Nigeria Treasury bills · auction of 11 May 2022
Nigeria T-bill auction, 11 May 2022: 364-day at 4.70%, down 9 bps
At the Treasury bill auction dated 11 May 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.74% (unchanged), the 182-day bill at 3.00% (unchanged) and the 364-day bill at 4.70% (down 9 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 377.1bn against NGN 127.5bn on offer, 296% of the amount sought, and NGN 137.9bn 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 9.75%, so the government is paying 505 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,000 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 1,047,000 after 12 months: NGN 47,000 in interest before any withholding tax, about NGN 3,917 a month.
That is NGN 900 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% | 1.740% | NGN 1.91bn | NGN 1.37bn | NGN 1.02bn |
| 182-day | 3.000% | 3.000% | NGN 3.00bn | NGN 8.03bn | NGN 2.83bn |
| 364-day | 4.700% | 4.790% | NGN 122.56bn | NGN 367.72bn | NGN 134.02bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 11 May 2022, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-05-11
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