Nigeria Treasury bills · auction of 11 October 2023
Nigeria T-bill auction, 11 October 2023: 364-day at 9.25%, down 212 bps
At the Treasury bill auction dated 11 October 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 3.67% (down 132 basis points), the 182-day bill at 5.11% (down 144 basis points) and the 364-day bill at 9.25% (down 212 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 321.1bn against NGN 36.6bn on offer, 878% of the amount sought, and NGN 36.6bn 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 275 basis points less than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 92,500 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 1,092,500 after 12 months: NGN 92,500 in interest before any withholding tax, about NGN 7,708 a month.
That is NGN 21,200 less than the same money would have earned at the previous auction.
For shorter money: NGN 25,550 on the 182-day bill (6 months), NGN 9,175 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 | 3.670% | 4.990% | NGN 2.78bn | NGN 5.66bn | NGN 2.78bn |
| 182-day | 5.110% | 6.550% | NGN 3.02bn | NGN 9.65bn | NGN 3.02bn |
| 364-day | 9.250% | 11.370% | NGN 30.76bn | NGN 305.83bn | NGN 30.76bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 11 October 2023, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-10-11
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