Nigeria Treasury bills · auction of 6 September 2023
Nigeria T-bill auction, 6 September 2023: 364-day at 12.55%, down 142 bps
At the Treasury bill auction dated 6 September 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.50% (down 69 basis points), the 182-day bill at 7.00% (down 100 basis points) and the 364-day bill at 12.55% (down 142 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 875.7bn against NGN 214.7bn on offer, 408% of the amount sought, and NGN 214.7bn 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 8.50%, so the government is paying 405 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 125,500 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 1,125,500 after 12 months: NGN 125,500 in interest before any withholding tax, about NGN 10,458 a month.
That is NGN 14,200 less than the same money would have earned at the previous auction.
For shorter money: NGN 35,000 on the 182-day bill (6 months), NGN 11,250 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 | 4.500% | 5.190% | NGN 1.03bn | NGN 4.63bn | NGN 1.03bn |
| 182-day | 7.000% | 8.000% | NGN 10.55bn | NGN 39.17bn | NGN 10.55bn |
| 364-day | 12.550% | 13.970% | NGN 203.15bn | NGN 831.95bn | NGN 203.15bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 6 September 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-09-06
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