A year earlier the 364-day bill cleared at 7.79%, so the government is paying 176 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 95,499 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 1,095,499 after 12 months: NGN 95,499 in interest before any withholding tax, about NGN 7,958 a month.
That is NGN 6,699 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 |
|---|---|---|---|---|---|
| 364-day | 9.550% | 8.880% | NGN 10.00bn | NGN 54.63bn | NGN 48.03bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 July 2008, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-07-03
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