Nigeria Treasury bills · auction of 2 May 2018
Nigeria T-bill auction, 2 May 2018: 364-day at 11.15%, down 93 bps
At the Treasury bill auction dated 2 May 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.26% (down 64 basis points), the 182-day bill at 10.95% (down 105 basis points) and the 364-day bill at 11.15% (down 93 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 402.7bn against NGN 95.4bn on offer, 422% of the amount sought, and NGN 95.4bn was accepted.
At 11.15%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 18.98%, so the government is paying 783 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 111,490 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 1,111,490 after 12 months: NGN 111,490 in interest before any withholding tax, about NGN 9,291 a month.
That is NGN 9,290 less than the same money would have earned at the previous auction.
For shorter money: NGN 54,750 on the 182-day bill (6 months), NGN 25,639 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 | 10.256% | 10.900% | NGN 9.54bn | NGN 47.79bn | NGN 9.54bn |
| 182-day | 10.950% | 12.000% | NGN 47.71bn | NGN 112.10bn | NGN 47.71bn |
| 364-day | 11.149% | 12.078% | NGN 38.17bn | NGN 242.85bn | NGN 38.17bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 2 May 2018, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-05-02
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