Nigeria Treasury bills · auction of 16 March 2022
Nigeria T-bill auction, 16 March 2022: 364-day at 4.00%, down 10 bps
At the Treasury bill auction dated 16 March 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.74% (down 1 basis point), the 182-day bill at 3.00% (down 28 basis points) and the 364-day bill at 4.00% (down 10 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 364.7bn against NGN 58.0bn on offer, 628% of the amount sought, and NGN 172.6bn was accepted.
At 4.00%, the 364-day rate is the lowest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 6.50%, so the government is paying 250 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 40,000 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 1,040,000 after 12 months: NGN 40,000 in interest before any withholding tax, about NGN 3,333 a month.
That is NGN 1,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 15,000 on the 182-day bill (6 months), NGN 4,350 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 | 1.740% | 1.750% | NGN 961m | NGN 6.48bn | NGN 5.91bn |
| 182-day | 3.000% | 3.280% | NGN 3.61bn | NGN 37.38bn | NGN 6.85bn |
| 364-day | 4.000% | 4.100% | NGN 53.46bn | NGN 320.79bn | NGN 159.85bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 16 March 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-03-16
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