Nigeria Treasury bills · auction of 4 October 2017
Nigeria T-bill auction, 4 October 2017: 364-day at 15.73%, down 202 bps
At the Treasury bill auction dated 4 October 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.25% (unchanged), the 182-day bill at 15.50% (down 186 basis points) and the 364-day bill at 15.73% (down 202 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 528.0bn against NGN 130.4bn on offer, 405% of the amount sought, and NGN 130.4bn was accepted.
At 15.73%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 18.30%, so the government is paying 257 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 157,253 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 1,157,253 after 12 months: NGN 157,253 in interest before any withholding tax, about NGN 13,104 a month.
That is NGN 20,247 less than the same money would have earned at the previous auction.
For shorter money: NGN 77,495 on the 182-day bill (6 months), NGN 33,125 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 | 13.250% | 13.250% | NGN 28.69bn | NGN 12.37bn | NGN 11.77bn |
| 182-day | 15.499% | 17.361% | NGN 33.49bn | NGN 49.92bn | NGN 12.23bn |
| 364-day | 15.725% | 17.750% | NGN 68.18bn | NGN 465.73bn | NGN 106.37bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 October 2017, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-10-04
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