Nigeria Treasury bills · auction of 17 October 2018
Nigeria T-bill auction, 17 October 2018: 364-day at 13.45%, up 12 bps
At the Treasury bill auction dated 17 October 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.96% (up 6 basis points), the 182-day bill at 12.69% (up 59 basis points) and the 364-day bill at 13.45% (up 12 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 204.0bn against NGN 147.6bn on offer, 138% of the amount sought, and NGN 147.6bn was accepted.
Over the past year the 364-day rate has ranged from 10.70% to 15.60%.
A year earlier the 364-day bill cleared at 15.73%, so the government is paying 228 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 134,490 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 1,134,490 after 12 months: NGN 134,490 in interest before any withholding tax, about NGN 11,208 a month.
That is NGN 1,190 more than the same money would have earned at the previous auction.
For shorter money: NGN 63,450 on the 182-day bill (6 months), NGN 27,400 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 | 10.960% | 10.900% | NGN 5.85bn | NGN 5.92bn | NGN 5.85bn |
| 182-day | 12.690% | 12.098% | NGN 29.25bn | NGN 30.49bn | NGN 29.25bn |
| 364-day | 13.449% | 13.330% | NGN 112.54bn | NGN 167.59bn | NGN 112.54bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 17 October 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-10-17
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