Nigeria Treasury bills · auction of 7 December 2022
Nigeria T-bill auction, 7 December 2022: 364-day at 13.05%, down 179 bps
At the Treasury bill auction dated 7 December 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.49% (down 1 basis point), the 182-day bill at 8.00% (down 5 basis points) and the 364-day bill at 13.05% (down 179 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 728.5bn against NGN 54.4bn on offer, 1340% of the amount sought, and NGN 104.4bn was accepted.
Over the past year the 364-day rate has ranged from 4.00% to 14.84%.
A year earlier the 364-day bill cleared at 5.89%, so the government is paying 716 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 130,500 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 1,130,500 after 12 months: NGN 130,500 in interest before any withholding tax, about NGN 10,875 a month.
That is NGN 17,900 less than the same money would have earned at the previous auction.
For shorter money: NGN 40,000 on the 182-day bill (6 months), NGN 16,225 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 | 6.490% | 6.500% | NGN 1.03bn | NGN 3.48bn | NGN 1.03bn |
| 182-day | 8.000% | 8.050% | NGN 1.94bn | NGN 2.85bn | NGN 1.94bn |
| 364-day | 13.050% | 14.840% | NGN 51.39bn | NGN 722.13bn | NGN 101.39bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 7 December 2022, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-12-07
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