Nigeria Treasury bills · auction of 16 May 2018
Nigeria T-bill auction, 16 May 2018: 364-day at 10.70%, down 45 bps
At the Treasury bill auction dated 16 May 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (down 26 basis points), the 182-day bill at 10.50% (down 45 basis points) and the 364-day bill at 10.70% (down 45 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 73.2bn against NGN 33.8bn on offer, 216% of the amount sought, and NGN 33.8bn was accepted.
At 10.70%, the 364-day rate is the lowest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 18.82%, so the government is paying 812 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 107,000 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 1,107,000 after 12 months: NGN 107,000 in interest before any withholding tax, about NGN 8,917 a month.
That is NGN 4,490 less than the same money would have earned at the previous auction.
For shorter money: NGN 52,500 on the 182-day bill (6 months), NGN 25,000 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 | 10.000% | 10.256% | NGN 3.38bn | NGN 3.71bn | NGN 3.38bn |
| 182-day | 10.500% | 10.950% | NGN 16.92bn | NGN 20.90bn | NGN 16.92bn |
| 364-day | 10.700% | 11.149% | NGN 13.54bn | NGN 48.60bn | NGN 13.54bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 May 2018, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-05-16
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