Nigeria Treasury bills · auction of 12 April 2023
Nigeria T-bill auction, 12 April 2023: 364-day at 14.70%, down 4 bps
At the Treasury bill auction dated 12 April 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.00% (unchanged), the 182-day bill at 8.00% (unchanged) and the 364-day bill at 14.70% (down 4 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 280.4bn against NGN 149.6bn on offer, 187% of the amount sought, and NGN 149.6bn 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 4.45%, so the government is paying 1025 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 147,000 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 1,147,000 after 12 months: NGN 147,000 in interest before any withholding tax, about NGN 12,250 a month.
That is NGN 400 less than the same money would have earned at the previous auction.
For shorter money: NGN 40,000 on the 182-day bill (6 months), NGN 15,000 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 | 6.000% | 6.000% | NGN 3.15bn | NGN 3.78bn | NGN 2.78bn |
| 182-day | 8.000% | 8.000% | NGN 2.52bn | NGN 3.12bn | NGN 3.02bn |
| 364-day | 14.700% | 14.740% | NGN 143.97bn | NGN 273.45bn | NGN 143.84bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 April 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-04-12
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