Nigeria Treasury bills · auction of 12 January 2022
Nigeria T-bill auction, 12 January 2022: 364-day at 5.50%, up 60 bps
At the Treasury bill auction dated 12 January 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.50% (up 1 basis point), the 182-day bill at 3.44% (down 1 basis point) and the 364-day bill at 5.50% (up 60 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 113.1bn against NGN 77.6bn on offer, 146% of the amount sought, and NGN 57.5bn was accepted.
Over the past year the 364-day rate has ranged from 2.00% to 9.75%.
A year earlier the 364-day bill cleared at 1.21%, so the government is paying 429 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 55,000 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 1,055,000 after 12 months: NGN 55,000 in interest before any withholding tax, about NGN 4,583 a month.
That is NGN 6,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 17,200 on the 182-day bill (6 months), NGN 6,250 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 | 2.500% | 2.490% | NGN 4.22bn | NGN 2.49bn | NGN 2.19bn |
| 182-day | 3.440% | 3.450% | NGN 7.46bn | NGN 2.26bn | NGN 1.46bn |
| 364-day | 5.500% | 4.900% | NGN 65.93bn | NGN 108.31bn | NGN 53.90bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 January 2022, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-01-12
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