Nigeria Treasury bills · auction of 2 October 2008
Nigeria T-bill auction, 2 October 2008: 91-day at 9.13%, up 10 bps
At the Treasury bill auction dated 2 October 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.13% (up 10 basis points) and the 182-day bill at 9.43% (up 33 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 15.7bn against NGN 15.0bn on offer, 104% of the amount sought, and NGN 5.0bn was accepted.
Over the past year the 91-day rate has ranged from 6.10% to 9.30%.
A year earlier the 91-day bill cleared at 6.45%, so the government is paying 268 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,125 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 1,047,125 after 6 months: NGN 47,125 in interest before any withholding tax, about NGN 7,854 a month.
That is NGN 1,625 more than the same money would have earned at the previous auction.
For shorter money: NGN 22,813 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 | 9.125% | 9.030% | NGN 5.00bn | NGN 6.24bn | NGN 5.00bn |
| 182-day | 9.425% | 9.100% | NGN 10.00bn | NGN 9.41bn | — |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 2 October 2008, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-10-02
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