Nigeria Treasury bills · auction of 8 November 2023
Nigeria T-bill auction, 8 November 2023: 364-day at 16.75%, up 375 bps
At the Treasury bill auction dated 8 November 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 7.00% (up 100 basis points), the 182-day bill at 11.00% (up 200 basis points) and the 364-day bill at 16.75% (up 375 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 875.8bn against NGN 310.1bn on offer, 282% of the amount sought, and NGN 497.2bn was accepted.
At 16.75%, the 364-day rate is the highest in the 28 auctions of the past year.
A year earlier the 364-day bill cleared at 14.50%, so the government is paying 225 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 167,500 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 1,167,500 after 12 months: NGN 167,500 in interest before any withholding tax, about NGN 13,958 a month.
That is NGN 37,500 more than the same money would have earned at the previous auction.
For shorter money: NGN 55,000 on the 182-day bill (6 months), NGN 17,500 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 | 7.000% | 5.999% | NGN 4.52bn | NGN 16.05bn | NGN 4.52bn |
| 182-day | 11.000% | 9.000% | NGN 5.44bn | NGN 32.96bn | NGN 5.44bn |
| 364-day | 16.750% | 13.000% | NGN 300.16bn | NGN 826.79bn | NGN 487.24bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 8 November 2023, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-11-08
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