Nigeria Treasury bills · auction of 12 July 2023
Nigeria T-bill auction, 12 July 2023: 364-day at 5.94%, down 29 bps
At the Treasury bill auction dated 12 July 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 2.86% (down 1 basis point), the 182-day bill at 3.50% (down 87 basis points) and the 364-day bill at 5.94% (down 29 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 691.9bn against NGN 141.8bn on offer, 488% of the amount sought, and NGN 141.8bn 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 13 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 59,400 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 1,059,400 after 12 months: NGN 59,400 in interest before any withholding tax, about NGN 4,950 a month.
That is NGN 2,900 less than the same money would have earned at the previous auction.
For shorter money: NGN 17,500 on the 182-day bill (6 months), NGN 7,150 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 | 2.860% | 2.870% | NGN 2.78bn | NGN 5.86bn | NGN 2.78bn |
| 182-day | 3.500% | 4.370% | NGN 1.49bn | NGN 31.38bn | NGN 1.49bn |
| 364-day | 5.940% | 6.230% | NGN 137.50bn | NGN 654.62bn | NGN 137.50bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 12 July 2023, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-07-12
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