Nigeria Treasury bills · auction of 3 January 2018
Nigeria T-bill auction, 3 January 2018: 364-day at 14.30%, down 127 bps
At the Treasury bill auction dated 3 January 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.55% (down 40 basis points), the 182-day bill at 13.93% (down 107 basis points) and the 364-day bill at 14.30% (down 127 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 388.5bn against NGN 161.5bn on offer, 240% of the amount sought, and NGN 161.5bn was accepted.
At 14.30%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 18.68%, so the government is paying 438 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 143,000 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 1,143,000 after 12 months: NGN 143,000 in interest before any withholding tax, about NGN 11,917 a month.
That is NGN 12,700 less than the same money would have earned at the previous auction.
For shorter money: NGN 69,625 on the 182-day bill (6 months), NGN 31,375 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 | 12.550% | 12.950% | NGN 11.77bn | NGN 24.32bn | NGN 11.77bn |
| 182-day | 13.925% | 15.000% | NGN 33.93bn | NGN 44.99bn | NGN 33.93bn |
| 364-day | 14.300% | 15.570% | NGN 115.85bn | NGN 319.19bn | NGN 115.85bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 3 January 2018, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-01-03
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