Nigeria Treasury bills · auction of 18 June 2009
Nigeria T-bill auction, 18 June 2009: 91-day at 3.65%, up 65 bps
At the Treasury bill auction dated 18 June 2009, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.65% (up 65 basis points) and the 182-day bill at 6.13% (up 128 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 52.3bn against NGN 45.0bn on offer, 116% of the amount sought, and NGN 45.0bn 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 8.45%, so the government is paying 480 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 30,625 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 1,030,625 after 6 months: NGN 30,625 in interest before any withholding tax, about NGN 5,104 a month.
That is NGN 6,375 more than the same money would have earned at the previous auction.
For shorter money: NGN 9,113 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 | 3.645% | 2.999% | NGN 15.00bn | NGN 18.82bn | NGN 15.00bn |
| 182-day | 6.125% | 4.850% | NGN 30.00bn | NGN 33.51bn | 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, 18 June 2009, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2009-06-18
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