Nigeria Treasury bills · auction of 29 November 2017
Nigeria T-bill auction, 29 November 2017: 364-day at 15.57%, down 3 bps
At the Treasury bill auction dated 29 November 2017, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.95% (down 5 basis points), the 182-day bill at 15.00% (down 25 basis points) and the 364-day bill at 15.57% (down 3 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 133.8bn against NGN 117.2bn on offer, 114% of the amount sought, and NGN 117.2bn was accepted.
At 15.57%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 18.70%, so the government is paying 313 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 155,700 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 1,155,700 after 12 months: NGN 155,700 in interest before any withholding tax, about NGN 12,975 a month.
That is NGN 300 less than the same money would have earned at the previous auction.
For shorter money: NGN 75,000 on the 182-day bill (6 months), NGN 32,375 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 | 12.950% | 13.000% | NGN 26.14bn | NGN 7.89bn | NGN 7.89bn |
| 182-day | 15.000% | 15.250% | NGN 11.01bn | NGN 6.21bn | NGN 6.21bn |
| 364-day | 15.570% | 15.600% | NGN 80.03bn | NGN 119.69bn | NGN 103.07bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 29 November 2017, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2017-11-29
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