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The short answer
From Spain you buy Nigerian Treasury Bills (NTBs) through a Nigerian bank, stockbroker or investment platform, using a Nigerian naira account in your name with a BVN. At the 14 October 2026 auction, Nairametrics reported stop rates of 15.50% (91-day), 15.80% (182-day) and 15.90% (364-day). If you are Spanish tax resident, the return is taxable in Spain.
Nigerian Treasury Bills pay naira returns well above euro savings rates, which draws Nigerians in Spain to them. The return is in naira, the risk is the naira, and the process runs through Nigerian institutions. This guide covers how to buy from Spain and what to weigh.
What a treasury bill is
NTBs are short-term Federal Government securities with tenors of 91, 182 and 364 days, sold at a discount and repaid at face value on maturity. The difference is your return. They are offered at regular primary auctions; banks and brokers buy at auction for clients and also sell bills in the secondary market. Our Nigeria-side guide to how treasury bill auctions work explains bids and stop rates.
Recent rates
Nairametrics reported on 16 October 2026 that at the 14 October auction the DMO offered ₦450bn and allotted ₦269.06bn, with stop rates of 15.50% for 91 days, 15.80% for 182 days and 15.90% for 364 days, the one-year rate up from 15.85% the week before. Rates change at every auction; your bank or broker shows the current rate before you commit.
What you need from Spain
- A Nigerian naira account in your name. The bills are bought and repaid in naira. If you no longer have one, a diaspora or Non-Resident Nigerian account is the starting point.
- A BVN. Nigerian banks and brokers require one. If you never had one or need the non-resident version, see BVN enrolment from Spain.
- A bank, broker or platform that accepts customers abroad. Ask before you apply; onboarding rules for non-residents differ.
- Naira to invest. Either naira you already hold, or foreign currency you bring in and convert.
Which account if the money comes from Spain
The CBN’s NRNOA and NRNIA framework, effective 1 January 2025 and summarised by Mondaq, created the Non-Resident Nigerian Investment Account for investing in Nigerian markets. Naira balances in an NRNIA are repatriable on evidence of prior foreign inflows and the related investment proceeds. If you plan to bring euros in, buy bills and later take the proceeds back out, ask your bank to route it through an NRNIA so the record exists from the start.
Ways to buy
| Route | What to check |
|---|---|
| Your Nigerian bank | Minimum amount, whether it bids at primary auction or sells from its own holding, and the fee |
| A stockbroker or fund manager | Custody arrangements, account-opening documents for customers abroad, fees |
| An investment app | Whose name the bills are held in, the custodian, the minimum and whether you can sell early |
Read the platform’s own terms. Bamboo’s help article on its treasury bills (June 2026), for example, explains that bills are sold at a discount but does not say whose name they are held in, the minimum, tenors or fees.
A worked example
Example only. Suppose a 364-day bill with a face value of ₦1,000,000 is priced on a 15% discount rate. The price is ₦1,000,000 × (1 − 0.15 × 364 ÷ 365) = ₦850,411 (rounded). At maturity you receive ₦1,000,000, a return of ₦149,589, about 17.6% on what you paid. Then convert that to euros: if the naira fell 10% against the euro over the year, your euro return would be roughly 17.6% minus about 10%, and more precisely 1.176 × 0.90 − 1 = 5.8%. A naira return is only part of the picture.
Tax
If you are tax resident in Spain, Ley 35/2006 taxes your income wherever it arises, so the T-bill return goes on your Spanish return in the year it is due under Spanish rules. Nigerian accounts and securities may also need to go on the Agencia Tributaria’s Modelo 720 information return on assets abroad, depending on their value. We could not confirm the current Nigerian withholding treatment of T-bill returns for non-residents; ask your bank or broker what, if anything, it deducts. See Spanish tax on Nigerian treasury bill interest. This is information, not tax advice.
Risks to weigh
- Currency. The return is in naira; a fall in the naira against the euro can wipe out much of it, as the example shows.
- Rollover. When a bill matures, the next auction may pay less; rates moved week to week in October 2026.
- Access. Selling before maturity depends on your bank or platform finding a buyer, at the market price on that day.
- Platform risk. With an app, know whose name the bills are held in and who the custodian is.
Where Pryme fits
Pryme does not sell treasury bills. A Pryme account can hold the naira for purchases and receive the proceeds, alongside EUR, with naira held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit; Swap converts with the rate shown first. See the multicurrency account.
Questions people ask
Can I buy Nigerian treasury bills while living in Spain?
Yes, through a Nigerian bank, broker or platform that accepts customers abroad, using a naira account in your name and a BVN.
What are Nigerian treasury bill rates now?
At the 14 October 2026 auction Nairametrics reported 15.50% (91-day), 15.80% (182-day) and 15.90% (364-day). Rates change at each auction.
Do I pay Spanish tax on Nigerian T-bill returns?
If you are Spanish tax resident, yes: Spain taxes residents on worldwide income. Accounts abroad may also need reporting on Modelo 720.
Can I take T-bill proceeds back to Spain?
Proceeds are in naira. Investing through an NRNIA, which records the original foreign inflow, is designed to support taking the proceeds back out.
Sources
- Nairametrics: DMO rejects 74% of NTB bids, raises one-year rate to 15.90% (16 Oct 2026) · accessed Oct 2026
- Mondaq: CBN operational framework for NRNOA and NRNIA accounts (22 May 2025) · accessed Oct 2026
- Bamboo Help: how do the Bamboo Treasury Bills work? (18 Jun 2026) · accessed Oct 2026
- BOE: Ley 35/2006 del IRPF (consolidated text, updated 7 Oct 2026) · accessed Oct 2026
- Agencia Tributaria: Modelo 720, declaración informativa sobre bienes y derechos situados en el extranjero (updated 23 Oct 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.