Nigeria Treasury bills · auction of 22 February 2023
Nigeria T-bill auction, 22 February 2023: 364-day at 9.90%, up 766 bps
At the Treasury bill auction dated 22 February 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.00% (up 290 basis points), the 182-day bill at 3.24% (up 294 basis points) and the 364-day bill at 9.90% (up 766 basis points). The rate shown is the stop (issue) rate at the primary auction.
The auction was fully subscribed: bids totalled NGN 296.8bn against NGN 263.5bn on offer, 113% of the amount sought, and NGN 263.5bn was accepted.
Over the past year the 364-day rate has ranged from 2.24% to 14.84%.
A year earlier the 364-day bill cleared at 5.20%, so the government is paying 470 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 99,000 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 1,099,000 after 12 months: NGN 99,000 in interest before any withholding tax, about NGN 8,250 a month.
That is NGN 76,600 more than the same money would have earned at the previous auction.
For shorter money: NGN 16,200 on the 182-day bill (6 months), NGN 7,500 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 | 3.000% | 0.100% | NGN 11.68bn | NGN 15.53bn | NGN 9.96bn |
| 182-day | 3.240% | 0.300% | NGN 10.21bn | NGN 17.55bn | NGN 10.21bn |
| 364-day | 9.900% | 2.240% | NGN 241.61bn | NGN 263.67bn | NGN 243.33bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 February 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-02-22
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