Nigeria Treasury bills · auction of 18 April 2018
Nigeria T-bill auction, 18 April 2018: 364-day at 12.08%, down 96 bps
At the Treasury bill auction dated 18 April 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.90% (down 85 basis points), the 182-day bill at 12.00% (down 70 basis points) and the 364-day bill at 12.08% (down 96 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 439.1bn against NGN 58.5bn on offer, 751% of the amount sought, and NGN 58.5bn was accepted.
At 12.08%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 18.74%, so the government is paying 666 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 120,780 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 1,120,780 after 12 months: NGN 120,780 in interest before any withholding tax, about NGN 10,065 a month.
That is NGN 9,642 less than the same money would have earned at the previous auction.
For shorter money: NGN 60,000 on the 182-day bill (6 months), NGN 27,250 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 | 10.900% | 11.750% | NGN 5.85bn | NGN 18.54bn | NGN 5.85bn |
| 182-day | 12.000% | 12.700% | NGN 29.25bn | NGN 46.58bn | NGN 29.25bn |
| 364-day | 12.078% | 13.042% | NGN 23.40bn | NGN 374.01bn | NGN 23.40bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 18 April 2018, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-04-18
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