Nigeria Treasury bills · auction of 13 April 2022
Nigeria T-bill auction, 13 April 2022: 364-day at 4.60%, up 15 bps
At the Treasury bill auction dated 13 April 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% (unchanged) and the 364-day bill at 4.60% (up 15 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 260.4bn against NGN 141.3bn on offer, 184% of the amount sought, and NGN 159.0bn was accepted.
Over the past year the 364-day rate has ranged from 4.00% to 9.75%.
A year earlier the 364-day bill cleared at 8.00%, so the government is paying 340 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 46,000 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 1,046,000 after 12 months: NGN 46,000 in interest before any withholding tax, about NGN 3,833 a month.
That is NGN 1,500 more 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 2.19bn | NGN 11.88bn | NGN 4.51bn |
| 182-day | 3.000% | 3.000% | NGN 6.95bn | NGN 20.91bn | NGN 10.56bn |
| 364-day | 4.600% | 4.450% | NGN 132.12bn | NGN 227.57bn | NGN 143.97bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 April 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-04-13
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