Nigeria Treasury bills · auction of 29 August 2018
Nigeria T-bill auction, 29 August 2018: 364-day at 13.05%, up 183 bps
At the Treasury bill auction dated 29 August 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (up 100 basis points), the 182-day bill at 12.30% (up 190 basis points) and the 364-day bill at 13.05% (up 183 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 207.6bn against NGN 207.0bn on offer, 100% of the amount sought, and NGN 207.0bn was accepted.
Over the past year the 364-day rate has ranged from 10.70% to 17.75%.
A year earlier the 364-day bill cleared at 18.53%, so the government is paying 548 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 130,456 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 1,130,456 after 12 months: NGN 130,456 in interest before any withholding tax, about NGN 10,871 a month.
That is NGN 18,256 more than the same money would have earned at the previous auction.
For shorter money: NGN 61,500 on the 182-day bill (6 months), NGN 27,500 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 | 11.000% | 10.000% | NGN 24.96bn | NGN 22.73bn | NGN 22.73bn |
| 182-day | 12.300% | 10.400% | NGN 44.99bn | NGN 38.75bn | NGN 38.75bn |
| 364-day | 13.046% | 11.220% | NGN 137.00bn | NGN 146.07bn | NGN 145.48bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 29 August 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-08-29
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