Nigeria Treasury bills · auction of 23 February 2022
Nigeria T-bill auction, 23 February 2022: 364-day at 4.35%, down 85 bps
At the Treasury bill auction dated 23 February 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.24% (down 24 basis points), the 182-day bill at 3.30% (unchanged) and the 364-day bill at 4.35% (down 85 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 602.6bn against NGN 115.3bn on offer, 523% of the amount sought, and NGN 258.0bn was accepted.
At 4.35%, the 364-day rate is the lowest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 4.00%, so the government is paying 35 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 43,500 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 1,043,500 after 12 months: NGN 43,500 in interest before any withholding tax, about NGN 3,625 a month.
That is NGN 8,500 less than the same money would have earned at the previous auction.
For shorter money: NGN 16,500 on the 182-day bill (6 months), NGN 5,600 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 | 2.240% | 2.480% | NGN 2.04bn | NGN 13.26bn | NGN 5.36bn |
| 182-day | 3.300% | 3.300% | NGN 22.86bn | NGN 14.56bn | NGN 11.03bn |
| 364-day | 4.350% | 5.200% | NGN 90.38bn | NGN 574.80bn | NGN 241.61bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 February 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-02-23
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