Nigeria Treasury bills · auction of 15 March 2017
Nigeria T-bill auction, 15 March 2017: 364-day at 18.56%, up 6 bps
At the Treasury bill auction dated 15 March 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.60% (down 5 basis points), the 182-day bill at 17.20% (unchanged) and the 364-day bill at 18.56% (up 6 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 265.7bn against NGN 253.8bn on offer, 105% of the amount sought, and NGN 253.8bn was accepted.
Over the past year the 364-day rate has ranged from 9.49% to 18.70%.
A year earlier the 364-day bill cleared at 9.00%, so the government is paying 956 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 185,598 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 1,185,598 after 12 months: NGN 185,598 in interest before any withholding tax, about NGN 15,466 a month.
That is NGN 633 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 34,000 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 | 13.600% | 13.650% | NGN 39.01bn | NGN 39.01bn | NGN 39.01bn |
| 182-day | 17.200% | 17.200% | NGN 48.45bn | NGN 50.45bn | NGN 48.45bn |
| 364-day | 18.560% | 18.497% | NGN 166.30bn | NGN 176.23bn | NGN 166.30bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 March 2017, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-03-15
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