Nigeria Treasury bills · auction of 20 June 2018
Nigeria T-bill auction, 20 June 2018: 91-day at 10.00%, down 20 bps
At the Treasury bill auction dated 20 June 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (down 20 basis points) and the 182-day bill at 10.30% (down 20 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 25.6bn against NGN 25.4bn on offer, 101% of the amount sought, and NGN 25.4bn was accepted.
At 10.00%, the 91-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 91-day bill cleared at 13.50%, so the government is paying 350 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 51,500 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,051,500 after 6 months: NGN 51,500 in interest before any withholding tax, about NGN 8,583 a month.
That is NGN 1,000 less than the same money would have earned at the previous auction.
For shorter money: 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% | 10.200% | NGN 5.40bn | NGN 5.40bn | NGN 5.40bn |
| 182-day | 10.300% | 10.500% | NGN 20.00bn | NGN 20.16bn | NGN 20.00bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 20 June 2018, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-06-20
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