Nigeria Treasury bills · auction of 6 December 2023
Nigeria T-bill auction, 6 December 2023: 364-day at 15.75%, down 100 bps
At the Treasury bill auction dated 6 December 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 9.00% (up 100 basis points), the 182-day bill at 13.00% (up 100 basis points) and the 364-day bill at 15.75% (down 100 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1763.4bn against NGN 104.4bn on offer, 1690% of the amount sought, and NGN 604.4bn was accepted.
Over the past year the 364-day rate has ranged from 2.24% to 16.75%.
A year earlier the 364-day bill cleared at 14.84%, so the government is paying 91 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 157,500 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 1,157,500 after 12 months: NGN 157,500 in interest before any withholding tax, about NGN 13,125 a month.
That is NGN 10,000 less than the same money would have earned at the previous auction.
For shorter money: NGN 65,000 on the 182-day bill (6 months), NGN 22,500 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 | 9.000% | 8.000% | NGN 1.03bn | NGN 14.42bn | NGN 14.42bn |
| 182-day | 13.000% | 12.000% | NGN 1.94bn | NGN 26.82bn | NGN 26.82bn |
| 364-day | 15.750% | 16.750% | NGN 101.39bn | NGN 1722.17bn | NGN 563.12bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 6 December 2023, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-12-06
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