Nigeria Treasury bills · auction of 19 September 2018
Nigeria T-bill auction, 19 September 2018: 364-day at 13.47%, down 3 bps
At the Treasury bill auction dated 19 September 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 11.00% (unchanged), the 182-day bill at 12.20% (down 10 basis points) and the 364-day bill at 13.47% (down 3 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 440.0bn against NGN 182.1bn on offer, 242% of the amount sought, and NGN 182.1bn 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 17.75%, so the government is paying 428 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 134,750 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 1,134,750 after 12 months: NGN 134,750 in interest before any withholding tax, about NGN 11,229 a month.
That is NGN 250 less than the same money would have earned at the previous auction.
For shorter money: NGN 61,000 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 5.40bn | NGN 8.60bn | NGN 5.40bn |
| 182-day | 12.200% | 12.300% | NGN 8.39bn | NGN 11.86bn | NGN 8.39bn |
| 364-day | 13.475% | 13.500% | NGN 168.36bn | NGN 419.49bn | NGN 168.36bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 19 September 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-09-19
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