Nigeria Treasury bills · auction of 15 June 2022
Nigeria T-bill auction, 15 June 2022: 364-day at 6.07%, down 37 bps
At the Treasury bill auction dated 15 June 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.49% (down 1 basis point), the 182-day bill at 3.79% (down 5 basis points) and the 364-day bill at 6.07% (down 37 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 178.5bn against NGN 34.9bn on offer, 512% of the amount sought, and NGN 34.9bn was accepted.
Over the past year the 364-day rate has ranged from 4.00% to 9.15%.
A year earlier the 364-day bill cleared at 9.64%, so the government is paying 357 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 60,700 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 1,060,700 after 12 months: NGN 60,700 in interest before any withholding tax, about NGN 5,058 a month.
That is NGN 3,700 less than the same money would have earned at the previous auction.
For shorter money: NGN 18,950 on the 182-day bill (6 months), NGN 6,225 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 | 2.490% | 2.500% | NGN 5.91bn | NGN 1.64bn | NGN 1.44bn |
| 182-day | 3.790% | 3.840% | NGN 1.10bn | NGN 1.76bn | NGN 1.28bn |
| 364-day | 6.070% | 6.440% | NGN 27.87bn | NGN 175.06bn | NGN 32.15bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 June 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-06-15
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