Nigeria Treasury bills · auction of 19 April 2017
Nigeria T-bill auction, 19 April 2017: 364-day at 18.98%, up 24 bps
At the Treasury bill auction dated 19 April 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.60% (up 5 basis points), the 182-day bill at 17.40% (up 19 basis points) and the 364-day bill at 18.98% (up 24 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 178.1bn against NGN 167.5bn on offer, 106% of the amount sought, and NGN 89.6bn was accepted.
At 18.98%, the 364-day rate is the highest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 9.49%, so the government is paying 949 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 189,800 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 1,189,800 after 12 months: NGN 189,800 in interest before any withholding tax, about NGN 15,817 a month.
That is NGN 2,389 more than the same money would have earned at the previous auction.
For shorter money: NGN 87,000 on the 182-day bill (6 months), NGN 33,995 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 | 13.598% | 13.551% | NGN 36.79bn | NGN 37.85bn | NGN 12.30bn |
| 182-day | 17.400% | 17.212% | NGN 35.00bn | NGN 35.06bn | NGN 25.51bn |
| 364-day | 18.980% | 18.741% | NGN 95.73bn | NGN 105.22bn | NGN 51.82bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 April 2017, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-04-19
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