How to Buy Treasury Bills in Nigeria 2026

Nigerian Treasury Bills are the closest thing to free money in this economy. Okay, not free, but they're government-backed, they pay 18-22% annually as of early 2026, and the minimum investment through the DMO portal is just ₦50,000. If your money is sitting in a regular savings account earning 2-4% while inflation runs at 25%+, you're losing purchasing power every single month.

T-Bills won't make you rich overnight. But they're the foundation of any sensible Nigerian investment strategy because they give you a decent return with almost zero risk. Let's walk through exactly how they work and how to buy them.

What are Treasury Bills, exactly?

A Treasury Bill is a short-term debt instrument issued by the Federal Government of Nigeria through the Central Bank of Nigeria (CBN). You're basically lending money to the government, and they pay you back with interest after a set period.

There are three tenor options:

• 91-day T-Bills: mature in about 3 months. Lowest rate, highest liquidity.
• 182-day T-Bills: mature in about 6 months. Middle ground.
• 364-day T-Bills: mature in about 12 months. Highest rate, longest lock-up.

T-Bills are sold at a discount. You buy them for less than face value and receive the full face value at maturity. The difference is your interest. So if you buy a ₦100,000 T-Bill at a 20% discount rate for 364 days, you pay roughly ₦80,000 upfront and receive ₦100,000 at maturity.

(The actual calculation uses a discount formula, not simple interest, but that's the general idea.)

Current T-Bill rates in 2026

Rates change with every auction, but here's the approximate range as of early 2026:

These rates have been elevated since 2024 when the CBN aggressively tightened monetary policy to fight inflation. They're attractive, but remember they're nominal rates. With inflation above 25%, your real return (purchasing power gain) is still negative or barely positive. Still, it's much better than a savings account.

Three ways to buy Nigerian T-Bills

1. DMO Portal (direct from government)

The Debt Management Office runs the FGN Savings Bond and T-Bill program directly. You register on their portal, link your bank account, and bid at the next auction. Minimum investment: ₦50,000, in multiples of ₦1,000 after that.

This is the purest way to buy. No middleman fees. But the portal can be frustrating (anyone who's used government websites in Nigeria knows the drill), and you need to understand how the auction process works.

2. Through your bank

Most commercial banks in Nigeria offer T-Bill investments to their customers. You tell your relationship manager you want to invest, they handle the auction bidding, and the T-Bill sits in your bank's custody. Minimums vary by bank but are usually ₦100,000 to ₦500,000.

The convenience comes at a cost. Banks often take a small spread on the rate, meaning you get slightly less than the auction rate. But for many people, the ease is worth it.

3. Through fintechs (Cowrywise, PiggyVest, etc.)

This is the easiest entry point. Apps like Cowrywise, PiggyVest, and Bamboo let you invest in T-Bills (or money market funds that hold T-Bills) with as little as ₦1,000. The experience is smooth, mobile-first, and you don't need to understand auctions.

The trade-off is that you're buying through a fund, not directly. Returns are typically a few percentage points lower than direct T-Bill rates because the fund manager takes a fee. But for small amounts, it's the most practical option.

DMO portal: step-by-step registration and bidding

If you want the full rate with no intermediary, here's how to buy directly through the DMO.

Step 1: Create a DMO account

Go to the DMO's FGN Savings Bond portal. You'll need your BVN, a valid email, phone number, and bank account details. The registration process asks for basic KYC information. Expect it to take 10-15 minutes if the site cooperates.

Step 2: Fund your wallet

Once registered, fund your DMO wallet via bank transfer. This is the balance you'll use to bid at auctions.

Step 3: Wait for the next auction

T-Bill auctions happen every two weeks (fortnightly). The DMO publishes an auction calendar showing dates and amounts. Check the calendar to know when the next one is.

Step 4: Place your bid

There are two bid types:

• Competitive bid: you specify the rate you want. If your rate is too high (you're demanding too much return), your bid gets rejected. Best for experienced investors.
• Non-competitive bid: you accept whatever rate the auction settles at. This is what most individual investors should use. Your bid will almost always be accepted.

Step 5: Wait for allotment

Results come out within a few days after the auction. Your T-Bill gets credited to your DMO account, and the discounted amount is debited from your wallet.

Step 6: Collect at maturity

On the maturity date, the full face value is credited to your linked bank account. No action needed from you.

Tax on T-Bill interest

Here's the part nobody wants to hear. T-Bill interest is subject to 10% withholding tax (WHT). This is deducted at source, meaning you receive your interest after the tax has already been taken out. You don't need to file separately for it.

So on a ₦1,000,000 investment at 20% for 364 days:

• Gross interest: approximately ₦200,000
• WHT (10%): ₦20,000
• Net interest: approximately ₦180,000

That's still a net return of about 18%, which beats most alternatives. The withholding tax is final for individuals, meaning you don't owe additional tax on T-Bill income.

T-Bills vs other investments

T-Bills hit a sweet spot: high returns, very low risk, and decent liquidity (you can sell before maturity on the secondary market if you need to). The only real downside is the returns don't beat inflation during high-inflation periods. But nothing risk-free does.

For most Nigerians building an investment habit, T-Bills are a great place to start. Get comfortable with government securities first, then branch out into stocks, mutual funds, or other instruments as your knowledge grows.