Nigeria Treasury bills · auction of 13 September 2023
Nigeria T-bill auction, 13 September 2023: 364-day at 12.98%, up 43 bps
At the Treasury bill auction dated 13 September 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.50% (up 200 basis points), the 182-day bill at 7.00% (unchanged) and the 364-day bill at 12.98% (up 43 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 643.9bn against NGN 152.2bn on offer, 423% of the amount sought, and NGN 152.2bn 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 10.00%, so the government is paying 298 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 129,800 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 1,129,800 after 12 months: NGN 129,800 in interest before any withholding tax, about NGN 10,817 a month.
That is NGN 4,300 more 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 16,250 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 | 6.500% | 4.500% | NGN 1.10bn | NGN 1.27bn | NGN 1.10bn |
| 182-day | 7.000% | 7.000% | NGN 918m | NGN 3.93bn | NGN 918m |
| 364-day | 12.980% | 12.550% | NGN 150.18bn | NGN 638.67bn | NGN 150.18bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 September 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-09-13
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