Nigeria Treasury bills · auction of 25 October 2023
Nigeria T-bill auction, 25 October 2023: 364-day at 13.00%, up 375 bps
At the Treasury bill auction dated 25 October 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.00% (up 233 basis points), the 182-day bill at 9.00% (up 389 basis points) and the 364-day bill at 13.00% (up 375 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 658.1bn against NGN 108.1bn on offer, 609% of the amount sought, and NGN 370.3bn 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 the same 13.00%.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 130,000 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 1,130,000 after 12 months: NGN 130,000 in interest before any withholding tax, about NGN 10,833 a month.
That is NGN 37,500 more than the same money would have earned at the previous auction.
For shorter money: NGN 45,000 on the 182-day bill (6 months), NGN 14,997 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 | 5.999% | 3.670% | NGN 2.85bn | NGN 28.63bn | NGN 7.85bn |
| 182-day | 9.000% | 5.110% | NGN 7.95bn | NGN 14.47bn | NGN 12.95bn |
| 364-day | 13.000% | 9.250% | NGN 97.33bn | NGN 615.02bn | NGN 349.54bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 25 October 2023, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-10-25
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