Nigeria Treasury bills · auction of 8 June 2022
Nigeria T-bill auction, 8 June 2022: 364-day at 6.44%, down 5 bps
At the Treasury bill auction dated 8 June 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.50% (unchanged), the 182-day bill at 3.84% (down 5 basis points) and the 364-day bill at 6.44% (down 5 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 361.9bn against NGN 174.3bn on offer, 208% of the amount sought, and NGN 182.6bn was accepted.
Over the past year the 364-day rate has ranged from 4.00% to 9.40%.
A year earlier the 364-day bill cleared at 9.65%, so the government is paying 321 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 64,400 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 1,064,400 after 12 months: NGN 64,400 in interest before any withholding tax, about NGN 5,367 a month.
That is NGN 500 less than the same money would have earned at the previous auction.
For shorter money: NGN 19,200 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% | 2.500% | NGN 2.32bn | NGN 1.02bn | NGN 767m |
| 182-day | 3.840% | 3.890% | NGN 7.89bn | NGN 6.98bn | NGN 1.94bn |
| 364-day | 6.440% | 6.490% | NGN 164.11bn | NGN 353.90bn | NGN 179.89bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 8 June 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-06-08
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