Nigeria Treasury bills · auction of 24 August 2022
Nigeria T-bill auction, 24 August 2022: 364-day at 8.50%, up 105 bps
At the Treasury bill auction dated 24 August 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.00% (up 50 basis points), the 182-day bill at 5.00% (up 50 basis points) and the 364-day bill at 8.50% (up 105 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 311.1bn against NGN 295.5bn on offer, 105% of the amount sought, and NGN 295.5bn was accepted.
At 8.50%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 7.35%, so the government is paying 115 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 85,000 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 1,085,000 after 12 months: NGN 85,000 in interest before any withholding tax, about NGN 7,083 a month.
That is NGN 10,500 more than the same money would have earned at the previous auction.
For shorter money: NGN 25,000 on the 182-day bill (6 months), NGN 10,000 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 | 4.000% | 3.500% | NGN 3.56bn | NGN 2.48bn | NGN 2.28bn |
| 182-day | 5.000% | 4.500% | NGN 11.03bn | NGN 10.46bn | NGN 10.21bn |
| 364-day | 8.500% | 7.450% | NGN 280.93bn | NGN 298.18bn | NGN 283.04bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 24 August 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-08-24
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