Treasury Bills are government securities sold by the Central Bank of Nigeria (CBN) to the general public in return for interest payments.

Treasury Bills have a tenor of 91 days, 182 days and 364 days respectively. They are used to fund government expenditure and also used as a monetary policy tool by the CBN.

The CBN auctions treasury bills to the public every fortnight. The apex bank held its Primary Market Auction (PMA) today, 18 July 2018. A PMA means the CBN sells the bills directly, and is the opposite of a secondary sale.

Bua group

In a secondary sale, investors that bought at the primary auction, sell off their holdings.

Treasury bills worth N178.44 billion was offered, while a total of N174.39 billion was subscribed for the 91 days, 182 days and 364 days, which represents 97.75% subscription rate.

A total of N107.05 billion for 91 days, 182 days and 364 days was alloted. Here is a breakdown of the allotment.

  • N5.8 billion worth of 91-day bills were alloted of the N6.6 billion subscribed. Stop rate was 10%
  • N26.6 billion worth of 182-day treasury bills were alloted of the N26.8 billion subscribed. Stop rate was 10.5%.
  • N74.5 billion worth of 365-day treasury bills were alloted. Stop rate was 11.49%.



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