Nigeria Treasury bills · auction of 14 November 2018
Nigeria T-bill auction, 14 November 2018: 364-day at 14.45%, up 5 bps
At the Treasury bill auction dated 14 November 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.95% (down 3 basis points), the 182-day bill at 13.16% (down 33 basis points) and the 364-day bill at 14.45% (up 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 403.9bn against NGN 128.2bn on offer, 315% of the amount sought, and NGN 128.2bn was accepted.
Over the past year the 364-day rate has ranged from 10.70% to 15.57%.
A year earlier the 364-day bill cleared at 15.60%, so the government is paying 115 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 144,500 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 1,144,500 after 12 months: NGN 144,500 in interest before any withholding tax, about NGN 12,042 a month.
That is NGN 500 more than the same money would have earned at the previous auction.
For shorter money: NGN 65,800 on the 182-day bill (6 months), NGN 27,375 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 | 10.950% | 10.975% | NGN 3.38bn | NGN 3.68bn | NGN 3.38bn |
| 182-day | 13.160% | 13.490% | NGN 16.92bn | NGN 71.96bn | NGN 16.92bn |
| 364-day | 14.450% | 14.400% | NGN 107.94bn | NGN 328.26bn | NGN 107.94bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 November 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-11-14
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