How to Buy Treasury Bills in Nigeria: Banks, Apps and What They Pay Now

You don't need ₦50 million to buy Nigerian Treasury Bills. That's the minimum at the CBN's own auction, but your bank can buy them for you from around ₦100,000.

Rates have been falling: at the 7 October 2026 auction, the 364-day bill paid 15.85%, down from a July peak of 17.70%. After the 10% tax on interest, that's barely ahead of inflation. Here's how to buy, and whether it's still worth it.

Quick facts: buying Treasury bills in Nigeria (checked October 2026)

What are Nigerian Treasury Bills?

Treasury bills are short-term loans to the Federal Government of Nigeria, issued through the CBN for a few months at a time. They come in three lengths: 91 days, 182 days and 364 days. Stanbic IBTC's investor FAQ calls them "a secure investment avenue for individuals, joint applicants, businesses, and corporates," backed by "the full faith and credit of the Federal Government of Nigeria". In plain terms, the government isn't going to default on a 91-day bill.

You don't earn interest like on a savings account. You buy the bill below its face value, and the government pays you the full face value at maturity. Stanbic's FAQ gives a simple example: put ₦100,000 into a bill priced at a 10% discount, and only ₦90,000 leaves your account. At maturity, the full ₦100,000 comes back. The ₦10,000 difference is your return, taken off the price at the start rather than paid out later.

How much do you need to buy Treasury bills in Nigeria?

This is where a lot of guides get it wrong. There are two very different price tags depending on how you buy:

Buying directly from the CBN at the primary auction needs a minimum subscription of ₦50,001,000, confirmed in the CBN's own bid circular for the 12 August 2026 auction, as reported by Nairametrics ("minimum subscription of N50,001,000... each bid made in multiples of N1,000") and matched by Stanbic's own FAQ. This route is really for banks, pension funds and large institutional investors, not individuals.

Buying through your bank's secondary market desk is the realistic route for most people. Stanbic IBTC's investor FAQ puts the minimum here at ₦100,000, in multiples of ₦10,000 after that. Other commercial banks (GTBank, Access Bank, Zenith Bank and First Bank among them) run similar treasury desks that pool individual customers' money to meet the CBN's bigger minimums, but each sets its own minimum and fees, so ask your relationship manager or call their investment line for the current figures before you commit.

Asset managers can also get you in at a similar scale. ARM Investment Managers puts typical minimums for buying into Treasury bill-based products "in the range of ₦100,000 to ₦1,000,000, depending on the issuer and platform."

If ₦100,000 is more than you want to tie up, savings apps like Cowrywise and PiggyVest offer money market or fixed-term products that mix Treasury bills with other low-risk investments in a shared fund, instead of selling you one specific bill. That's different from owning a bill: the fund's own fact sheet, not the CBN auction rate, tells you what it pays, so read it before you commit. If you'd rather know exactly what you own, a bank's treasury desk can sell you a real bill with its own maturity date and rate.

How to buy Treasury bills in Nigeria, step by step

1. Choose a bank with a treasury or investment desk. You need an account with the bank that's buying the bill for you.
2. Have your BVN ready and money in your account. Every bank account in Nigeria is linked to your Bank Verification Number. Here's how to check yours if you've forgotten it. Banks now also check your NIN, so make sure that's registered too.
3. Choose primary or secondary market. The CBN's primary auction runs roughly every two weeks, usually on a Wednesday. The secondary market is open Monday to Friday, 10am to 4pm, and is the more practical route unless you're investing tens of millions of naira.
4. Submit your request. For a primary auction, your bank will have you complete a Treasury Bill Auction Bid Form. For the secondary market, you typically send a letter of instruction (or use your bank's app, where available) stating the amount and tenor you want, and complete a Custodial Agreement Form if you don't already have one on file.
5. Fund your account before the deadline. You're charged the discounted price, not the face value, so a ₦100,000 bill at a 10% discount only takes ₦90,000 from your account.
6. Wait for maturity, or sell early. The full face value is paid into your account automatically on the maturity date. If you need the cash sooner, you can sell on the secondary market, but you'll get whatever the market pays that day, not a guaranteed face value.

Expect a few small charges on top. Stanbic's published fees (last updated August 2023, so check with your own bank) list a ₦300 transaction fee, a custody fee of about 0.05% of the face value, and a ₦100 commission on primary market deals, plus 7.5% VAT on each. They're small next to the amounts involved, but good to know.

Current Treasury bill rates in Nigeria (checked October 2026)

Nairametrics reported that the Debt Management Office raised ₦968.47 billion against a ₦900 billion target at this auction. The 364-day rate fell from 15.89% at the previous sale, and is 185 basis points below the 17.70% high of 8 July 2026. Rates have kept falling since, so if you're choosing between a 91-day bill and a 364-day one, locking in the longer rate now may pay off if they fall further.

These are auction rates and they change every auction. Secondary market prices move separately, sometimes daily, so ask your bank's treasury desk for the live rate before you buy.

