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Official: Treasury Bills Calendar (Updated 2018 Q4)



Treasury Bills

Nairametrics| The Central Bank of Nigeria quarterly Treasury Bills Issuance Calendar is released to the public periodically as a guide for investors to know when they can bid at the primary market for treasury bills purchase.

If you are interested in knowing when the next treasury bills auction will take place, then mark these dates as they fall due. This page is updated quarterly as the CBN updates its calendar issuance dates.


You can also see dates of previous issuances in the images below.

See below:

GTBank 728 x 90

4th Quarter of 2018

3rd Quarter of 2018

2nd Quarter of 2018

Treasury Bills Calendar Q2 2018

Treasury Bills Calendar Q2 2018

1st Quarter of 2018

TBills Calendar Q1 2018

TBills Calendar Q1 2018

4th Quarter of 2017


3rd Quarter of 2017

Official Treasury Bills Calendar for the 3rd quarter of 2017


2nd Quarter of 2017

First Quarter of 2017



Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.



  1. Abiola

    March 7, 2017 at 7:41 pm

    Are you saying I can still buy treasury bills even if I do not have up to #50,001,000 through the banks with the new CBN policy?

    • Nairametrics

      March 7, 2017 at 11:51 pm

      Via the secondary market

  2. thanni lara

    April 20, 2017 at 1:40 pm

    which is the secondary market?

  3. chima

    May 7, 2017 at 6:23 am

    Can I invest in treasure bill a day before the auction date

    • Nairametrics

      May 7, 2017 at 11:50 am

      Yes you can

  4. Anonymous

    June 6, 2017 at 1:09 pm

    Although I am waiting for the maturity to see what amount will be paid back to me. I invested 250k for a91day TBILL but got a credit alert of 435.47naira for upfront interest payment meanwhile the rate was at 13.50%as at Mar 17, 2017.

    • anonymous

      July 14, 2017 at 9:53 am

      probably its on rollover that is why you are getting that amount

      • Anonymous

        July 18, 2017 at 1:12 pm

        Are you sure you bought treasury bill? You may probably be running fixed deposit. Treasury bill has the following characteristic.
        – Interest is paid upfront (don’t yield interest)
        – Tender is between Monday to Wednesday, issue and payment on Thursdays 1:30pm
        – Zero tax on interest
        – Short time maturity
        – Use as collateral.
        If you fixed 250,000,000 at 9% for 91 tenor, your interest a day will be (N250,000* 9/100/365)
        = 61.64, for 91 days is N5609.59 but will be paid monthly amounting to N467.47 with a withholding tax of 10%. Your net interest is N 420.72.

    • Anonymous

      May 13, 2018 at 7:56 pm

      Thats a bonus on your investement, your interest had been added to your investment so you are getting your principal and interest at maturity

  5. Anonymous

    June 23, 2017 at 11:11 am

    whats the problem with the above question

  6. Anonymous

    July 27, 2017 at 11:45 am

    It is Treasury Bill . the alert you got is the balance on the roll over ( Principal +Interest) which is not up to N1000

  7. Anonymous

    August 2, 2017 at 6:45 pm

    What do the mean by roll over?

  8. Giftto

    August 31, 2017 at 3:38 pm

    Please I have a question. If am.investing 10 million in TB and I want to invest both principle and interest . How will.this be calculated or will the interest be calculated separately or will be invested at the same time with the 10million

    • Anonymous

      March 15, 2018 at 4:06 pm

      when you invest 10m in TB, the interest will be paid upfront (which means your deal amount will be less than 10m), but you can invest right back the interest paid upfront (capitalizing interest), then it will mean you are investing the 10million as the deal amount, then the effective yield will be used to calculate your total interest at maturity.

  9. Bukola ala

    September 12, 2017 at 6:48 pm

    When is the auction for treasury bills in September 2017?

  10. Ade Aruwaji

    September 18, 2017 at 7:57 pm

    If I invest 2m on 91days tenor treasury bill what will be my interest and when will it be paid.

    • Nairametrics

      September 19, 2017 at 5:35 am

      Assuming an interest rate of 16% you will get N80,000. That is, 16% multiplied by N2m multiplied by 91 all divided by 364.

  11. Anonymous

    September 21, 2017 at 8:11 pm

    Pls I want in invest now on treasury bills. Advise me on what to do and what is rollover.

  12. Park

    September 24, 2017 at 11:01 pm

    Can I invest N8,000,000.00 for 3 years in TB? Can I can get 19% to 20% interest? What will the payout to me be at investment?

  13. padonu abiodun emmanuel

    September 25, 2017 at 11:57 am

    When is the auction for treasury bills in September 2017 ?

