Nigeria Treasury bills · auction of 26 March 2009
Nigeria T-bill auction, 26 March 2009: 91-day at 2.60%, up 15 bps
At the Treasury bill auction dated 26 March 2009, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.60% (up 15 basis points) and the 182-day bill at 3.00% (up 35 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 58.3bn against NGN 40.0bn on offer, 146% of the amount sought, and NGN 40.0bn was accepted.
Over the past year the 91-day rate has ranged from 1.90% to 9.30%.
A year earlier the 91-day bill cleared at 8.70%, so the government is paying 610 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 15,000 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 1,015,000 after 6 months: NGN 15,000 in interest before any withholding tax, about NGN 2,500 a month.
That is NGN 1,750 more than the same money would have earned at the previous auction.
For shorter money: NGN 6,500 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 | 2.600% | 2.450% | NGN 10.00bn | NGN 13.08bn | NGN 10.00bn |
| 182-day | 3.000% | 2.650% | NGN 30.00bn | NGN 45.23bn | 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, 26 March 2009, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2009-03-26
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