Nigeria Treasury bills · auction of 13 June 2018
Nigeria T-bill auction, 13 June 2018: 364-day at 11.50%, up 50 bps
At the Treasury bill auction dated 13 June 2018, the Central Bank of Nigeria set stop rates on the 182-day bill at 10.50% (up 20 basis points) and the 364-day bill at 11.50% (up 50 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 244.7bn against NGN 174.6bn on offer, 140% of the amount sought, and NGN 174.6bn was accepted.
Over the past year the 364-day rate has ranged from 10.70% to 18.65%.
A year earlier the 364-day bill cleared at 18.65%, so the government is paying 715 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 115,000 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 1,115,000 after 12 months: NGN 115,000 in interest before any withholding tax, about NGN 9,583 a month.
That is NGN 5,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 52,500 on the 182-day bill (6 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 |
|---|---|---|---|---|---|
| 182-day | 10.500% | 10.300% | NGN 50.00bn | NGN 53.00bn | NGN 50.00bn |
| 364-day | 11.500% | 11.000% | NGN 124.64bn | NGN 191.67bn | NGN 124.64bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 June 2018, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-06-13
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