Nigeria Treasury bills · auction of 1 March 2017
Nigeria T-bill auction, 1 March 2017: 364-day at 18.50%, up 5 bps
At the Treasury bill auction dated 1 March 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.65% (down 4 basis points), the 182-day bill at 17.20% (up 5 basis points) and the 364-day bill at 18.50% (up 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 363.1bn against NGN 310.2bn on offer, 117% of the amount sought, and NGN 310.2bn was accepted.
Over the past year the 364-day rate has ranged from 9.15% to 18.70%.
A year earlier the 364-day bill cleared at 8.98%, so the government is paying 952 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 184,965 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 1,184,965 after 12 months: NGN 184,965 in interest before any withholding tax, about NGN 15,414 a month.
That is NGN 470 more than the same money would have earned at the previous auction.
For shorter money: NGN 86,000 on the 182-day bill (6 months), NGN 34,125 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 | 13.650% | 13.690% | NGN 26.14bn | NGN 27.36bn | NGN 26.14bn |
| 182-day | 17.200% | 17.150% | NGN 62.00bn | NGN 63.00bn | NGN 62.00bn |
| 364-day | 18.497% | 18.450% | NGN 222.08bn | NGN 272.74bn | NGN 222.08bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 1 March 2017, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-03-01
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