Nigeria Treasury bills · auction of 17 January 2018
Nigeria T-bill auction, 17 January 2018: 364-day at 13.79%, down 51 bps
At the Treasury bill auction dated 17 January 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 12.10% (down 45 basis points), the 182-day bill at 13.75% (down 18 basis points) and the 364-day bill at 13.79% (down 51 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 471.5bn against NGN 229.9bn on offer, 205% of the amount sought, and NGN 229.9bn was accepted.
At 13.79%, 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 489 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 137,900 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 1,137,900 after 12 months: NGN 137,900 in interest before any withholding tax, about NGN 11,492 a month.
That is NGN 5,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 68,750 on the 182-day bill (6 months), NGN 30,250 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 | 12.100% | 12.550% | NGN 10.25bn | NGN 44.73bn | NGN 10.25bn |
| 182-day | 13.750% | 13.925% | NGN 26.60bn | NGN 29.92bn | NGN 26.60bn |
| 364-day | 13.790% | 14.300% | NGN 193.00bn | NGN 396.85bn | NGN 193.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 January 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-01-17
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