Nigeria Treasury bills · auction of 31 July 2008
Nigeria T-bill auction, 31 July 2008: 91-day at 9.25%, unchanged
At the Treasury bill auction dated 31 July 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.25% (unchanged) and the 182-day bill at 9.55% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 62.2bn against NGN 40.0bn on offer, 156% of the amount sought, and NGN 41.5bn was accepted.
Over the past year the 91-day rate has ranged from 6.00% to 9.30%.
A year earlier the 91-day bill cleared at 6.05%, so the government is paying 320 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,740 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 1,047,740 after 6 months: NGN 47,740 in interest before any withholding tax, about NGN 7,957 a month.
That is NGN 10 less than the same money would have earned at the previous auction.
For shorter money: NGN 23,123 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 | 9.249% | 9.250% | NGN 5.00bn | NGN 11.54bn | NGN 5.00bn |
| 182-day | 9.548% | 9.550% | NGN 35.00bn | NGN 50.68bn | NGN 36.53bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 31 July 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-07-31
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