Nigeria Treasury bills · auction of 15 October 2009
Nigeria T-bill auction, 15 October 2009: 364-day at 7.10%, up 150 bps
At the Treasury bill auction dated 15 October 2009, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.25% (up 45 basis points), the 182-day bill at 6.91% (up 122 basis points) and the 364-day bill at 7.10% (up 150 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 132.0bn against NGN 75.6bn on offer, 175% of the amount sought, and NGN 75.6bn was accepted.
Over the past year the 364-day rate has ranged from 4.75% to 7.65%.
A year earlier the 364-day bill cleared at 9.30%, so the government is paying 220 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 71,000 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 1,071,000 after 12 months: NGN 71,000 in interest before any withholding tax, about NGN 5,917 a month.
That is NGN 15,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 34,550 on the 182-day bill (6 months), NGN 13,125 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 | 5.250% | 4.799% | NGN 15.00bn | NGN 39.19bn | NGN 15.00bn |
| 182-day | 6.910% | 5.690% | NGN 30.56bn | NGN 48.35bn | NGN 30.56bn |
| 364-day | 7.100% | 5.600% | NGN 30.00bn | NGN 44.50bn | 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, 15 October 2009, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2009-10-15
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