Nigerian treasury bills are the country's flagship low-risk investment — government-issued, discount-priced and highly liquid. Here is everything you need to know from tenors to taxes.
How They Work
The government (via CBN) issues 91-, 182- and 364-day bills. You buy at a discount and collect face value at maturity; the discount is your interest, effectively paid upfront.
Rates and Drivers
Rates follow CBN policy and market liquidity — higher policy rates generally mean higher T-bill yields, making them attractive when the CBN is tight.
How to Buy
- Through your bank's treasury desk or app.
- Via licensed brokers active in the CBN primary auction.
- Minimums commonly ₦100,000 per bank.
Taxation
Interest on T-bills may be subject to withholding/income tax; confirm current FIRS treatment.
Risks
- Inflation can erode real returns.
- Early exit may forfeit interest.
- Rate changes affect resale values.
FAQ
Are Nigerian T-bills safe?
Very low default risk as sovereign paper, though inflation and rate risks exist.
How do I choose a tenor?
Match tenor to your cash needs; longer bills usually pay more.
Related: T-Bill Rates and Buy via GTBank.