Nigeria Treasury bills · auction of 10 September 2009
Nigeria T-bill auction, 10 September 2009: 364-day at 5.60%, unchanged
At the Treasury bill auction dated 10 September 2009, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.80% (unchanged), the 182-day bill at 5.69% (up 19 basis points) and the 364-day bill at 5.60% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 115.2bn against NGN 75.0bn on offer, 154% of the amount sought, and NGN 75.0bn was accepted.
Over the past year the 364-day rate has ranged from 4.75% to 9.30%.
A year earlier the 364-day bill cleared at 9.44%, so the government is paying 384 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 56,000 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 1,056,000 after 12 months: NGN 56,000 in interest before any withholding tax, about NGN 4,667 a month.
That is the same as at the previous auction.
For shorter money: NGN 28,450 on the 182-day bill (6 months), NGN 11,998 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 | 4.799% | 4.800% | NGN 15.00bn | NGN 22.68bn | NGN 15.00bn |
| 182-day | 5.690% | 5.500% | NGN 30.00bn | NGN 38.50bn | NGN 30.00bn |
| 364-day | 5.600% | 5.600% | NGN 30.00bn | NGN 54.00bn | 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, 10 September 2009, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2009-09-10
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