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The short answer
To roll over Nigerian treasury bills from the UAE, send your bank or dealer a written instruction before the maturity date stating whether to reinvest the principal only or principal and earnings, the new tenor (91, 182 or 364 days) and the account for any balance. Banks such as Stanbic IBTC accept email instructions to a relationship manager backed by a signed indemnity, and withholding tax now applies to T-bill interest.
Treasury bills are short. A 91-day bill matures four times a year, so anyone holding them from Dubai or Abu Dhabi faces the same question again and again: what happens to the money on maturity day? The answer depends on what you told your bank or dealer, so it pays to set clear rules once.
How a T-bill matures
Nigerian T-bills are sold at a discount in 91, 182 and 364-day tenors and repaid at face value, as FirstBank's treasury bills page describes. UBA's guide notes there is no monthly interest; your return is the gap between price paid and face value. On maturity the face value is credited to your account, and nothing more happens unless you have given an instruction. The primary auctions run every two weeks, according to UBA and Stanbic IBTC, so a maturing bill may not line up exactly with the next auction.
What a rollover instruction should say
- Which holding. Quote the investment reference and maturity date.
- How much to reinvest. Principal only, or principal plus the discount earned. The second compounds; the first pays your earnings out.
- Tenor. 91, 182 or 364 days. Longer tenors usually mean fewer instructions from abroad.
- Price. Primary auction or secondary market. If the maturity falls between auctions, say whether the bank may buy in the secondary market rather than leave cash idle.
- Standing or one-off. Ask whether the bank will keep rolling over on the same terms until you tell it to stop.
- Where any balance goes. Name the account for earnings you are not reinvesting.
Stanbic IBTC's T-bills FAQ says secondary-market purchases are made by an emailed letter of instruction to your relationship manager stating the amount and tenor, with a custodial agreement form, and that instructions by email need an indemnity. UBA asks existing customers for a letter of interest with a debit authority and signed custodial authority. Expect your bank to want a signed letter or a form, and an indemnity if it will act on email from abroad. Set this up before you need it.
Minimums and who to buy through
Direct bids at the primary auction carry high minimums at some banks: Stanbic IBTC and FirstBank state ₦50,001,000. Others take smaller orders, for example UBA's 2022 guide gives ₦50,000. Investment apps offer smaller amounts again, but read how they hold the bills. If you are starting from scratch, see the documents a UAE resident needs for T-bills; our Nigeria library explains the purchase itself in how to buy treasury bills in Nigeria.
A worked example
Example only. ₦10,000,000 face value of a 364-day bill at a discount rate of 15%:
- Price paid
- ₦10,000,000 × (1 − 0.15 × 364 ÷ 365) = about ₦8,504,110
- Discount earned at maturity
- about ₦1,495,890
- If 10% withholding is taken on that discount
- about ₦149,589, leaving about ₦1,346,301
- Roll over principal and earnings
- About ₦9,850,411 available to reinvest
As at October 2026, Nairametrics reported the 364-day stop rate falling to 15.85% at the 7 October auction; rates change at every auction, so check the latest result before instructing. Our Nigeria library explains how to read stop rates.
Tax: the change since 2025
Do not assume T-bills are tax-free. Mondaq (14 November 2025) and KPMG (4 December 2025) report that the tax authority directed financial institutions to deduct withholding tax, at 10% per Mondaq, on interest from short-term securities including treasury bills, while FGN bond interest stays exempt. How your bank applies it to the discount varies, so ask for a statement showing the deduction. The UAE does not tax individuals' income; see UAE residents and Nigerian investment income. This is information, not tax advice.
Mistakes that cost holders abroad
- Sending the instruction on maturity day, after the bank has already credited cash.
- Assuming a standing rollover exists when the bank only acted once.
- Leaving the earnings account as an old Nigerian account you no longer check.
- Not updating a phone number or email the bank uses to confirm instructions, so an instruction from abroad is held for call-back.
Ending a rollover early
If you need the money before maturity, the bill is sold in the secondary market. Stanbic IBTC asks for a signature-verified letter and the investment certificate. The price you get depends on rates that day, and the sale may return less than holding to maturity.
Where Pryme fits
Maturity proceeds you do not reinvest can be paid into a Pryme Personal Account and kept in naira or converted when you choose (multicurrency). Your Personal Assistant can remind you before each maturity date so you instruct the bank in time (assistant); nothing moves without your approval.
Questions people ask
How do I roll over treasury bills from Dubai?
Send your bank or dealer a written instruction before maturity giving the holding, amount to reinvest, tenor and account for any balance. Many banks want a signed letter and an indemnity for email instructions.
What happens if I do not give a rollover instruction?
The face value is normally credited to your account at maturity. Ask your bank to confirm its default.
Are Nigerian treasury bills tax-free?
No longer, per reports of the 2025 tax notice: withholding tax now applies to interest on short-term securities including T-bills. FGN bond interest remains exempt.
Can I sell my T-bills before maturity from abroad?
Yes, through the bank in the secondary market. Stanbic IBTC asks for a signature-verified letter and the investment certificate.
Sources
- Stanbic IBTC: Treasury Bills FAQs · accessed Oct 2026
- UBA 57 Marina: How to invest in treasury bills in Nigeria · accessed Oct 2026
- Nairametrics: DMO raises N968.47 billion as 364-day stop rate falls to 15.85% (7 Oct 2026) · accessed Oct 2026
- Mondaq: 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
- FirstBank: Treasury bills · 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.