Nigeria Treasury bills · auction of 14 December 2022
Nigeria T-bill auction, 14 December 2022: 364-day at 9.89%, down 316 bps
At the Treasury bill auction dated 14 December 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.50% (down 99 basis points), the 182-day bill at 7.30% (down 70 basis points) and the 364-day bill at 9.89% (down 316 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 446.1bn against NGN 13.6bn on offer, 3284% of the amount sought, and NGN 13.6bn 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 5.34%, so the government is paying 455 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 98,900 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 1,098,900 after 12 months: NGN 98,900 in interest before any withholding tax, about NGN 8,242 a month.
That is NGN 31,600 less than the same money would have earned at the previous auction.
For shorter money: NGN 36,500 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% | 6.490% | NGN 8.50bn | NGN 26.60bn | NGN 1.10bn |
| 182-day | 7.300% | 8.000% | NGN 1.28bn | NGN 20.31bn | NGN 1.28bn |
| 364-day | 9.890% | 13.050% | NGN 3.80bn | NGN 399.15bn | NGN 11.20bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 14 December 2022, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-12-14
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