Nigeria Treasury bills · auction of 12 September 2018
Nigeria T-bill auction, 12 September 2018: 364-day at 13.50%, up 45 bps
At the Treasury bill auction dated 12 September 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (unchanged), the 182-day bill at 12.30% (unchanged) and the 364-day bill at 13.50% (up 45 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 213.4bn against NGN 136.3bn on offer, 157% of the amount sought, and NGN 136.3bn was accepted.
Over the past year the 364-day rate has ranged from 10.70% to 15.73%.
A year earlier the 364-day bill cleared at 18.52%, so the government is paying 502 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 135,000 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 1,135,000 after 12 months: NGN 135,000 in interest before any withholding tax, about NGN 11,250 a month.
That is NGN 4,544 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% | 11.000% | NGN 6.22bn | NGN 3.38bn | NGN 2.65bn |
| 182-day | 12.300% | 12.300% | NGN 4.00bn | NGN 7.65bn | NGN 4.00bn |
| 364-day | 13.500% | 13.046% | NGN 126.09bn | NGN 202.34bn | NGN 129.65bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 September 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-09-12
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