Nigeria Treasury bills · auction of 30 May 2018
Nigeria T-bill auction, 30 May 2018: 364-day at 11.00%, up 30 bps
At the Treasury bill auction dated 30 May 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.30% (down 20 basis points) and the 364-day bill at 11.00% (up 30 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 103.0bn against NGN 49.6bn on offer, 208% of the amount sought, and NGN 49.6bn was accepted.
Over the past year the 364-day rate has ranged from 10.70% to 18.69%.
A year earlier the 364-day bill cleared at 18.70%, so the government is paying 770 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 110,000 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 1,110,000 after 12 months: NGN 110,000 in interest before any withholding tax, about NGN 9,167 a month.
That is NGN 3,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 51,500 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% | 10.000% | NGN 4.96bn | NGN 5.21bn | NGN 4.96bn |
| 182-day | 10.300% | 10.500% | NGN 24.80bn | NGN 34.85bn | NGN 24.80bn |
| 364-day | 11.000% | 10.700% | NGN 19.84bn | NGN 62.98bn | NGN 19.84bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 30 May 2018, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-05-30
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