Nigeria Treasury bills · auction of 9 August 2023
Nigeria T-bill auction, 9 August 2023: 364-day at 9.80%, down 235 bps
At the Treasury bill auction dated 9 August 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.00% (down 100 basis points), the 182-day bill at 5.90% (down 210 basis points) and the 364-day bill at 9.80% (down 235 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 836.3bn against NGN 154.0bn on offer, 543% of the amount sought, and NGN 154.0bn 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 7.00%, so the government is paying 280 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 98,000 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 1,098,000 after 12 months: NGN 98,000 in interest before any withholding tax, about NGN 8,167 a month.
That is NGN 23,500 less than the same money would have earned at the previous auction.
For shorter money: NGN 29,500 on the 182-day bill (6 months), NGN 12,500 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 | 5.000% | 6.000% | NGN 4.52bn | NGN 13.84bn | NGN 4.52bn |
| 182-day | 5.900% | 8.000% | NGN 1.31bn | NGN 14.78bn | NGN 1.31bn |
| 364-day | 9.800% | 12.150% | NGN 148.15bn | NGN 807.68bn | NGN 148.15bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 August 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-08-09
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