Nigeria Treasury bills · auction of 28 November 2018
Nigeria T-bill auction, 28 November 2018: 364-day at 14.45%, unchanged
At the Treasury bill auction dated 28 November 2018, the Central Bank of Nigeria set stop rates on the 91-day bill at 10.90% (down 5 basis points), the 182-day bill at 13.10% (down 6 basis points) and the 364-day bill at 14.45% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 272.0bn against NGN 150.6bn on offer, 181% of the amount sought, and NGN 150.6bn was accepted.
At 14.45%, the 364-day rate is the highest in the 26 auctions of the past year.
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 the same as at the previous auction.
For shorter money: NGN 65,500 on the 182-day bill (6 months), NGN 27,250 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 | 10.900% | 10.950% | NGN 22.73bn | NGN 24.52bn | NGN 24.37bn |
| 182-day | 13.100% | 13.160% | NGN 24.80bn | NGN 45.33bn | NGN 23.16bn |
| 364-day | 14.450% | 14.450% | NGN 103.07bn | NGN 202.20bn | NGN 103.07bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 28 November 2018, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2018-11-28
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