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The short answer
You cannot bid at the CBN primary auction with small sums (the published minimum is ₦50,001,000), so a monthly plan from a UK salary usually goes through a bank, dealer or app that buys bills or pools orders. Convert a fixed amount each month, buy a 91-day bill, and after three months one bill matures every month. Withholding tax now applies to the discount, and UK residents normally report the income on their UK return.
Nigerian Treasury bills are short-term government debt sold at a discount: you pay less than face value and receive face value at maturity. Rates in 2026 have been far higher than UK savings rates, which is why the idea of a monthly habit appeals. This guide builds a realistic monthly plan for someone paid in pounds, including the steps that the "high rate" posts usually skip: minimums, conversion, tax and currency.
How retail investors get access
The CBN runs auctions on behalf of the DMO. Stanbic IBTC's Treasury bill FAQs give the primary market minimum as ₦50,001,000 and describe auctions on Wednesdays unless the CBN advises otherwise. Smaller investors therefore buy:
- through a bank that pools customer orders for the auction, or sells bills it holds on the secondary market;
- through a dealer or app: Parthian Partners' page says its i-invest app offers T-bills "from N10,000";
- indirectly, through a money market fund that holds bills.
Dealers and banks charge fees. Stanbic's undated FAQ, for example, lists a transaction fee and a custody fee as a percentage of face value. Ask for every charge in writing.
Rates as at October 2026
At the 7 October 2026 auction, Nairametrics reported stop rates of 15.50 per cent for 91-day bills, 15.80 per cent for 182-day bills and 15.85 per cent for 364-day bills. Rates move at each auction, and the secondary-market rate you get through a bank or app may be lower. For how auctions work, see the Nigeria library's guide to Treasury bill auctions.
The worked plan
Example only. All figures are illustrations, not quotes.
- Each payday you convert a fixed sum of pounds to naira. Say it gives you ₦500,000 after the conversion fee.
- You buy a 91-day bill with that ₦500,000 through your dealer.
- You do this in months one, two and three. From month four, the month-one bill matures, and you can roll it into a new 91-day bill together with that month's fresh ₦500,000.
- After the first quarter you have a ladder: one bill maturing every month, so some money is always weeks away from cash.
What one bill returns
Example only: you pay ₦481,000 for a bill with a face value of ₦500,000 maturing in 91 days. The discount is ₦19,000. If 10 per cent withholding tax is deducted on that discount, you receive ₦1,900 less, so ₦17,100 net. That is about 3.6 per cent on ₦481,000 for the quarter, before dealer fees. Your dealer's contract note shows the actual price, discount and tax.
Tax in both countries
Mondaq's November 2025 review of the tax authority's directive says financial institutions must deduct 10 per cent withholding tax on interest from short-term securities, including Treasury bills, and remit it by the 21st of the following month. Do not assume bills are tax-free in Nigeria any more.
In the UK, GOV.UK says UK residents normally pay tax on foreign income, including foreign interest, through Self Assessment. Your personal savings allowance (£1,000 for basic rate, £500 for higher rate, £0 for additional rate taxpayers) may cover small amounts. Keep the Nigerian tax deducted on each contract note; it may be creditable against UK tax.
The currency question
The naira return only helps you in pounds if the naira does not fall faster than your yield. Example only: if bills earn about 15 per cent over a year but the naira loses 15 per cent against the pound in that year, your pounds return is roughly nil before tax. If you will spend the money in Nigeria, such as building, school fees or a retirement fund there, this matters less. If you will bring it back, it matters a lot.
Steps to set up
- Choose a bank, dealer or app; check it is SEC-licensed or a CBN-licensed bank.
- Complete KYC: BVN, ID and address. Many will accept a UK address; ask first.
- Decide the monthly naira amount, the tenor and whether maturities roll automatically.
- Keep each contract note for your UK tax return.
Common mistakes
- Comparing the stop rate with a UK savings rate without adjusting for currency and tax.
- Leaving maturities idle in a current account between bills.
- Losing contract notes, which you need for both tax returns.
- Paying a person rather than the licensed dealer's own account.
Where Pryme fits
A Pryme account opened from the UK holds pounds and naira with local details for each, so you can convert a fixed amount each payday with Swap (rate and fee shown before you approve) and send naira to your dealer. Your Personal Assistant can set a monthly reminder; nothing moves without your approval. Pryme does not sell Treasury bills. See also UK tax on Treasury bill interest.
Questions people ask
What is the minimum to buy Nigerian Treasury bills from the UK?
The primary auction minimum is ₦50,001,000, but banks, dealers and apps sell smaller amounts; one dealer app advertises bills from ₦10,000.
Are Nigerian T-bills tax-free?
No longer. A 2025 directive requires 10 per cent withholding tax on interest from short-term securities, including T-bills.
Do I declare Nigerian T-bill income to HMRC?
If you are UK resident, normally yes, as foreign interest on Self Assessment, with credit for Nigerian tax deducted.
What were T-bill rates in October 2026?
At the 7 October 2026 auction, stop rates were 15.50% (91-day), 15.80% (182-day) and 15.85% (364-day). Check the latest auction result before buying.
Sources
- Nairametrics: DMO raises N968.47 billion as 364-day stop rate falls to 15.85% (7 Oct 2026) · accessed Oct 2026
- Stanbic IBTC: Treasury Bills FAQs (PDF, undated) · accessed Oct 2026
- Parthian Partners: Treasury bills (modified 24 Jun 2026) · accessed Oct 2026
- Mondaq (Advocaat Law Practice): FIRS imposes 10% withholding tax on interest on short-term securities (14 Nov 2025) · accessed Oct 2026
- GOV.UK: Tax on savings interest, how much is tax free (updated 30 Sep 2026) · accessed Oct 2026
- GOV.UK: Tax on foreign income (updated 1 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.