Nigeria Treasury bills · auction of 15 August 2018
Nigeria T-bill auction, 15 August 2018: 364-day at 11.22%, down 8 bps
At the Treasury bill auction dated 15 August 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.00% (unchanged), the 182-day bill at 10.40% (unchanged) and the 364-day bill at 11.22% (down 8 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 49.5bn against NGN 33.4bn on offer, 148% of the amount sought, and NGN 33.4bn was accepted.
Over the past year the 364-day rate has ranged from 10.70% to 18.52%.
A year earlier the 364-day bill cleared at 18.53%, so the government is paying 731 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 112,200 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 1,112,200 after 12 months: NGN 112,200 in interest before any withholding tax, about NGN 9,350 a month.
That is NGN 800 less than the same money would have earned at the previous auction.
For shorter money: NGN 52,000 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 3.38bn | NGN 3.38bn | NGN 3.38bn |
| 182-day | 10.400% | 10.400% | NGN 10.00bn | NGN 10.05bn | NGN 10.00bn |
| 364-day | 11.220% | 11.300% | NGN 20.00bn | NGN 36.03bn | 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, 15 August 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-08-15
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