Nigeria Treasury bills · auction of 5 July 2017
Nigeria T-bill auction, 5 July 2017: 364-day at 18.60%, down 5 bps
At the Treasury bill auction dated 5 July 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.50% (unchanged), the 182-day bill at 17.50% (unchanged) and the 364-day bill at 18.60% (down 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 211.4bn against NGN 177.0bn on offer, 119% of the amount sought, and NGN 177.0bn was accepted.
Over the past year the 364-day rate has ranged from 14.99% to 18.98%.
A year earlier the 364-day bill cleared at 15.00%, so the government is paying 360 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 185,990 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 1,185,990 after 12 months: NGN 185,990 in interest before any withholding tax, about NGN 15,499 a month.
That is NGN 509 less than the same money would have earned at the previous auction.
For shorter money: NGN 87,500 on the 182-day bill (6 months), NGN 33,750 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 | 13.500% | 13.500% | NGN 35.00bn | NGN 28.84bn | NGN 28.69bn |
| 182-day | 17.500% | 17.500% | NGN 22.00bn | NGN 21.41bn | NGN 21.25bn |
| 364-day | 18.599% | 18.650% | NGN 120.00bn | NGN 161.19bn | NGN 127.06bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 5 July 2017, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-07-05
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