Nigeria Treasury bills · auction of 11 January 2023
Nigeria T-bill auction, 11 January 2023: 364-day at 7.30%, down 119 bps
At the Treasury bill auction dated 11 January 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.00% (down 75 basis points), the 182-day bill at 4.33% (down 282 basis points) and the 364-day bill at 7.30% (down 119 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 389.0bn against NGN 56.9bn on offer, 683% of the amount sought, and NGN 56.9bn 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 4.90%, so the government is paying 240 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 73,000 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 1,073,000 after 12 months: NGN 73,000 in interest before any withholding tax, about NGN 6,083 a month.
That is NGN 11,900 less than the same money would have earned at the previous auction.
For shorter money: NGN 21,650 on the 182-day bill (6 months), NGN 5,000 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 | 2.000% | 2.749% | NGN 1.55bn | NGN 22.40bn | NGN 3.15bn |
| 182-day | 4.330% | 7.150% | NGN 1.49bn | NGN 56.20bn | NGN 1.49bn |
| 364-day | 7.300% | 8.490% | NGN 53.90bn | NGN 310.44bn | NGN 52.29bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 11 January 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-01-11
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