Nigeria Treasury bills · auction of 26 October 2022
Nigeria T-bill auction, 26 October 2022: 364-day at 14.50%, up 150 bps
At the Treasury bill auction dated 26 October 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.50% (up 3 basis points), the 182-day bill at 8.05% (up 15 basis points) and the 364-day bill at 14.50% (up 150 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was undersubscribed: bids totalled NGN 137.0bn against NGN 240.3bn on offer, 57% of the amount sought, and NGN 109.2bn was accepted.
At 14.50%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 7.25%, so the government is paying 725 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 145,000 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 1,145,000 after 12 months: NGN 145,000 in interest before any withholding tax, about NGN 12,083 a month.
That is NGN 15,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 40,250 on the 182-day bill (6 months), NGN 16,250 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 | 6.500% | 6.470% | NGN 31.69bn | NGN 2.12bn | NGN 1.74bn |
| 182-day | 8.050% | 7.900% | NGN 58.23bn | NGN 10.61bn | NGN 10.12bn |
| 364-day | 14.500% | 13.000% | NGN 150.34bn | NGN 124.23bn | NGN 97.33bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 26 October 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-10-26
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.