Nigeria Treasury bills · auction of 9 October 2008
Nigeria T-bill auction, 9 October 2008: 364-day at 9.30%, down 14 bps
At the Treasury bill auction dated 9 October 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.80% (down 32 basis points), the 182-day bill at 9.00% (down 43 basis points) and the 364-day bill at 9.30% (down 14 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 89.1bn against NGN 40.6bn on offer, 220% of the amount sought, and NGN 40.6bn was accepted.
Over the past year the 364-day rate has ranged from 7.35% to 9.55%.
A year earlier the 364-day bill cleared at 8.13%, so the government is paying 117 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 93,000 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 1,093,000 after 12 months: NGN 93,000 in interest before any withholding tax, about NGN 7,750 a month.
That is NGN 1,400 less than the same money would have earned at the previous auction.
For shorter money: NGN 45,000 on the 182-day bill (6 months), NGN 22,000 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 | 8.800% | 9.125% | NGN 5.00bn | NGN 17.05bn | NGN 5.00bn |
| 182-day | 9.000% | 9.425% | NGN 10.56bn | NGN 40.71bn | NGN 10.56bn |
| 364-day | 9.300% | 9.440% | NGN 25.00bn | NGN 31.32bn | NGN 25.00bn |
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, 9 October 2008, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-10-09
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.