AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
If your Nigerian bank’s app offers Treasury bills, you can usually place the order from Canada as long as you can log in and approve transactions, and the naira to pay is already in that bank account. The order is funded from your naira balance; the bill is bought at a discount and pays its full face value at maturity. Check the app for the bank’s own minimum and charges before you commit.
Nigerian Treasury bills (NTBs) are short-term government debt sold at a discount by the Central Bank on behalf of the Federal Government. Many Nigerian banks let account holders buy them, some through their mobile app. If you live in Canada and still have a Nigerian account, the steps are the same as at home, but access and funding need more planning.
What you are buying
FirstBank’s Treasury bills page describes primary-market tenors of 91, 182 and 364 days and secondary-market bills of 7 to 363 days. The bill is bought at a discount and repaid at par. Banks publish their own minimums: FirstBank and Stanbic IBTC both list ₦50,001,000 for primary-market purchases directly with the bank, while Stanbic IBTC’s FAQ gives a lower figure for secondary-market bills, though that document states it inconsistently. App offers may differ from these pages, so read the minimum shown in the app on the day.
For how auctions and stop rates work, see our Nigeria library guide to Treasury bill auctions.
Example (illustrative)
You pay ₦850,000 for a bill with a face value of ₦1,000,000. At maturity the bank credits ₦1,000,000; your return is the ₦150,000 difference. If 10% withholding tax applies to that interest, ₦15,000 is withheld and you receive ₦985,000.
Placing the order from Canada
- Make sure you can log in. Many Nigerian apps send one-time codes to a Nigerian phone number. If you cannot receive them in Canada, sort this first; see getting Nigerian bank OTPs in Canada.
- Fund the account in naira. The order is paid from your naira balance. Move the money in before the order cut-off, not on the day.
- Find the investment menu. Look for Treasury bills, fixed income or investments. Choose primary (next auction) or secondary (an existing bill), the tenor and the amount.
- Read the terms on screen. Note the rate or discount, the charges, whether the bill rolls over at maturity and what happens if you need the money early.
- Approve and save the confirmation. Keep the investment certificate or confirmation, which you need for early termination and for your records.
Stanbic IBTC’s FAQ, for example, lists a transaction charge, a custody fee as a percentage of face value and a commission on primary purchases, each plus VAT, and requires a signature-verified letter for early termination. Other banks will differ; the app or relationship officer is the place to check.
The funding route
You have two broad options. You can keep naira earned or saved in Nigeria in the account and use it directly, or convert Canadian dollars to naira and send them to the account. If you convert, the cost is the transfer fee plus the gap between the rate you get and the mid-market rate, and it should be counted against the yield. A 364-day bill at a good rate can be undone by a poor conversion.
What to check first
- Whether your account is fully up to date for KYC (BVN and NIN linked, current address) so an investment is not blocked.
- The minimum amount, charges and any VAT shown in the app on the day, not last year’s figure.
- Whether the bill rolls over automatically at maturity, and how to stop that from Canada if you want the cash.
- How early termination works and what it costs, in case you need the money before maturity.
- That the confirmation or certificate is emailed to an address you can reach from Canada.
If the app does not offer Treasury bills, the bank may still take an instruction through your relationship officer by email, or you can buy through a stockbroker or a fund that holds bills. Each route has its own minimum and charges; compare the net return after all of them rather than the headline rate.
Tax on both sides
A Mondaq article (14 November 2025) reported a directive requiring financial institutions to deduct 10% withholding tax on interest from short-term securities, including Treasury bills, ending an earlier exemption. Check your maturity statement to see what was deducted.
In Canada, the discount you earn is income for a Canadian resident, converted to Canadian dollars. Bills held directly also count at cost towards the T1135 foreign reporting test. See Nigerian T-bill interest and the CRA and rolling over a bill from Canada.
Where Pryme fits
A Pryme account opened from Canada gives you naira account details, so you can convert with Swap (rate and fee shown before you approve) and then send naira to the Nigerian bank where you hold your T-bills.
Questions people ask
Can I buy Nigerian T-bills while living in Canada?
If your Nigerian bank’s app offers them and you can log in and approve payments from abroad, you can usually place the order. The bank sets its own minimum and charges.
What is the minimum for T-bills at Nigerian banks?
FirstBank and Stanbic IBTC list ₦50,001,000 for primary purchases direct with the bank. App offers may differ; check the minimum in the app.
Is tax deducted on Nigerian T-bills?
A November 2025 report described a directive for 10% withholding tax on interest from short-term securities, including T-bills. Your maturity statement will show any deduction.
Do I report T-bill income in Canada?
Yes. For a Canadian resident the discount earned is income, reported in Canadian dollars.
Sources
- FirstBank: Treasury Bills (undated) · accessed Oct 2026
- Stanbic IBTC: Treasury Bills FAQs (undated PDF) · accessed Oct 2026
- Mondaq (Advocaat Law Practice): FIRS imposes 10% withholding tax on interest on short-term securities (14 Nov 2025) · accessed Oct 2026
- CRA: Questions and answers about Form T1135 (modified 19 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.