How to Buy Treasury Bills in Nigeria (2026)

Treasury bills are about the safest place to park naira you will not need for a few months — short-term loans to the Federal Government, backed by the Government itself. Here is how they work, what they have actually been paying, and exactly how to buy them.

The safe end of investing. T-bills are FGN-backed, so the risk of not being repaid is very low — but the return is set at each auction and moves. Confirm the current rate before you commit.

What treasury bills are

You lend the Government money for a fixed, short period and get it back with interest at the end. They come in three tenors:

• 91 days (about three months)
• 182 days (about six months)
• 364 days (about a year)

Interest is typically paid upfront — deducted from what you pay in — so you put in less than the face value and receive the full face value at maturity.

What they have been paying

Rates move at every auction, and 2026 has shown how much. The 364-day stop rate peaked at 18.47% on 7 January 2026, the best risk-free naira return of that quarter. By the 4 February auction it had fallen to 16.99% — a drop of nearly 150 basis points in a month, following the CBN's 50 basis-point cut to a 26.50% MPR.

Two things follow for you:

• Any rate you read is a snapshot. Work from the CBN's own auction result, not an aggregator's "rate today" page.
• Do not roll over on autopilot. If you set up a 364-day ladder at 18.5% and stopped looking, you may now be reinvesting at meaningfully less. Check the rate at each maturity and compare it against a money market fund before you reinvest.

With headline inflation around 15.43% in July 2026, a high-teens T-bill yield was delivering a genuine positive real return — which has not always been true in Nigeria, and is the strongest argument for using them.

How to buy — the practical route

You can buy directly at the primary auction, but the minimum there runs into tens of millions of naira, so almost everyone buys through an intermediary:

1. Pick a channel — your bank (GTBank, Zenith, Access, First Bank and others run T-bill desks or online options), a licensed stockbroker or asset manager, or a SEC-registered investment app.
2. Open a T-bills investment account — you will need valid ID, a passport photograph, your BVN and bank details.
3. Place your bid with the amount, tenor and, sometimes, a bid rate. Minimums through these channels commonly start around ₦100,000. If you are asked to choose between a competitive and non-competitive bid, non-competitive simply accepts the auction's average rate — which is what most individuals want.
4. Wait for the auction. The CBN's Primary Market Auction runs roughly every two weeks, normally on Wednesdays, with results published the same day. Your provider confirms the outcome and credits the discount.
5. At maturity, the face value returns to your account. You can withdraw or roll over into the next auction — deliberately, not by default.

If ₦100,000 is out of reach: FGN Savings Bonds

The genuinely retail alternative is the FGN Savings Bond, issued by the DMO from ₦5,000. It is the same issuer — the Federal Government — with a much lower entry point, paying interest periodically rather than upfront. For someone starting with a small amount, it does the same job as a T-bill without the ₦100,000 gate. See FGN savings bonds explained.

Watch the intermediary's cut

One thing to check that most guides skip: some banks and apps quote you a rate below the auction stop rate and keep the difference. That is not illegal, and convenience has a price — but you should know what you are paying for it.

Ask your provider: what rate did the auction clear at, and what rate am I getting? If the gap is wide, compare another channel. Over a year on a ₦1,000,000 holding, a one-point spread is ₦10,000.

Where T-bills fit

T-bills are the low-risk anchor of a portfolio — ideal for money earmarked for a goal within a year, or the portion of a buffer you genuinely will not touch for months. They are not right for money you might need next week, because your capital is committed for the tenor.

For higher and riskier returns, equity and dollar funds sit alongside them — see how to invest ₦100,000 and compare platforms on our savings and investment page.

Frequently asked questions

What is the minimum to buy treasury bills in Nigeria? Through a bank, broker or investment app, commonly around ₦100,000. The primary auction itself has a far higher minimum. FGN Savings Bonds start at ₦5,000.

What rate do treasury bills pay? It is set at each auction. For scale, the 364-day stop rate was 18.47% in early January 2026 and 16.99% by early February. Always check the latest CBN auction result.

How often are the auctions? Roughly every two weeks, normally on a Wednesday, with results published the same day.

Are treasury bills safe? They carry the lowest credit risk of any naira investment, being FGN-backed. The real risks are committing money you may need early, and inflation eroding a fixed return.

Can I sell before maturity? There is a secondary market, but you take the price available on the day, which may be less than you paid. Treat a T-bill as money locked for its tenor.

T-bills or a money market fund? A T-bill gives a known return for a fixed period; a fund gives access in days at a variable yield with a management fee. Match the choice to when you need the money — see money market funds.

Educational information, not financial advice. Rates change at every auction — confirm the current position with the CBN, your bank or your broker before investing.