Nigeria Treasury bills · auction of 17 July 2008
Nigeria T-bill auction, 17 July 2008: 91-day at 9.30%, up 30 bps
At the Treasury bill auction dated 17 July 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.30% (up 30 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 9.6bn against NGN 5.0bn on offer, 192% of the amount sought, and NGN 5.0bn was accepted.
At 9.30%, the 91-day rate is the highest in the 42 auctions of the past year.
A year earlier the 91-day bill cleared at 6.00%, so the government is paying 330 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 23,247 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 1,023,248 after 3 months: NGN 23,247 in interest before any withholding tax, about NGN 7,749 a month.
That is NGN 747 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 | 9.299% | 9.000% | NGN 5.00bn | NGN 9.60bn | NGN 5.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 July 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-07-17
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