Nigeria Treasury bills · auction of 23 May 2024
Nigeria T-bill auction, 23 May 2024: 182-day at 17.45%, up 45 bps
At the Treasury bill auction dated 23 May 2024, the Central Bank of Nigeria set stop rates on the 182-day bill at 17.45% (up 45 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 33.2bn against NGN 9.3bn on offer, 357% of the amount sought, and NGN 28.5bn was accepted.
Over the past year the 182-day rate has ranged from 3.50% to 18.00%.
A year earlier the 182-day bill cleared at 4.99%, so the government is paying 1246 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 87,245 in 6 months on the 182-day bill
Put NGN 1,000,000 into the 182-day bill at this auction and you get back NGN 1,087,245 after 6 months: NGN 87,245 in interest before any withholding tax, about NGN 14,541 a month.
That is NGN 2,245 more than the same money would have earned at the previous auction.
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 |
|---|---|---|---|---|---|
| 182-day | 17.449% | 17.000% | NGN 9.30bn | NGN 33.21bn | NGN 28.46bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 23 May 2024, compiled from the Central Bank of Nigeria. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2024-05-23
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