Nigeria Treasury bills · auction of 9 March 2022
Nigeria T-bill auction, 9 March 2022: 364-day at 4.10%, down 25 bps
At the Treasury bill auction dated 9 March 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.75% (down 49 basis points), the 182-day bill at 3.28% (down 2 basis points) and the 364-day bill at 4.10% (down 25 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 482.9bn against NGN 94.0bn on offer, 514% of the amount sought, and NGN 236.5bn was accepted.
At 4.10%, the 364-day rate is the lowest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 5.50%, so the government is paying 140 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 41,000 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 1,041,000 after 12 months: NGN 41,000 in interest before any withholding tax, about NGN 3,417 a month.
That is NGN 2,500 less than the same money would have earned at the previous auction.
For shorter money: NGN 16,400 on the 182-day bill (6 months), NGN 4,375 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 | 1.750% | 2.240% | NGN 1.55bn | NGN 4.40bn | NGN 2.32bn |
| 182-day | 3.280% | 3.300% | NGN 11.88bn | NGN 40.65bn | NGN 21.29bn |
| 364-day | 4.100% | 4.350% | NGN 80.57bn | NGN 437.84bn | NGN 212.92bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 March 2022, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-03-09
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