Nigeria Treasury bills · auction of 4 July 2018
Nigeria T-bill auction, 4 July 2018: 364-day at 11.51%, up 1 bps
At the Treasury bill auction dated 4 July 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.50% (up 20 basis points) and the 364-day bill at 11.51% (up 1 basis point). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 152.1bn against NGN 170.5bn on offer, 89% of the amount sought, and NGN 102.3bn was accepted.
Over the past year the 364-day rate has ranged from 10.70% to 18.55%.
A year earlier the 364-day bill cleared at 18.65%, so the government is paying 714 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 115,096 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 1,115,096 after 12 months: NGN 115,096 in interest before any withholding tax, about NGN 9,591 a month.
That is NGN 96 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), 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 9.52bn | NGN 18.76bn | NGN 9.52bn |
| 182-day | 10.500% | 10.300% | NGN 33.93bn | NGN 33.99bn | NGN 33.93bn |
| 364-day | 11.510% | 11.500% | NGN 127.06bn | NGN 99.36bn | NGN 58.86bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 4 July 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-07-04
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