Nigeria Treasury bills · auction of 10 August 2022
Nigeria T-bill auction, 10 August 2022: 364-day at 7.45%, up 45 bps
At the Treasury bill auction dated 10 August 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.50% (up 70 basis points), the 182-day bill at 4.50% (up 40 basis points) and the 364-day bill at 7.45% (up 45 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 187.5bn against NGN 150.6bn on offer, 125% of the amount sought, and NGN 150.6bn 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 8.20%, so the government is paying 75 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 74,500 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 1,074,500 after 12 months: NGN 74,500 in interest before any withholding tax, about NGN 6,208 a month.
That is NGN 4,500 more than the same money would have earned at the previous auction.
For shorter money: NGN 22,500 on the 182-day bill (6 months), NGN 8,750 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 | 3.500% | 2.800% | NGN 1.02bn | NGN 1.80bn | NGN 1.15bn |
| 182-day | 4.500% | 4.100% | NGN 1.82bn | NGN 1.69bn | NGN 1.31bn |
| 364-day | 7.450% | 7.000% | NGN 147.78bn | NGN 184.04bn | NGN 148.15bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 10 August 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-08-10
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