Nigeria Treasury bills · auction of 23 November 2022
Nigeria T-bill auction, 23 November 2022: 364-day at 14.84%, up 85 bps
At the Treasury bill auction dated 23 November 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.50% (unchanged), the 182-day bill at 8.05% (unchanged) and the 364-day bill at 14.84% (up 85 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 360.3bn against NGN 213.4bn on offer, 169% of the amount sought, and NGN 213.4bn was accepted.
At 14.84%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 6.50%, so the government is paying 834 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 148,400 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 1,148,400 after 12 months: NGN 148,400 in interest before any withholding tax, about NGN 12,367 a month.
That is NGN 8,500 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% | 6.500% | NGN 32.28bn | NGN 11.97bn | NGN 11.68bn |
| 182-day | 8.050% | 8.050% | NGN 41.25bn | NGN 3.05bn | NGN 1.82bn |
| 364-day | 14.840% | 13.990% | NGN 139.90bn | NGN 345.23bn | NGN 199.93bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 November 2022, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-11-23
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