Nigeria Treasury bills · auction of 7 August 2008
Nigeria T-bill auction, 7 August 2008: 364-day at 9.20%, down 35 bps
At the Treasury bill auction dated 7 August 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.20% (down 5 basis points), the 182-day bill at 9.20% (down 35 basis points) and the 364-day bill at 9.20% (down 35 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 79.2bn against NGN 50.1bn on offer, 158% of the amount sought, and NGN 39.0bn was accepted.
Over the past year the 364-day rate has ranged from 7.00% to 9.55%.
A year earlier the 364-day bill cleared at 7.79%, so the government is paying 141 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 92,000 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 1,092,000 after 12 months: NGN 92,000 in interest before any withholding tax, about NGN 7,667 a month.
That is NGN 3,499 less than the same money would have earned at the previous auction.
For shorter money: NGN 46,000 on the 182-day bill (6 months), NGN 23,000 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 | 9.200% | 9.249% | NGN 5.11bn | NGN 25.17bn | NGN 5.11bn |
| 182-day | 9.200% | 9.548% | NGN 35.00bn | NGN 28.85bn | NGN 23.85bn |
| 364-day | 9.200% | 9.550% | NGN 10.00bn | NGN 25.18bn | NGN 10.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 August 2008, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-08-07
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