  14. kayode

    September 27, 2017 at 11:14 am

    When is the auction for treasury bills in September or October 2017 ?how does cbn release tb to bank?monthly or quarterly

  15. Anonymous

    October 6, 2017 at 12:49 am

    Was GTbank successful in the 364-day CBN treasury bill bid for any of the auctions in September or October?

  16. Matt

    October 6, 2017 at 12:53 am

    Can someone tell me GTbank was successful in any of the CBN 364-day treasury bill auctions for Sept 2017 and October 2017

  17. Adex

    October 6, 2017 at 6:09 am

    Is The treasury bill rate different bank by bank or its the same rate in all bank. I invested 2M and 21/9 and was given a rate of 13%.

  18. Muhammad Usman Suleiman

    October 17, 2017 at 2:26 pm

    Whethwhat are the requirements for buying a treasury bill? I want buy 2millon naira bill if i can get it at 20% rate and a tenor of 91 days but just have current and savings accounts with some banks

  19. Anonymous

    October 18, 2017 at 10:04 am

    What is the minimum amount allowed to buy tb

  20. David

    October 20, 2017 at 2:53 pm

    Can I invest #500,000 in treasury bill, and how much will i get in return? pls.

  21. David tam

    October 22, 2017 at 1:26 pm

    Should I buy a t.bill of 100,000 say 91 days ..what will be my added interest.

  22. Anonymous

    November 5, 2017 at 11:04 am

    what was the rate for a six month tenor at the 3/11/17 sells

  23. Matt

    November 6, 2017 at 7:28 am

    Can someone help confirm if GTbank was successful in the September 2017 and early October 2017 364-day T.bill offer by the CBN. I feel my account officer lied to me stating that the bank was unsuccessful in 3 consecutive bids

    • Anonymous

      January 3, 2018 at 2:49 pm

      big lie


    December 13, 2017 at 10:18 pm

    ple i want to invest 1million naira on treasury bill. whats the last rate and what will be my interest, pls advice.

  25. oy

    January 5, 2018 at 10:05 pm

    i wish some of the above questions will be answered.

  26. Anonymous

    January 8, 2018 at 10:46 pm


  27. Gbemmy

    January 26, 2018 at 11:12 pm

    Pls when is d next auction treasury bill in February…. If I invest 1m in 3month Wat WI be my interest. Thanks

  28. Anonymous

    February 22, 2018 at 1:21 pm

    No response to my request pls.

  29. Anonymous

    February 27, 2018 at 12:10 pm


  30. Efobi

    March 24, 2018 at 6:20 am

    Can someone invest five hundred thousand naira on treasury bill?

    • Nairametrics

      March 24, 2018 at 9:08 am

      Yes you can

  31. Efobi

    March 24, 2018 at 10:28 am


    • Nairametrics

      March 24, 2018 at 4:08 pm

      You buy from the secondary market but via a bank.

      • VER

        April 5, 2018 at 3:59 pm

        can you please explain to me, because i do not actually understand how this TB % works, i just invested 28M for 91 days and i just got a credit alert of 767,890 thousand naira saying my Discount on TB, does that mean thats my % gain ?.

        • Nairametrics

          April 5, 2018 at 6:56 pm

          From our calculation, your interest gain was 10.9% on the N28 million for a period of 91 days. To check simply multiply 10.96% X 28 million X 91 all divided by 364. It is also likely that the bank would have charged you a nominal fee.

        • Kingsley Pius

          July 12, 2018 at 9:19 pm

          @VER, Please, I am about to make a decision to either invest my 30M in TB or on a house in Ajah. Question 1 is, your credit alert of 767,890 thousand Naira, was it credited to you the same-day you filled the form to invest the 28M for a 91-day period?? To my understanding, it is your calculated gain after your bank has taken out their own fee. Different banks have their respective fee to process this service, Question 2 is, what bank are you with?

          07064437340 Kingsley Pius
          C.E.O, Event Planning Business / Real-Estate Investor

          • VER

            July 18, 2018 at 1:34 pm

            Yes, this is the actual amount credited to my account, 767,890 that is after my bank debited 7,600 as charges for initiating TB, I am banking with zenith

  32. Efobi

    March 27, 2018 at 7:04 pm

    What is the interest rate now

  33. Anonymous

    April 9, 2018 at 7:40 am

    Pls the 91days treasury bill package is it 91days of a calender year?

