Nigeria Treasury bills · auction of 15 January 2009
Nigeria T-bill auction, 15 January 2009: 364-day at 5.50%, down 215 bps
At the Treasury bill auction dated 15 January 2009, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.70% (down 173 basis points), the 182-day bill at 4.40% (down 160 basis points) and the 364-day bill at 5.50% (down 215 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 225.2bn against NGN 60.0bn on offer, 375% of the amount sought, and NGN 60.0bn was accepted.
At 5.50%, the 364-day rate is the lowest in the 10 auctions of the past year.
A year earlier the 364-day bill cleared at 8.23%, so the government is paying 273 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 55,000 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 1,055,000 after 12 months: NGN 55,000 in interest before any withholding tax, about NGN 4,583 a month.
That is NGN 21,499 less than the same money would have earned at the previous auction.
For shorter money: NGN 22,000 on the 182-day bill (6 months), NGN 9,250 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 | 3.700% | 5.435% | NGN 15.00bn | NGN 44.11bn | NGN 15.00bn |
| 182-day | 4.400% | 6.000% | NGN 15.00bn | NGN 47.83bn | NGN 15.00bn |
| 364-day | 5.500% | 7.650% | NGN 30.00bn | NGN 133.25bn | NGN 30.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 January 2009, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2009-01-15
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