Nigeria Treasury bills · auction of 14 March 2018
Nigeria T-bill auction, 14 March 2018: 364-day at 13.19%, down 31 bps
At the Treasury bill auction dated 14 March 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.75% (down 10 basis points), the 182-day bill at 13.00% (down 50 basis points) and the 364-day bill at 13.19% (down 31 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 173.3bn against NGN 95.7bn on offer, 181% of the amount sought, and NGN 95.7bn was accepted.
At 13.19%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 18.50%, so the government is paying 531 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 131,850 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 1,131,850 after 12 months: NGN 131,850 in interest before any withholding tax, about NGN 10,988 a month.
That is NGN 3,150 less than the same money would have earned at the previous auction.
For shorter money: NGN 65,000 on the 182-day bill (6 months), NGN 29,375 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 | 11.750% | 11.850% | NGN 9.57bn | NGN 6.22bn | NGN 6.22bn |
| 182-day | 13.000% | 13.500% | NGN 47.86bn | NGN 12.52bn | NGN 4.00bn |
| 364-day | 13.185% | 13.500% | NGN 38.29bn | NGN 154.58bn | NGN 85.50bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 March 2018, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-03-14
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