Nigeria Treasury bills · auction of 30 October 2008
Nigeria T-bill auction, 30 October 2008: 91-day at 6.50%, down 30 bps
At the Treasury bill auction dated 30 October 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.50% (down 30 basis points) and the 182-day bill at 8.20% (up 46 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 35.0bn against NGN 15.0bn on offer, 233% of the amount sought, and NGN 15.0bn was accepted.
At 6.50%, the 91-day rate is the lowest in the 44 auctions of the past year.
A year earlier the 91-day bill cleared at 6.10%, so the government is paying 40 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 41,000 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 1,041,000 after 6 months: NGN 41,000 in interest before any withholding tax, about NGN 6,833 a month.
That is NGN 2,300 more than the same money would have earned at the previous auction.
For shorter money: NGN 16,250 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 | 6.500% | 6.800% | NGN 5.00bn | NGN 18.80bn | NGN 5.00bn |
| 182-day | 8.200% | 7.740% | NGN 10.00bn | NGN 16.18bn | 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, 30 October 2008, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-10-30
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