Nigeria Treasury bills · auction of 27 December 2023
Nigeria T-bill auction, 27 December 2023: 364-day at 12.24%, down 126 bps
At the Treasury bill auction dated 27 December 2023, the Central Bank of Nigeria set stop rates on the 91-day bill at 7.00% (up 75 basis points), the 182-day bill at 10.00% (down 100 basis points) and the 364-day bill at 12.24% (down 126 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 1037.4bn against NGN 67.0bn on offer, 1548% of the amount sought, and NGN 317.0bn 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 9.89%, so the government is paying 235 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 122,400 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 1,122,400 after 12 months: NGN 122,400 in interest before any withholding tax, about NGN 10,200 a month.
That is NGN 12,600 less than the same money would have earned at the previous auction.
For shorter money: NGN 50,000 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% | 6.250% | NGN 1.75bn | NGN 18.81bn | NGN 17.61bn |
| 182-day | 10.000% | 11.000% | NGN 17.16bn | NGN 50.40bn | NGN 30.67bn |
| 364-day | 12.240% | 13.500% | NGN 48.11bn | NGN 968.20bn | NGN 268.74bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 27 December 2023, compiled from the Central Bank of Nigeria. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2023-12-27
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