Nigeria Treasury bills · auction of 23 October 2008
Nigeria T-bill auction, 23 October 2008: 91-day at 6.80%, down 70 bps
At the Treasury bill auction dated 23 October 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.80% (down 70 basis points) and the 182-day bill at 7.74% (down 76 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 61.7bn against NGN 15.9bn on offer, 388% of the amount sought, and NGN 15.9bn was accepted.
Over the past year the 91-day rate has ranged from 6.40% to 9.30%.
A year earlier the 91-day bill cleared at 6.10%, so the government is paying 70 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 38,700 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 1,038,700 after 6 months: NGN 38,700 in interest before any withholding tax, about NGN 6,450 a month.
That is NGN 3,800 less than the same money would have earned at the previous auction.
For shorter money: NGN 17,000 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 | 6.800% | 7.500% | NGN 5.11bn | NGN 22.41bn | NGN 5.11bn |
| 182-day | 7.740% | 8.500% | NGN 10.80bn | NGN 39.26bn | NGN 10.80bn |
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, 23 October 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-10-23
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.