Nigeria Treasury bills · auction of 11 September 2008
Nigeria T-bill auction, 11 September 2008: 91-day at 9.10%, unchanged
At the Treasury bill auction dated 11 September 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.10% (unchanged) and the 182-day bill at 9.43% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 11.7bn against NGN 9.3bn on offer, 125% of the amount sought, and NGN 9.3bn 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 6.10%, so the government is paying 300 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,150 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 1,047,150 after 6 months: NGN 47,150 in interest before any withholding tax, about NGN 7,858 a month.
That is NGN 1 less than the same money would have earned at the previous auction.
For shorter money: 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 4.34bn | NGN 4.36bn | NGN 4.34bn |
| 182-day | 9.430% | 9.430% | NGN 5.00bn | NGN 7.31bn | NGN 5.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 11 September 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-09-11
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.