Nigeria Treasury bills · auction of 25 January 2023
Nigeria T-bill auction, 25 January 2023: 364-day at 4.78%, down 252 bps
At the Treasury bill auction dated 25 January 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 0.29% (down 171 basis points), the 182-day bill at 1.80% (down 253 basis points) and the 364-day bill at 4.78% (down 252 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1044.2bn against NGN 220.5bn on offer, 473% of the amount sought, and NGN 220.5bn 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 5.50%, so the government is paying 72 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 47,800 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 1,047,800 after 12 months: NGN 47,800 in interest before any withholding tax, about NGN 3,983 a month.
That is NGN 25,200 less than the same money would have earned at the previous auction.
For shorter money: NGN 9,000 on the 182-day bill (6 months), NGN 725 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 | 0.290% | 2.000% | NGN 1.74bn | NGN 94.25bn | NGN 1.74bn |
| 182-day | 1.800% | 4.330% | NGN 1.26bn | NGN 89.62bn | NGN 1.26bn |
| 364-day | 4.780% | 7.300% | NGN 217.53bn | NGN 860.35bn | NGN 217.53bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 25 January 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-01-25
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