Nigeria Treasury bills · auction of 12 October 2022
Nigeria T-bill auction, 12 October 2022: 364-day at 13.00%, up 100 bps
At the Treasury bill auction dated 12 October 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.47% (down 2 basis points), the 182-day bill at 7.90% (up 40 basis points) and the 364-day bill at 13.00% (up 100 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 111.9bn against NGN 190.9bn on offer, 59% of the amount sought, and NGN 34.8bn was accepted.
At 13.00%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 7.50%, so the government is paying 550 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 130,000 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 1,130,000 after 12 months: NGN 130,000 in interest before any withholding tax, about NGN 10,833 a month.
That is NGN 10,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 39,500 on the 182-day bill (6 months), NGN 16,175 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 | 6.470% | 6.490% | NGN 14.27bn | NGN 1.65bn | NGN 1.55bn |
| 182-day | 7.900% | 7.500% | NGN 25.56bn | NGN 2.62bn | NGN 2.52bn |
| 364-day | 13.000% | 12.000% | NGN 151.06bn | NGN 107.67bn | NGN 30.76bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 October 2022, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-10-12
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