Nigeria Treasury bills · auction of 18 December 2008
Nigeria T-bill auction, 18 December 2008: 91-day at 5.43%, down 1 bps
At the Treasury bill auction dated 18 December 2008, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.43% (down 1 basis point) and the 182-day bill at 5.20% (down 54 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 57.9bn against NGN 15.0bn on offer, 386% of the amount sought, and NGN 15.0bn was accepted.
At 5.43%, the 91-day rate is the lowest in the 43 auctions of the past year.
A year earlier the 91-day bill cleared at 7.60%, so the government is paying 216 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 26,000 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 1,026,000 after 6 months: NGN 26,000 in interest before any withholding tax, about NGN 4,333 a month.
That is NGN 2,700 less than the same money would have earned at the previous auction.
For shorter money: NGN 13,587 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 | 5.435% | 5.440% | NGN 5.00bn | NGN 23.82bn | NGN 5.00bn |
| 182-day | 5.200% | 5.740% | NGN 10.00bn | NGN 34.05bn | 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, 18 December 2008, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2008-12-18
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