  34. Opeyemi Olanrewaju

    April 9, 2018 at 7:41 am

    Pls the 91 days treasury bill package is it 91 days of a calender yea

  35. Opeyemi Olanrewaju

    April 9, 2018 at 8:07 am

    Pls i did treasury bill of 91days on 15th of Febuary 2018, When am i going to collect the capital, someone should pls help.Thanks

  36. Tokunbo

    April 14, 2018 at 11:08 am

    Hi. If I invested N5M in TB of 91 days and sometime during the cycle, I need to withdraw N1M from the principal amount, is this possible?

  37. Tundun

    April 20, 2018 at 10:28 am

    I was to do tb of 1m in zenith back for 364 days. How much will I get back?

  38. SPazzo

    May 7, 2018 at 11:54 am

    Hey guys if i invest 1M for 90 days. What will my interest be per month. Someone please help analyse this. Thanks.

    • Ibukun Samuel

      May 8, 2018 at 2:48 pm

      Hello Spazzo!
      Your interest rate will be detertmined by the kind of investment you venture into and the rule of operation between the parties concerned.

  39. Anonymous

    June 30, 2018 at 9:34 pm

    Please is there no TB sales for month of July ?? going by the calender, will they be a sales of TB ?

    • Nairametrics

      July 1, 2018 at 12:20 pm

      This has now been updated. Kindly check the website again.

  40. VAEI

    June 30, 2018 at 9:37 pm

    @admin Please is they going to be a tb sales for the month of July ?

    • Nairametrics

      July 1, 2018 at 12:20 pm

      The calendar has been updated. Kindly check the website again.

      • VAEI

        July 18, 2018 at 1:29 pm

        I was at zenith bank as early as 9am today Wednesday and they told me the portal for tb has closed. i find this abnormal since tomorrow is the deal day for TB

  41. Gerald

    July 9, 2018 at 6:24 pm

    Can i invest in USD and yield my interest in USD?

  42. afoinfo

    July 16, 2018 at 10:00 am

    Please who can coach me on this treasury bills? how does it work? how are they making money from it?

  43. Anonymous

    July 24, 2018 at 9:11 am

    I want to invest N500k in Tbill can i do this through my bank? if not i will appreciate a step by step guide on how to go about this.

  44. VEIT

    October 24, 2018 at 8:56 am

    Please admin, can I do treasury bill with Sterlin bank ?

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COVID-19 Update in Nigeria

On the 4th of June 2020, 350 new confirmed cases and 8 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 11,516.



COVID-19: FCMB reschedule operations

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 11,516 confirmed cases.

On the 4th of June 2020, 350 new confirmed cases and 8 deaths were recorded in Nigeria.


To date, 11516 cases have been confirmed, 3535 cases have been discharged and 323 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 71,336 tests.

COVID-19 Case Updates- 4th June 2020

  • Total Number of Cases – 11,516
  • Total Number Discharged – 3,535
  • Total Deaths – 323
  • Total Tests Carried out – 71,336

The 350 new cases were reported from 20 states- Lagos (102), Ogun (34), FCT (29), Borno (26), Kaduna (23), Rivers (21), Kwara (16), Ebonyi (17), Katsina (14), Edo (10), Delta (10), Kano (10), Bauchi (10), Bayelsa (9), Imo (8), Plateau (4), Ondo (3), Nasarawa (2), Gombe (1), Oyo (1).

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

GTBank 728 x 90

The latest numbers bring Lagos state total confirmed cases to 5542, followed by Kano (970), Abuja at 792, Katsina (385), Edo (351), Borno (322), Kaduna (320), Oyo (318), Ogun (316), Rivers (290), Jigawa (274),  Bauchi (256),  Gombe (170), Kwara (127).

Delta State has recorded 116 cases, Sokoto (115), Plateau (113), Nasarawa (90), Ebonyi (80), Zamfara (76),  Yobe (52), Osun and Imo (47), Akwa Ibom (45), Adamawa (42), Niger (41), Ondo (36),  Kebbi  (33), Bayelsa (30), Ekiti (25), Enugu (24), Taraba (18), Abia (15), Benue (13), Anambra (12), while Kogi state has recorded only 3 cases.

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.



READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Business News

Forex turnover drops by 28.3% as naira depreciates against the dollar at I&E window

Naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with.



Forex turnover drops by 28.3% as naira depreciates against the dollar at I&E window

The naira has depreciated to N386.33 to a dollar at the Investors and Exporters (I&E) window, as the volatility of the foreign exchange market continues. The local currency was weakened by N0.83 against the dollar, when compared to the N385.50 to a dollar that it traded on Tuesday, June 2, 2020.

The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1. This is also different from the exchange rate at the parallel market, which is still stable at N445/$1, according to information on AbokiFX as of Wednesday, June 3, 2020.


