Nigeria Treasury bills · auction of 13 December 2023
Nigeria T-bill auction, 13 December 2023: 364-day at 13.50%, down 225 bps
At the Treasury bill auction dated 13 December 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.25% (down 275 basis points), the 182-day bill at 11.00% (down 200 basis points) and the 364-day bill at 13.50% (down 225 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1572.0bn against NGN 13.6bn on offer, 11572% of the amount sought, and NGN 263.6bn 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 13.05%, so the government is paying 45 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 135,000 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 1,135,000 after 12 months: NGN 135,000 in interest before any withholding tax, about NGN 11,250 a month.
That is NGN 22,500 less 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 15,625 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 | 6.250% | 9.000% | NGN 1.10bn | NGN 43.58bn | NGN 728m |
| 182-day | 11.000% | 13.000% | NGN 1.28bn | NGN 50.40bn | NGN 6.35bn |
| 364-day | 13.500% | 15.750% | NGN 11.20bn | NGN 1478.02bn | NGN 256.51bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 13 December 2023, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-12-13
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