Nigeria Treasury bills · auction of 11 December 2008
Nigeria T-bill auction, 11 December 2008: 91-day at 5.44%, down 50 bps
At the Treasury bill auction dated 11 December 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.44% (down 50 basis points) and the 182-day bill at 5.74% (down 25 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 43.8bn against NGN 15.0bn on offer, 292% of the amount sought, and NGN 15.0bn was accepted.
At 5.44%, the 91-day rate is the lowest in the 42 auctions of the past year.
A year earlier the 91-day bill cleared at 7.44%, so the government is paying 200 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 28,700 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 1,028,700 after 6 months: NGN 28,700 in interest before any withholding tax, about NGN 4,783 a month.
That is NGN 1,245 less than the same money would have earned at the previous auction.
For shorter money: NGN 13,600 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 | 5.440% | 5.940% | NGN 5.00bn | NGN 22.42bn | NGN 5.00bn |
| 182-day | 5.740% | 5.989% | NGN 10.00bn | NGN 21.38bn | NGN 10.00bn |
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, 11 December 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-12-11
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.