Treasury Bills in Nigeria 2026: How to Buy, Current Rates & Where to Get the Best Yield

Treasury bills are the bedrock of safe investing in Nigeria — yet most Nigerians don't know how to access them. At 22–26% p.a. in 2026 and backed by the Federal Government, they outperform virtually every savings account and are safer than any bank deposit above the NDIC insurance limit. This guide shows you exactly how to buy them.

Why T-bills are compelling in 2026

Backed by the Federal Government of Nigeria — the lowest possible credit risk in naira
Rates of 22–26% p.a. — higher than most savings accounts and fixed deposits
91-day, 182-day, and 364-day options for flexible duration
10% WHT applies, but still yields 19–23% net — well above inflation in some months
Liquid — can be sold in the secondary market before maturity if needed

Current Treasury Bill Rates — May 2026

Tenor	Approximate Stop Rate (p.a.)	Net of 10% WHT	Auction Frequency	Face Value
91-day (3 months)	22–23%	19.8–20.7%	Bi-weekly	₦1,000
182-day (6 months)	23–24%	20.7–21.6%	Bi-weekly	₦1,000
364-day (1 year)	24–26%	21.6–23.4%	Bi-weekly	₦1,000

How to Buy Treasury Bills in Nigeria — 4 Ways

Method	Who It's For	Minimum Amount	How to Access
CBN Primary Auction (direct)	Institutional/HNI investors	₦50,000,000	Via licensed primary dealers (top banks)
Bank secondary market desk	Retail investors	₦100,000–₦500,000	Visit your bank's investment/treasury desk
Stockbroker secondary market	Retail investors	₦50,000	Meristem, Stanbic IBTC, CardinalStone etc.
Money market funds (indirect)	Anyone — any amount	₦100	Cowrywise, ARM app, Meristem app

The Mechanics: How a Treasury Bill Investment Works

T-bills are sold at a discount. If a 91-day bill has a face value of ₦1,000,000 and the stop rate is 22% p.a., you pay approximately ₦946,575 today and receive ₦1,000,000 in 91 days. Before you receive the money, 10% WHT is deducted from the interest (₦53,425), so you actually receive ₦994,809 — a net yield of 20% p.a. for 91 days. Your bank or broker handles all the mechanics.

T-Bills vs Fixed Deposits vs Money Market Funds

	Treasury Bills	Fixed Deposit	Money Market Fund
Issuer	Federal Government	Licensed commercial bank	SEC-registered fund
Safety	Highest (sovereign)	NDIC up to ₦500K	Low risk, not insured
Rate (May 2026)	22–26% p.a. gross	15–24% p.a.	18–22% p.a.
Minimum investment	₦50K (broker) / ₦100 (MMF)	₦50,000–₦500,000	₦100–₦10,000
Liquidity	T+2 (secondary market)	Locked (penalty to break)	T+1 to T+3
Tax	10% WHT on interest	10% WHT on interest	10% WHT on returns

Compare all government-backed and low-risk investment options in Nigeria.

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Frequently Asked Questions

What are treasury bills in Nigeria?+

CBN treasury bills (T-bills) are short-term debt instruments issued by the Central Bank of Nigeria on behalf of the Federal Government. They are sold at a discount to face value and mature at face value — the difference is your return. They are the safest investment in Nigeria because they are backed by the full faith and credit of the Federal Government of Nigeria. Tenors are 91 days (3 months), 182 days (6 months), and 364 days (1 year).

What is the current treasury bill rate in Nigeria?+

As of May 2026, CBN treasury bill stop rates at primary market auctions are approximately: 91-day bills at 22–23% p.a., 182-day bills at 23–24% p.a., and 364-day bills at 24–26% p.a. These rates fluctuate with each bi-weekly CBN auction and are significantly higher than they were before the 2023 MPR hike cycle.

What is the minimum amount to buy treasury bills in Nigeria?+

Through CBN primary market auctions (via a licensed dealer/bank): minimum bid is ₦50,000,000 (₦50 million) — for institutional and HNI investors only. However, retail investors can access T-bills through banks (min ₦100,000–₦500,000), through stockbrokers' secondary market desks (min ₦50,000), or indirectly via money market funds and platforms like Cowrywise (from ₦100).

Are treasury bills taxable in Nigeria?+

Yes. Interest income from treasury bills is subject to 10% withholding tax (WHT) in Nigeria. This is deducted at source by your dealer/bank before you receive your return. So a 24% p.a. gross yield becomes approximately 21.6% net. Capital gains on T-bill transactions are exempt from CGT.

Can I sell my treasury bills before maturity in Nigeria?+

Yes. T-bills can be traded in the secondary market through your dealer bank or stockbroker. The price you receive will depend on prevailing market rates — if rates have risen since you bought, you may receive less than face value. Most investors simply hold to maturity to collect the full yield.

Disclaimer: CompareMarket NG is an independent comparison service. Information is verified against regulatory databases (NAICOM, CBN, FCCPC, NDIC, NERC, NCC) and updated regularly, but rates and products change frequently. Always verify current terms directly with the provider before making a financial decision. This is not financial advice.