Nigeria Treasury bills · auction of 13 July 2022
Nigeria T-bill auction, 13 July 2022: 364-day at 7.00%, up 93 bps
At the Treasury bill auction dated 13 July 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.75% (up 35 basis points), the 182-day bill at 4.00% (up 21 basis points) and the 364-day bill at 7.00% (up 93 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 145.5bn against NGN 143.3bn on offer, 102% of the amount sought, and NGN 143.3bn was accepted.
Over the past year the 364-day rate has ranged from 4.00% to 8.20%.
A year earlier the 364-day bill cleared at 9.15%, so the government is paying 215 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 70,000 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 1,070,000 after 12 months: NGN 70,000 in interest before any withholding tax, about NGN 5,833 a month.
That is NGN 9,300 more than the same money would have earned at the previous auction.
For shorter money: NGN 20,000 on the 182-day bill (6 months), NGN 6,875 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 | 2.750% | 2.400% | NGN 4.51bn | NGN 4.61bn | NGN 4.27bn |
| 182-day | 4.000% | 3.790% | NGN 1.46bn | NGN 1.94bn | NGN 1.49bn |
| 364-day | 7.000% | 6.070% | NGN 137.30bn | NGN 138.91bn | NGN 137.50bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 July 2022, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-07-13
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