Nigeria Treasury bills · auction of 27 July 2022
Nigeria T-bill auction, 27 July 2022: 364-day at 7.00%, unchanged
At the Treasury bill auction dated 27 July 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.80% (up 5 basis points), the 182-day bill at 4.10% (up 10 basis points) and the 364-day bill at 7.00% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 320.5bn against NGN 264.3bn on offer, 121% of the amount sought, and NGN 264.3bn was accepted.
Over the past year the 364-day rate has ranged from 4.00% to 7.50%.
A year earlier the 364-day bill cleared at 8.67%, so the government is paying 167 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 the same as at the previous auction.
For shorter money: NGN 20,500 on the 182-day bill (6 months), NGN 7,000 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 | 2.800% | 2.750% | NGN 2.22bn | NGN 1.86bn | NGN 1.69bn |
| 182-day | 4.100% | 4.000% | NGN 3.54bn | NGN 1.40bn | NGN 1.26bn |
| 364-day | 7.000% | 7.000% | NGN 258.53bn | NGN 317.25bn | NGN 261.33bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 27 July 2022, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-07-27
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