Nigeria Treasury bills · auction of 15 December 2021
Nigeria T-bill auction, 15 December 2021: 364-day at 5.00%, down 34 bps
At the Treasury bill auction dated 15 December 2021, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.49% (down 1 basis point), the 182-day bill at 3.45% (unchanged) and the 364-day bill at 5.00% (down 34 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 67.4bn against NGN 5.9bn on offer, 1150% of the amount sought, and NGN 5.9bn was accepted.
Over the past year the 364-day rate has ranged from 1.21% to 9.75%.
A year earlier the 364-day bill cleared at 0.15%, so the government is paying 485 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 50,000 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 1,050,000 after 12 months: NGN 50,000 in interest before any withholding tax, about NGN 4,167 a month.
That is NGN 3,400 less than the same money would have earned at the previous auction.
For shorter money: NGN 17,250 on the 182-day bill (6 months), NGN 6,225 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 | 2.490% | 2.500% | NGN 961m | NGN 1.74bn | NGN 961m |
| 182-day | 3.450% | 3.450% | NGN 1.10bn | NGN 2.36bn | NGN 1.10bn |
| 364-day | 5.000% | 5.340% | NGN 3.80bn | NGN 63.33bn | NGN 3.80bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 December 2021, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2021-12-15
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