How to Buy Treasury Bills in Nigeria (2026)

Treasury Bills (T-bills) are one of the safest ways to earn a return on your naira — you're lending to the Federal Government for a few months, and getting paid for it. Here's how they work and exactly how to buy them.

Safe, but not a savings account. T-bills are backed by the Federal Government, so the credit risk is very low. But your money is locked until maturity, and if you sell early on the secondary market you could get less than you put in. Use money you won't need for the tenor.

What a Treasury Bill actually is

A short-term IOU from the government, issued by the Central Bank of Nigeria (CBN). Key features:

• Tenors of 91, 182 or 364 days — you pick how long.
• Sold at a discount — you pay less than the face value and get the full face value at maturity. The difference is your interest, and you effectively earn it up front.
• Auctioned every two weeks by the CBN, with the stop rate (yield) set at each auction.

Recent 2026 auction yields have sat in the mid-teens — attractive versus many savings accounts — but rates move at every auction, so always check the latest.

How much you need

• Primary auction (direct): the minimum bid is very large (over ₦50 million) — this route is really for institutions.
• Through your bank or a broker (the retail route): most banks and investment platforms let you buy from around ₦100,000, in multiples of ₦10,000 (some set higher minimums). This is how ordinary investors buy T-bills.

How to buy — step by step

1. Use your bank's treasury desk or an investment platform/broker — tell them you want to buy Treasury Bills.
2. Choose your amount and tenor (91, 182 or 364 days).
3. Submit your bid before the auction cut-off (for the primary auction via your bank), or buy instantly on the secondary market at the prevailing rate.
4. Get your discount up front — the interest is credited when you buy; your capital is repaid in full at maturity.
5. Roll over or cash out at maturity — most banks let you auto-roll.

Where T-bills fit

• Better than idle cash for money you won't touch for a few months — part of a smart emergency fund ladder or short-term savings.
• Compare with FGN Savings Bonds (lower entry, longer term) and mutual funds (some money-market funds hold T-bills for you from a tiny amount).
• Part of a plan — size it with how to invest ₦100k, and compare platforms on our savings & investment page.

Frequently asked questions

How much do I need to buy Treasury Bills in Nigeria? The primary CBN auction has a very high minimum (over ₦50 million), so most people buy through a bank or broker from around ₦100,000, in multiples of ₦10,000.

Are Treasury Bills safe? They carry very low credit risk because they're backed by the Federal Government. The main risks are locking your money until maturity and getting less if you sell early on the secondary market.

How is T-bill interest paid? Up front — you buy at a discount to face value and receive the full face value at maturity, so you effectively earn the interest at purchase.

Educational information, not financial advice. Yields change at every auction and capital can be lost if you sell before maturity — confirm current rates and minimums with your bank or broker.