Nigeria Treasury bills · auction of 22 November 2023
Nigeria T-bill auction, 22 November 2023: 364-day at 16.75%, unchanged
At the Treasury bill auction dated 22 November 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 8.00% (up 100 basis points), the 182-day bill at 12.00% (up 100 basis points) and the 364-day bill at 16.75% (unchanged). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1231.1bn against NGN 211.7bn on offer, 582% of the amount sought, and NGN 561.7bn 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 13.99%, so the government is paying 276 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 the same as at the previous auction.
For shorter money: NGN 60,000 on the 182-day bill (6 months), NGN 20,000 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 | 8.000% | 7.000% | NGN 9.96bn | NGN 12.62bn | NGN 11.96bn |
| 182-day | 12.000% | 11.000% | NGN 1.82bn | NGN 10.05bn | NGN 9.30bn |
| 364-day | 16.750% | 16.750% | NGN 199.93bn | NGN 1208.47bn | NGN 540.45bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 22 November 2023, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-11-22
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