Nigeria Treasury bills · auction of 4 December 2008
Nigeria T-bill auction, 4 December 2008: 364-day at 7.65%, down 165 bps
At the Treasury bill auction dated 4 December 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.94% (down 56 basis points), the 182-day bill at 5.99% (down 61 basis points) and the 364-day bill at 7.65% (down 165 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 150.1bn against NGN 40.0bn on offer, 375% of the amount sought, and NGN 40.0bn was accepted.
At 7.65%, the 364-day rate is the lowest in the 10 auctions of the past year.
A year earlier the 364-day bill cleared at 7.35%, so the government is paying 30 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 76,499 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 1,076,499 after 12 months: NGN 76,499 in interest before any withholding tax, about NGN 6,375 a month.
That is NGN 16,501 less than the same money would have earned at the previous auction.
For shorter money: NGN 29,945 on the 182-day bill (6 months), NGN 14,850 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 | 5.940% | 6.500% | NGN 5.00bn | NGN 18.54bn | NGN 5.00bn |
| 182-day | 5.989% | 6.595% | NGN 10.00bn | NGN 44.06bn | NGN 10.00bn |
| 364-day | 7.650% | 9.300% | NGN 25.00bn | NGN 87.50bn | NGN 25.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 December 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-12-04
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