Nigeria Treasury bills · auction of 31 October 2018
Nigeria T-bill auction, 31 October 2018: 364-day at 14.40%, up 95 bps
At the Treasury bill auction dated 31 October 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.98% (up 2 basis points), the 182-day bill at 13.49% (up 80 basis points) and the 364-day bill at 14.40% (up 95 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 263.4bn against NGN 145.3bn on offer, 181% of the amount sought, and NGN 145.3bn 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 15.59%, so the government is paying 119 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 144,000 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 1,144,000 after 12 months: NGN 144,000 in interest before any withholding tax, about NGN 12,000 a month.
That is NGN 9,510 more than the same money would have earned at the previous auction.
For shorter money: NGN 67,450 on the 182-day bill (6 months), NGN 27,438 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 | 10.975% | 10.960% | NGN 9.54bn | NGN 7.91bn | NGN 7.85bn |
| 182-day | 13.490% | 12.690% | NGN 47.71bn | NGN 43.52bn | NGN 43.52bn |
| 364-day | 14.400% | 13.449% | NGN 88.04bn | NGN 212.00bn | NGN 93.92bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 31 October 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-10-31
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