Nigeria Treasury bills · auction of 28 February 2018
Nigeria T-bill auction, 28 February 2018: 364-day at 13.50%, down 20 bps
At the Treasury bill auction dated 28 February 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.85% (down 10 basis points), the 182-day bill at 13.50% (down 15 basis points) and the 364-day bill at 13.50% (down 20 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 362.5bn against NGN 130.0bn on offer, 279% of the amount sought, and NGN 130.0bn was accepted.
At 13.50%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 18.45%, so the government is paying 495 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 135,000 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 1,135,000 after 12 months: NGN 135,000 in interest before any withholding tax, about NGN 11,250 a month.
That is NGN 2,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 67,500 on the 182-day bill (6 months), NGN 29,625 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 | 11.850% | 11.950% | NGN 13.00bn | NGN 13.10bn | NGN 13.00bn |
| 182-day | 13.500% | 13.650% | NGN 64.99bn | NGN 65.91bn | NGN 64.99bn |
| 364-day | 13.500% | 13.700% | NGN 52.00bn | NGN 283.51bn | NGN 52.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 28 February 2018, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-02-28
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