Nigeria Treasury bills · auction of 22 March 2017
Nigeria T-bill auction, 22 March 2017: 364-day at 18.69%, up 13 bps
At the Treasury bill auction dated 22 March 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.55% (down 5 basis points), the 182-day bill at 17.20% (unchanged) and the 364-day bill at 18.69% (up 13 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 135.7bn against NGN 135.0bn on offer, 101% of the amount sought, and NGN 106.9bn 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 9.15%, so the government is paying 954 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 186,900 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 1,186,900 after 12 months: NGN 186,900 in interest before any withholding tax, about NGN 15,575 a month.
That is NGN 1,302 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 33,875 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 | 13.550% | 13.600% | NGN 28.12bn | NGN 17.05bn | — |
| 182-day | 17.200% | 17.200% | NGN 23.68bn | NGN 28.30bn | NGN 23.68bn |
| 364-day | 18.690% | 18.560% | NGN 83.17bn | NGN 90.38bn | NGN 83.17bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 March 2017, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-03-22
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