The Central Bank as part of its monetary policy tools issues treasury bills on behalf of the government to the general public. Treasury Bills are short-dated government securities sold for a tenor of 91 days, 182 days and 364 days respectively. Treasury Bills rates are determined based on bids placed by potential lenders to the CBN with the lowest average effective rates published by the CBN as the prevailing treasury bills rate. Treasury Bills are sold bi-weekly.

Treasury bills are tax-free and backed by the full faith and credit of the Federal Government. The default rate is close to zero.

The chart below is the average monthly rate for 90-days and is obtained from the CBN.

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  1. Are rates likely to drop in 2018? Is it possible to give projections for the 91, 182, and 364 tenored papers for January and February 2018? Thanks.


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