Nigeria Treasury bills · auction of 14 February 2018
Nigeria T-bill auction, 14 February 2018: 364-day at 13.70%, unchanged
At the Treasury bill auction dated 14 February 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.95% (down 5 basis points), the 182-day bill at 13.65% (unchanged) and the 364-day bill at 13.70% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 229.9bn against NGN 176.0bn on offer, 131% of the amount sought, and NGN 176.0bn was accepted.
At 13.70%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 18.54%, so the government is paying 484 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 137,000 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 1,137,000 after 12 months: NGN 137,000 in interest before any withholding tax, about NGN 11,417 a month.
That is the same as at the previous auction.
For shorter money: NGN 68,250 on the 182-day bill (6 months), NGN 29,875 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 | 11.950% | 12.000% | NGN 6.00bn | NGN 6.15bn | NGN 6.00bn |
| 182-day | 13.650% | 13.650% | NGN 30.00bn | NGN 30.25bn | NGN 30.00bn |
| 364-day | 13.700% | 13.700% | NGN 140.00bn | NGN 193.52bn | NGN 140.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 February 2018, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-02-14
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