How to calculate your Treasury bill return

Treasury bill rates are quoted as a discount, which makes the true annualised return a bit higher than the headline number. ARM Investment Managers gives the formula as:

Yield = (Face Value − Purchase Price) ÷ Purchase Price × (365 ÷ Days to Maturity) × 100%

Say your bank quotes you a 91-day bill with a face value of ₦550,000 for a purchase price of ₦525,000. Plug those into the formula:

(550,000 − 525,000) ÷ 525,000 × (365 ÷ 91) × 100 ≈ 19.1%

That's your true yearly yield. It's higher than the simple discount rate because it's worked out on the ₦525,000 you paid, not the ₦550,000 you'll get back. Always ask your bank for both the face value and the amount it will take from your account, and do the sum yourself before you commit.

Tax on Treasury bill interest in Nigeria

Since a Federal Inland Revenue Service (FIRS) directive reported in Nairametrics in October 2025, banks, stockbrokers and other financial institutions must deduct a 10% withholding tax from interest on short-term securities (including Treasury bills, corporate bonds, promissory notes and bills of exchange) at the point they pay it to you. Interest on Federal Government of Nigeria bonds is specifically exempt from this levy, but Treasury bills are not.

In practice, this means the rate the CBN publishes at auction isn't what lands in your account. A 364-day bill at the 7 October 2026 stop rate of 15.85% effectively pays you about 14.27% after the 10% withholding tax comes off. For most individual investors this deduction is a final tax, you don't need to declare it again, but check with your bank, since Nigeria's wider 2026 tax changes also touch how interest income is treated for businesses.

Is buying Treasury bills in Nigeria worth it right now?

Right now, it's close. The 364-day bill's 15.85% rate comes to about 14.27% after the 10% withholding tax. That's just under Nigeria's 15.39% inflation rate for August 2026, the latest figure from the National Bureau of Statistics. So a new 364-day bill bought today roughly keeps pace with prices, rather than comfortably beating them as it did in July, when the rate peaked at 17.70%.

That doesn't make Treasury bills a bad idea. It changes what they're for. Nobody buys a government security expecting it to beat inflation by a mile. You buy it because you know what you'll get back, and when, with no market risk. If you've worked out your take-home pay (our Nigeria PAYE calculator helps) and have cash you won't need before maturity, a Treasury bill is a sensible place for it. It also suits freelancers who've just withdrawn naira from Payoneer and don't need all of it straight away. Just don't make it your whole investment plan while rates keep falling.

Mistakes to avoid when buying T-bills

• Don't aim for the wrong minimum. The ₦50,001,000 figure you'll see quoted is the CBN's direct auction minimum, not what you personally need. Going in expecting to need tens of millions of naira (or being told by someone that ₦50,001 is enough) both waste your time.
• Rollover risk is real right now. Rates have fallen for four straight auctions, from 16.84% in early September to 15.85% by 7 October 2026. If you keep rolling over short 91-day bills expecting the same rate each time, you may be disappointed; locking into the 364-day tenor fixes today's rate for a full year.
• Selling early isn't free. The secondary market makes Treasury bills liquid, but if you cash out before maturity you get whatever the market is paying that day, not the face value you were promised.
• An app isn't the same as a bill. A "Treasury bill" product in a savings app is usually a shared fund mixing several investments, with its own fact sheet and fees. It won't necessarily pay the CBN auction rate.
• Only buy through a licensed bank, stockbroker or discount house. Treasury bills are sold through CBN-authorised dealers only. Anyone offering you a "better than CBN" rate outside that system is not selling you a real Treasury bill.

Treasury bills suit money you've set aside for a big one-off cost that you won't touch for a few months. Building a house in stages is a common reason Nigerians use them this way. See what it costs to build a 3-bedroom house in Nigeria right now. If you want a shot at higher returns and can stomach more risk, see how to buy shares on the Nigerian Exchange instead.

Frequently asked questions

What is the minimum amount to buy Treasury bills in Nigeria?

Buying directly at the CBN's primary auction needs a minimum subscription of ₦50,001,000. Going through your bank's secondary market desk instead, the route most individuals use, typically needs around ₦100,000, in multiples of ₦10,000 after that, though minimums vary by bank.

What is the current Treasury bill rate in Nigeria?

At the CBN auction on 7 October 2026, the 91-day bill cleared at 15.50%, the 182-day at 15.80% and the 364-day at 15.85%. Rates are set fresh at every auction, so check the latest result with your bank before you commit.

How do I calculate my Treasury bill return?

Use Yield = (Face Value − Purchase Price) ÷ Purchase Price × (365 ÷ Days to Maturity) × 100%. This gives you the true annualised return based on what you paid, which is higher than the simple discount rate your bank first quotes you.

Is interest from Treasury bills taxed in Nigeria?

Yes. A 10% withholding tax applies to interest from Treasury bills and other short-term securities, deducted automatically by your bank or broker. Interest on Federal Government of Nigeria bonds is exempt from this tax, but Treasury bills are not.

Can I buy Treasury bills through an app in Nigeria?

Not usually a specific bill. Apps such as Cowrywise and PiggyVest offer money-market or fixed-term products that include Treasury bills alongside other instruments in a pooled fund, which is different from owning a bill directly. To buy an actual Treasury bill with its own maturity date, go through a bank's treasury desk or a licensed stockbroker. If you'd rather hold a pooled fund than a single bill, see our roundup of the best money market funds in Nigeria for current yields and minimums.

What happens if I need my money before the bill matures?

You can sell on the secondary market through your bank or broker, since Treasury bills are liquid. But you'll get whatever price the market is paying that day, which may be less than the face value you'd have received by holding to maturity.