Nigeria Treasury bills · auction of 30 June 2023
Nigeria T-bill auction, 30 June 2023: 364-day at 6.23%, down 201 bps
At the Treasury bill auction dated 30 June 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.87% (down 202 basis points), the 182-day bill at 4.37% (down 75 basis points) and the 364-day bill at 6.23% (down 201 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 753.5bn against NGN 187.1bn on offer, 403% of the amount sought, and NGN 187.1bn 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 6.07%, so the government is paying 16 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 62,300 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 1,062,300 after 12 months: NGN 62,300 in interest before any withholding tax, about NGN 5,192 a month.
That is NGN 20,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 21,850 on the 182-day bill (6 months), NGN 7,175 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 | 2.870% | 4.890% | NGN 1.75bn | NGN 7.15bn | NGN 1.75bn |
| 182-day | 4.370% | 5.120% | NGN 17.16bn | NGN 37.43bn | NGN 17.16bn |
| 364-day | 6.230% | 8.240% | NGN 168.21bn | NGN 708.89bn | NGN 168.21bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 30 June 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-06-30
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