Nigeria Treasury bills · auction of 12 March 2009
Nigeria T-bill auction, 12 March 2009: 364-day at 5.98%, up 123 bps
At the Treasury bill auction dated 12 March 2009, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.45% (up 45 basis points), the 182-day bill at 2.65% (up 10 basis points) and the 364-day bill at 5.98% (up 123 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 41.3bn against NGN 40.0bn on offer, 103% of the amount sought, and NGN 40.0bn was accepted.
Over the past year the 364-day rate has ranged from 4.75% to 9.55%.
A year earlier the 364-day bill cleared at 8.99%, so the government is paying 301 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 59,800 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 1,059,800 after 12 months: NGN 59,800 in interest before any withholding tax, about NGN 4,983 a month.
That is NGN 12,310 more than the same money would have earned at the previous auction.
For shorter money: NGN 13,250 on the 182-day bill (6 months), NGN 6,125 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 | 2.450% | 2.000% | NGN 10.00bn | NGN 11.25bn | NGN 10.00bn |
| 182-day | 2.650% | 2.550% | NGN 10.00bn | NGN 10.00bn | NGN 10.00bn |
| 364-day | 5.980% | 4.749% | NGN 20.00bn | NGN 20.00bn | 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 March 2009, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2009-03-12
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