Nigeria Treasury bills · auction of 4 September 2008
Nigeria T-bill auction, 4 September 2008: 364-day at 9.44%, up 24 bps
At the Treasury bill auction dated 4 September 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.10% (unchanged), the 182-day bill at 9.43% (down 7 basis points) and the 364-day bill at 9.44% (up 24 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 20.8bn against NGN 20.0bn on offer, 104% of the amount sought, and NGN 15.0bn 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 7.30%, so the government is paying 214 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 94,400 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 1,094,400 after 12 months: NGN 94,400 in interest before any withholding tax, about NGN 7,867 a month.
That is NGN 2,400 more than the same money would have earned at the previous auction.
For shorter money: NGN 47,150 on the 182-day bill (6 months), NGN 22,750 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 | 9.100% | 9.100% | NGN 5.00bn | NGN 4.36bn | — |
| 182-day | 9.430% | 9.499% | NGN 5.00bn | NGN 6.35bn | NGN 5.00bn |
| 364-day | 9.440% | 9.200% | NGN 10.00bn | NGN 10.06bn | 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, 4 September 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-09-04
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