Available information from the daily trading at FMDQ (where FX is traded by importers and investors) shows that the naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with on Wednesday.

Further analysis of the information from the FMDQ shows that the turnover for the day declined by about 28.3% at $24.64 million. This is against the $34.35 million turnovers that was recorded the previous day.

(READ MORE:Naira appreciates at parallel market)

GTBank 728 x 90

The foreign exchange market seems to have stabilized at the parallel market, following the reduction in demand for dollars especially by currency speculators, and improved liquidity. The rebound of crude oil prices appears to have eased the concerns of investors over possible devaluation of the naira.

Having so much naira wealth does not guarantee you getting dollars, Forex turnover drops by 28.3% as naira depreciates against the dollar at I&E window

The gap between the CBN official rate and the parallel market rate, also known as the black market, has been greatly reduced as the naira appreciated to N445 to a dollar from N460 to a dollar last week, following CBN’s intervention.

READ ALSO: UPDATED: Nigeria’s inflation rate rises to 12.34% as COVID effects bite harder

According to data compiled by Bloomberg, the Naira spot market rate is overvalued by 10% when measured by its current real effective exchange rate relative to the 5-year average.




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Economy & Politics

Manufacturing PMI slide into recession territory

This is the first clear data-driven sign that Nigeria is in a recession.



The much-awaited Purchasers Managers Index (PMI) was released on May 29th by the Central Bank of Nigeria. According to the latest data, Manufacturing PMI in the month of May stood at 42.4 index points, indicating contraction in the manufacturing sector for the first time after recording expansion for thirty-six consecutive months.

The figure compares to 51.1 and 49.2 index points in March 2020.


The latest number now falls squarely within recession numbers and this is a clear sign that Nigeria is closer to recording a major contraction in the second quarter of the year.

Meanwhile, the nation’s PMI’s number hit a year low in April 2016 of 43.7, before plummeting further to 41.9 in June 2016. Nigeria subsequently fell into a recession by the end of the second quarter of 2016 and remained in recession throughout the course of the year.

The nation’s non-manufacturing PMI fell for a consecutive month to an all-time low of 25.3. The decline in manufacturing PMI was significant following thirty-six consecutive months of expansion, while the non-Manufacturing PMI contracted for the second consecutive month.

GTBank 728 x 90

A further look into the report shows that the manufacturing sector employment level index stood at 24.5 points in May, a decline compared to 47.1 points recorded in March and 56.4 points in February 2020.

This downturn is mostly attributed to the halt in economic activity as businesses in Nigeria result in layoffs and pay cuts in order to survive the effect of the lockdown.

READ ALSO: What I’ll do if I was CBN Governor – Experts

Also, all 14 subsectors of the manufacturing sector, reported lower raw material inventories, consequently contracting the inventories index to 37.4 points in May 2020. An effect of the supply chain bottleneck associated with the lockdown measures implemented in most countries of the world.


Specifically, this figure translates the effect of lockdown procedures and trade restrictions implemented by Nigeria’s major trade partners in response to the COVID-19 pandemic. Note that Nigeria’s major trade partners; China, USA, Spain, and the Netherlands account for about 45% of the nation’s import.


What you need to know:  PMI is a survey that is conducted by the Statistics Department of the Central Bank of Nigeria. The respondents are purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).

In his reaction to the data, the Central Bank Governor, Godwin Emefiele, in the Monetary Policy Communique, highlighted how dire the situation.

READ MORE: Insufficient electricity, unfavourable economy are among challenges hindering companies –CBN

He said, “The contraction in the manufacturing and non-manufacturing PMIs was attributed to slower growth in production, new orders, employment level, raw materials, and input prices.

“The employment level index for the manufacturing and non-manufacturing PMIs also contracted further to 25.5 and 32.0 index points, respectively, in May 2020 compared with 47.1 and 47.3 index points in March 2020.


“Generally, the purchasing managers’ activities in May 2020, were largely affected by the lockdown of the global economy to curtail the spread of the COVID-19 pandemic.”

The CBN thereafter reduced its monetary policy rate from 13.5% to 12.5% for the first time since March 2019.

READ ALSO: CBN projects macroeconomy confidence to rise by 118.3% in November

What this means: This survey is a bellwether for economic growth in Nigeria and helps the central bank gauge the mood of businesses in the economy.

PMI above 50 typically indicates a positive mood for the manufacturing and non-manufacturing sectors. Two major causes for concern in the data are the new orders and employment levels.

At 42.8 points, the new orders index declined after thirty-sixth consecutive months of growth, indicating declines in new orders in May 2020. Three subsectors reported growth, 2 remained unchanged while 9 recorded declines in the review month.

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