Nigeria Treasury bills · auction of 10 July 2008
Nigeria T-bill auction, 10 July 2008: 91-day at 9.00%, down 25 bps
At the Treasury bill auction dated 10 July 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.00% (down 25 basis points) and the 182-day bill at 9.55% (up 1 basis point). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 46.0bn against NGN 40.0bn on offer, 115% of the amount sought, and NGN 33.5bn was accepted.
Over the past year the 91-day rate has ranged from 6.00% to 9.25%.
A year earlier the 91-day bill cleared at 6.10%, so the government is paying 290 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,750 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 1,047,750 after 6 months: NGN 47,750 in interest before any withholding tax, about NGN 7,958 a month.
That is NGN 50 more than the same money would have earned at the previous auction.
For shorter money: NGN 22,500 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 | 9.000% | 9.250% | NGN 5.00bn | NGN 11.84bn | NGN 5.00bn |
| 182-day | 9.550% | 9.540% | NGN 35.00bn | NGN 34.14bn | NGN 28.54bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 10 July 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-07-10
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