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The short answer
Ask your Nigerian bank or dealer, in writing and in the form it requires, to roll each T-bill into a new bill at the next auction on maturity, and say whether to reinvest the principal only or principal plus the earned discount. Each rollover buys a new bill at whatever rate that auction sets, after withholding tax on the earned interest, so check the confirmations, and report each maturity's interest on your Canadian return in CAD.
Nigerian Treasury bills mature after 91, 182 or 364 days. If you do nothing, the proceeds usually land in your naira account and sit there. Investors in Canada who want the money to keep working without logging in at every maturity set up standing rollover instructions. These are simple in principle, but the details vary by bank, and a poorly worded instruction can leave money idle or buy a tenor you did not intend.
How auctions and maturities line up
The CBN runs primary auctions on behalf of the Debt Management Office to a published calendar. Nairametrics, reading the CBN's fourth-quarter 2026 programme, reported auctions on Wednesdays with settlement on Thursdays. Rates change from auction to auction: at the 7 October 2026 auction the 364-day stop rate fell to 15.85% from 15.89%, while the 91-day and 182-day rates were unchanged at 15.50% and 15.80%. A rollover therefore buys at the rate on the day, not your old rate.
Banks also sell bills from their own stock on the secondary market, which lets a maturity be reinvested at any time. Stanbic IBTC's T-bill FAQ describes secondary trading Monday to Friday, 10am to 4pm. For the auction mechanics, see Treasury bill rollover at maturity.
What a standing instruction should say
- Which bills it covers, by amount, tenor and maturity date, or "all bills in this account".
- Principal only, or principal plus the earned discount. If principal only, where the discount goes.
- Which tenor to roll into, and whether it should follow the same tenor or change.
- Primary auction or secondary purchase, and what to do if no bill is available.
- How long the instruction lasts, and that it stays in force until you cancel it in writing.
- Where to send confirmations: an email address you check from Canada.
The paperwork banks ask for
UBA's published guide (November 2022) lists, for existing customers, a letter of interest with a debit authority, a signed custodial authority, a signed copy of the bill and a signed investment confirmation, plus a KYC form. Stanbic IBTC's FAQ lists a ₦300 transaction fee plus VAT, a custody fee of 0.05% of face value plus 7.5% VAT, and a ₦100 commission plus VAT on primary purchases; it says early termination needs a signature-verified letter, with an email indemnity, and the investment certificate. Both documents are older and undated in parts; ask your bank for its current terms and minimums.
From abroad, the practical issues are signatures and instructions by email. Many banks will act on email instructions only if you have signed an email indemnity, and they check signatures against their records. Sign it once, while you are setting up, rather than at the moment a bill matures.
Tax at each maturity
- Nigeria. Since late 2025 the tax authority has directed 10% withholding on interest from short-term securities, including T-bills, deducted by the paying institution (Reuters, 29 October 2025; KPMG, 4 December 2025). The rollover amount is after that deduction. Ask for the withholding evidence.
- Canada. Each maturity is a separate event. The discount earned is reported in Canadian dollars at the rate for the day it arises, with a foreign tax credit for the Nigerian tax (CRA line 12100 page, modified 20 January 2026). See how CRA treats the T-bill discount.
- T1135. Bills held outside Canada count at cost towards the $100,000 threshold; a rollover does not reset it.
Things that go wrong
- Proceeds left idle. An instruction that names the wrong maturity date, or expires, leaves money sitting in a current account earning little or nothing.
- Unexpected tenor. If the 364-day bill is what is on offer, a bank may roll a 91-day bill into it unless your instruction says otherwise, locking money away longer than you planned.
- Undersubscribed offers. At the 7 October 2026 auction, bids for the 91-day and 182-day bills were below the amounts offered, while the 364-day was heavily oversubscribed. If your bank bids at a rate the auction does not reach, it may not be allotted; ask what happens then.
- Missed confirmations. If confirmations go to an old Nigerian phone number or email, you will not know the rate or amount you received.
A worked example
Example only: ₦10,000,000 face value of 91-day bills bought at an example discount rate of 15.5%. Price: ₦10,000,000 x (1 - 0.155 x 91 ÷ 365) = ₦9,613,562. Earned discount at maturity: ₦386,438. Withholding at 10%: ₦38,644. If you roll principal plus discount, about ₦9,961,356 is reinvested at the next auction's rate. Each of the four rollovers in a year is reported separately in Canada.
Where Pryme fits
A Pryme Personal Assistant can keep a list of your maturity dates and remind you to check each confirmation; it prepares, and nothing moves without your approval. If you take proceeds out instead of rolling, naira can be held in a Pryme account opened from Canada and converted with Swap, rate and fee shown first. Pryme does not sell Treasury bills.
Questions people ask
Can I set my Nigerian T-bills to roll over automatically?
Most banks accept a standing written instruction to reinvest at maturity. Say whether to roll principal only or principal plus discount, and into which tenor.
Do T-bill rollovers get the same rate?
No. Each rollover buys at the rate of the auction or secondary market on the day. Stop rates change from auction to auction.
Is withholding tax deducted on rolled-over T-bills?
Yes. Since late 2025, 10% withholding applies to interest on short-term securities including T-bills, so the reinvested amount is after that deduction.
Do I report each T-bill maturity on my Canadian return?
Yes. Each maturity's earned discount is reported in Canadian dollars, with a credit for Nigerian tax withheld.
Sources
- Nairametrics: DMO raises N968.47 billion as 364-day stop rate falls to 15.85% (7 Oct 2026) · accessed Oct 2026
- Nairametrics: CBN offers N900 billion at first treasury bills auction of fourth quarter 2026 (6 Oct 2026) · accessed Oct 2026
- Stanbic IBTC: Treasury bills FAQs (undated PDF) · accessed Oct 2026
- UBA 57 Marina: How to invest in treasury bills in Nigeria (Nov 2022) · accessed Oct 2026
- KPMG TaxNewsFlash: Nigeria guidance on withholding tax on interest from short-term securities (4 Dec 2025) · accessed Oct 2026
- CRA: Line 12100, interest and other investment income (modified 20 Jan 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.