Nigeria Treasury bills · auction of 12 February 2009
Nigeria T-bill auction, 12 February 2009: 364-day at 4.75%, down 75 bps
At the Treasury bill auction dated 12 February 2009, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.90% (down 44 basis points), the 182-day bill at 2.59% (down 26 basis points) and the 364-day bill at 4.75% (down 75 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 143.9bn against NGN 50.1bn on offer, 287% of the amount sought, and NGN 50.1bn was accepted.
At 4.75%, the 364-day rate is the lowest in the 10 auctions of the past year.
A year earlier the 364-day bill cleared at 9.50%, so the government is paying 475 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,490 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 1,047,490 after 12 months: NGN 47,490 in interest before any withholding tax, about NGN 3,958 a month.
That is NGN 7,510 less than the same money would have earned at the previous auction.
For shorter money: NGN 12,940 on the 182-day bill (6 months), NGN 4,745 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 | 1.898% | 2.340% | NGN 15.11bn | NGN 54.23bn | NGN 15.11bn |
| 182-day | 2.588% | 2.850% | NGN 15.00bn | NGN 33.94bn | NGN 15.00bn |
| 364-day | 4.749% | 5.500% | NGN 20.00bn | NGN 55.75bn | NGN 20.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 February 2009, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2009-02-12
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