Nigeria Treasury bills · auction of 28 September 2023
Nigeria T-bill auction, 28 September 2023: 364-day at 11.37%, down 161 bps
At the Treasury bill auction dated 28 September 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 4.99% (down 151 basis points), the 182-day bill at 6.55% (down 45 basis points) and the 364-day bill at 11.37% (down 161 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 786.8bn against NGN 177.1bn on offer, 444% of the amount sought, and NGN 177.1bn 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 12.00%, so the government is paying 63 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 113,700 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 1,113,700 after 12 months: NGN 113,700 in interest before any withholding tax, about NGN 9,475 a month.
That is NGN 16,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 32,750 on the 182-day bill (6 months), NGN 12,475 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 | 4.990% | 6.500% | NGN 1.75bn | NGN 7.08bn | NGN 1.75bn |
| 182-day | 6.550% | 7.000% | NGN 1.56bn | NGN 6.64bn | NGN 1.56bn |
| 364-day | 11.370% | 12.980% | NGN 173.81bn | NGN 773.07bn | NGN 173.81bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Central Bank of Nigeria” and a link to this page.
Afronomics (2026). Nigeria Treasury bill auction, 28 September 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-09-28
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.