Nigeria Treasury bills · auction of 8 March 2023
Nigeria T-bill auction, 8 March 2023: 364-day at 10.00%, up 10 bps
At the Treasury bill auction dated 8 March 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 1.44% (down 156 basis points), the 182-day bill at 6.00% (up 276 basis points) and the 364-day bill at 10.00% (up 10 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 906.2bn against NGN 224.5bn on offer, 404% of the amount sought, and NGN 324.5bn 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 4.35%, so the government is paying 565 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 100,000 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 1,100,000 after 12 months: NGN 100,000 in interest before any withholding tax, about NGN 8,333 a month.
That is NGN 1,000 more than the same money would have earned at the previous auction.
For shorter money: NGN 30,000 on the 182-day bill (6 months), NGN 3,600 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 | 1.440% | 3.000% | NGN 1.03bn | NGN 4.35bn | NGN 1.03bn |
| 182-day | 6.000% | 3.240% | NGN 10.55bn | NGN 11.31bn | NGN 10.55bn |
| 364-day | 10.000% | 9.900% | NGN 212.92bn | NGN 890.55bn | NGN 312.92bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 8 March 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-03-08
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