Nigeria Treasury bills · auction of 23 August 2023
Nigeria T-bill auction, 23 August 2023: 364-day at 13.97%, up 417 bps
At the Treasury bill auction dated 23 August 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 5.19% (up 19 basis points), the 182-day bill at 8.00% (up 210 basis points) and the 364-day bill at 13.97% (up 417 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1543.2bn against NGN 303.2bn on offer, 509% of the amount sought, and NGN 303.2bn 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 7.45%, so the government is paying 652 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 139,700 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 1,139,700 after 12 months: NGN 139,700 in interest before any withholding tax, about NGN 11,642 a month.
That is NGN 41,700 more 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 12,975 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 | 5.190% | 5.000% | NGN 9.96bn | NGN 17.24bn | NGN 9.96bn |
| 182-day | 8.000% | 5.900% | NGN 10.21bn | NGN 12.35bn | NGN 10.21bn |
| 364-day | 13.970% | 9.800% | NGN 283.04bn | NGN 1513.57bn | NGN 283.04bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 August 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-08-23
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