Nigeria Treasury bills · auction of 3 May 2017
Nigeria T-bill auction, 3 May 2017: 364-day at 18.82%, down 16 bps
At the Treasury bill auction dated 3 May 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.60% (unchanged), the 182-day bill at 17.26% (down 14 basis points) and the 364-day bill at 18.82% (down 16 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 265.2bn against NGN 230.6bn on offer, 115% of the amount sought, and NGN 230.6bn was accepted.
Over the past year the 364-day rate has ranged from 11.10% to 18.98%.
A year earlier the 364-day bill cleared at 10.25%, so the government is paying 857 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 188,150 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 1,188,150 after 12 months: NGN 188,150 in interest before any withholding tax, about NGN 15,679 a month.
That is NGN 1,650 less than the same money would have earned at the previous auction.
For shorter money: NGN 86,300 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% | 13.598% | NGN 29.14bn | NGN 30.14bn | NGN 29.14bn |
| 182-day | 17.260% | 17.400% | NGN 23.43bn | NGN 29.54bn | NGN 23.43bn |
| 364-day | 18.815% | 18.980% | NGN 178.03bn | NGN 205.57bn | NGN 178.03bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 May 2017, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-05-03
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