Nigeria Treasury bills · auction of 25 May 2022
Nigeria T-bill auction, 25 May 2022: 364-day at 6.49%, up 179 bps
At the Treasury bill auction dated 25 May 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.50% (up 76 basis points), the 182-day bill at 3.89% (up 89 basis points) and the 364-day bill at 6.49% (up 179 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 237.0bn against NGN 153.0bn on offer, 155% of the amount sought, and NGN 173.5bn was accepted.
Over the past year the 364-day rate has ranged from 4.00% to 9.64%.
A year earlier the 364-day bill cleared at 9.75%, so the government is paying 326 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 64,900 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 1,064,900 after 12 months: NGN 64,900 in interest before any withholding tax, about NGN 5,408 a month.
That is NGN 17,900 more than the same money would have earned at the previous auction.
For shorter money: NGN 19,450 on the 182-day bill (6 months), NGN 6,250 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 | 2.500% | 1.740% | NGN 5.36bn | NGN 23.84bn | NGN 3.56bn |
| 182-day | 3.890% | 3.000% | NGN 3.78bn | NGN 2.31bn | NGN 1.25bn |
| 364-day | 6.490% | 4.700% | NGN 143.88bn | NGN 210.82bn | NGN 168.67bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 25 May 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-05-25
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