Nigeria Treasury bills · auction of 15 March 2023
Nigeria T-bill auction, 15 March 2023: 364-day at 9.49%, down 51 bps
At the Treasury bill auction dated 15 March 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.55% (up 111 basis points), the 182-day bill at 5.00% (down 100 basis points) and the 364-day bill at 9.49% (down 51 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1095.9bn against NGN 161.9bn on offer, 677% of the amount sought, and NGN 161.9bn 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 4.10%, so the government is paying 539 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 94,900 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 1,094,900 after 12 months: NGN 94,900 in interest before any withholding tax, about NGN 7,908 a month.
That is NGN 5,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 25,000 on the 182-day bill (6 months), NGN 6,375 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 | 2.550% | 1.440% | NGN 1.10bn | NGN 70.85bn | NGN 1.10bn |
| 182-day | 5.000% | 6.000% | NGN 918m | NGN 17.85bn | NGN 918m |
| 364-day | 9.490% | 10.000% | NGN 159.85bn | NGN 1007.17bn | NGN 159.85bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 15 March 2023, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-03-15
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