Nigeria Treasury bills · auction of 7 September 2022
Nigeria T-bill auction, 7 September 2022: 364-day at 10.00%, up 150 bps
At the Treasury bill auction dated 7 September 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.50% (up 150 basis points), the 182-day bill at 5.85% (up 85 basis points) and the 364-day bill at 10.00% (up 150 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 220.6bn against NGN 214.7bn on offer, 103% of the amount sought, and NGN 214.7bn was accepted.
At 10.00%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 6.80%, so the government is paying 320 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 100,000 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 1,100,000 after 12 months: NGN 100,000 in interest before any withholding tax, about NGN 8,333 a month.
That is NGN 15,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 29,250 on the 182-day bill (6 months), NGN 13,750 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 | 5.500% | 4.000% | NGN 20.77bn | NGN 1.13bn | NGN 1.03bn |
| 182-day | 5.850% | 5.000% | NGN 31.29bn | NGN 10.55bn | NGN 10.55bn |
| 364-day | 10.000% | 8.500% | NGN 162.68bn | NGN 208.87bn | NGN 203.15bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 September 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-09-07
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