Nigeria Treasury bills · auction of 15 November 2017
Nigeria T-bill auction, 15 November 2017: 364-day at 15.60%, unchanged
At the Treasury bill auction dated 15 November 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 13.00% (down 10 basis points), the 182-day bill at 15.25% (down 3 basis points) and the 364-day bill at 15.60% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 152.9bn against NGN 119.9bn on offer, 127% of the amount sought, and NGN 119.9bn was accepted.
Over the past year the 364-day rate has ranged from 15.59% to 18.98%.
A year earlier the 364-day bill cleared at 18.50%, so the government is paying 290 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 156,000 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 1,156,000 after 12 months: NGN 156,000 in interest before any withholding tax, about NGN 13,000 a month.
That is the same as at the previous auction.
For shorter money: NGN 76,250 on the 182-day bill (6 months), NGN 32,500 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 | 13.000% | 13.100% | NGN 32.44bn | NGN 6.05bn | NGN 6.00bn |
| 182-day | 15.250% | 15.280% | NGN 22.82bn | NGN 6.00bn | NGN 6.00bn |
| 364-day | 15.600% | 15.600% | NGN 64.68bn | NGN 140.84bn | NGN 107.94bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 November 2017, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-11-15
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