Nigeria Treasury bills · auction of 26 April 2023
Nigeria T-bill auction, 26 April 2023: 364-day at 10.17%, down 453 bps
At the Treasury bill auction dated 26 April 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.30% (down 70 basis points), the 182-day bill at 8.00% (unchanged) and the 364-day bill at 10.17% (down 453 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 819.1bn against NGN 131.5bn on offer, 623% of the amount sought, and NGN 131.5bn 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 4.60%, so the government is paying 557 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 101,700 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 1,101,700 after 12 months: NGN 101,700 in interest before any withholding tax, about NGN 8,475 a month.
That is NGN 45,300 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 13,250 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 | 5.300% | 6.000% | NGN 1.74bn | NGN 3.22bn | NGN 1.74bn |
| 182-day | 8.000% | 8.000% | NGN 10.12bn | NGN 7.95bn | NGN 7.95bn |
| 364-day | 10.170% | 14.700% | NGN 119.61bn | NGN 807.93bn | NGN 121.77bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 26 April 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-04-26
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