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The short answer
From the US you buy Nigerian Treasury bills through an SEC-registered dealer, broker or bank that bids or buys on your behalf, because individuals cannot bid at the CBN auction directly below about ₦50 million. You open an account with them remotely using your BVN and ID, fund it in naira from a Nigerian account, and they hold the bills in custody; 10% withholding tax now applies to T-bill interest.
Nigerian Treasury bills (NTBs) are short-term naira debts of the Federal Government, issued at a discount for 91, 182 or 364 days. Living in the US does not stop you owning them, but you will almost always buy through an intermediary. This guide explains which kind, what they need from you and how the money moves.
Why you need a dealer, broker or bank
Primary NTB auctions are run by the CBN on behalf of the DMO. Nairametrics' report of the CBN's July 2026 auction notice describes bids submitted through the CBN's S4 web interface between 8am and 11am, in multiples of ₦1,000, with a minimum of ₦50,001,000. Stanbic IBTC's T-bill FAQ quotes the same ₦50,001,000 primary minimum. Smaller investors are pooled by a bank or dealer, or buy bills already issued in the secondary market.
Parthian Partners, which describes itself as licensed and regulated by the SEC and FMDQ, says T-bills can be bought from ₦10,000 through its i-invest app and that some banks start at ₦100,000. Treat those as the firm's own published figures and confirm the current minimum when you sign up.
Types of intermediary
| Route | How it works | What to confirm |
|---|---|---|
| Nigerian bank treasury desk | Bank bids or buys secondary bills for you; you need an account with that bank | Minimum, custody fee, early-sale rules |
| SEC-registered dealer or broker | Buys in primary (pooled) or secondary market and holds bills in custody | SEC registration, FMDQ membership, fee schedule |
| Investment app tied to a dealer | App front end, dealer behind it | Which licensed firm holds your bills |
Opening the account from the US
- Check the firm's SEC registration on the SEC Nigeria website before sending money.
- Have your BVN, NIN, Nigerian or US passport, proof of US address and a Nigerian bank account in your name ready.
- Complete onboarding online or by email. Stanbic's FAQ, for example, asks secondary buyers to email a letter of instruction stating amount and tenor plus a custodial agreement form, and to fund the account before the order.
- Ask for the fee schedule in writing. Stanbic lists a ₦300 transaction fee, custody of 0.05% of face value and ₦100 commission on primary orders, each plus 7.5% VAT; others differ.
- Agree what happens at maturity: paid out, or rolled into new bills.
Funding a T-bill purchase from the US
T-bills are bought in naira, so dollars must become naira before settlement. The usual options are converting through a remittance provider into your Nigerian account, or converting within a multicurrency account you control. Compare the transfer fee and the exchange margin against the mid-market rate, not only the headline fee, and allow for transfer time so cash arrives before the dealer's cut-off. Nigeria's T-bill auctions run on Wednesdays with settlement the next day, according to Nairametrics' reading of the Q4 2026 programme; our guide to T-bill auction dates covers timing.
Worked example (illustrative)
Suppose you buy ₦1,000,000 face value of 364-day bills at a 16% discount rate (example only). Price paid is about ₦1,000,000 × (1 − 0.16 × 364/365) = ₦840,438. At maturity you receive ₦1,000,000, a discount of ₦159,562. If 10% WHT is deducted on that interest, ₦15,956 is withheld and you keep ₦143,606 before fees. Today's rates come from the latest auction results.
Tax in Nigeria and in the US
Questions to ask before you send money
- In whose name are the bills held, and which custodian holds them? Ask for a custody statement after settlement.
- Is my order pooled into a primary bid, or filled from the dealer's own secondary stock? The price differs.
- What happens if my bid is not allotted: is the cash returned, held for the next auction, or placed elsewhere?
- Can I sell before maturity, at what notice, and at what price basis? Stanbic's FAQ, for example, requires a signature-verified instruction letter and the investment certificate for an early sale.
- Which Nigerian account will maturity proceeds go to, and can it be changed by email from the US?
Written answers matter because you cannot walk into a branch to resolve a dispute. Keep every confirmation and contract note.
T-bill interest is no longer tax-free. Mondaq's November 2025 note says the tax authority directed a 10% withholding tax on interest from short-term securities including T-bills, and KPMG confirms deduction at payment date. In the US, the discount is interest income on your return. Your Nigerian dealer account may count towards FBAR (over $10,000 combined foreign accounts at any time) and Form 8938 thresholds; see T-bill income and Form 8938. Information, not tax advice.
Where Pryme fits
A Pryme account opened from the US holds USD and NGN with local details for each. You can keep dollars until the week of purchase, then Swap to naira and send to your dealer's account; the app shows the rate and the fee before you approve. Pryme does not sell T-bills; your dealer does.
Questions people ask
What is the minimum to buy Nigerian T-bills from abroad?
Direct primary bids start at ₦50,001,000. Dealers and banks pool smaller orders or sell secondary bills; Parthian Partners publishes ₦10,000 through i-invest. Check each firm's current minimum.
Can I pay for Nigerian T-bills in dollars?
No. T-bills are naira instruments, so you convert dollars to naira before settlement.
Are Nigerian T-bills tax-free for diaspora investors?
No longer. A 10% withholding tax on short-term securities interest, including T-bills, was directed in 2025. The interest is also reportable on a US return.
How do I check a Nigerian stockbroker is licensed?
Search the SEC Nigeria register of capital market operators and confirm the firm's name exactly before funding.
Sources
- Nairametrics: CBN targets N700 billion in third and final treasury bills auction for July 2026 (26 Jul 2026) · accessed Oct 2026
- Stanbic IBTC: Treasury bills FAQs · accessed Oct 2026
- Parthian Partners: Treasury bills · accessed Oct 2026
- Mondaq (Advocaat Law Practice): FIRS imposes 10% withholding tax on interest on short-term securities (14 Nov 2025) · accessed Oct 2026
- KPMG TaxNewsFlash: Nigeria guidance on withholding tax on interest from short-term securities (4 Dec 2025) · accessed Oct 2026
- IRS: Comparison of Form 8938 and FBAR requirements (reviewed 19 Sep 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.