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The short answer
Most Nigerian banks and dealers will reinvest a maturing Treasury bill at the next auction if you give them a written rollover instruction; it then goes in at whatever stop rate that auction sets, not your old rate. From the UK, put the instruction in writing, say whether to roll over the principal only or principal plus net discount, and check each confirmation, because rates, withholding tax and custody fees change the result every cycle.
Treasury bills are short. A 91-day bill matures four times a year, and if you live in London and the money sits in Lagos, each maturity is a small admin job: decide, instruct, confirm. A standing rollover instruction removes most of that. It also removes some of your attention, which is why it is worth knowing exactly what you have authorised.
How a rollover works
At maturity the government repays the bill at face value into your custody or bank account. A rollover means the bank or dealer uses that money to bid for a new bill of the same, or another, tenor at the next auction. Stanbic IBTC's FAQ says primary auctions are held every two weeks on Wednesdays unless the CBN advises otherwise; in October 2026 auctions ran on 7 and 14 October. The new bill is priced at the new auction's stop rate.
What to put in the instruction
- The bill or bills it covers, by face value and maturity date.
- Whether to roll the principal only, or principal plus the net discount (after withholding tax).
- The tenor for the new bill: same as before, or a stated tenor.
- Whether to accept the stop rate or to bid at a minimum rate you name; a bid below the stop rate is not filled.
- How long the instruction lasts, and how you will cancel it (email to a named officer, with signature verification).
- Where unfilled amounts or proceeds go if the rollover fails.
Ask for written confirmation of the instruction and a confirmation after every rollover showing face value, price, rate and maturity date. Stanbic IBTC's FAQ describes instructions by email letter to the relationship manager and early termination by signature-verified letter, which gives a sense of the paperwork banks expect.
What to watch
| Issue | Why it matters |
|---|---|
| Falling rates | The 364-day stop rate was 17.70% on 8 July 2026 and 15.85% on 7 October 2026, per Nairametrics; each rollover locks in the rate of the day |
| Withholding tax | The FIRS directive reported in October 2025 applies 10% withholding tax to interest on short-term securities, deducted each cycle |
| Fees per cycle | Stanbic IBTC lists ₦300 per transaction, 0.05% custody on face value and ₦100 primary commission, plus 7.5% VAT; other providers differ |
| Gaps | If a bill matures days before the next auction, the cash may sit idle unless the provider sweeps it |
| Minimums | Your bank's retail minimum still applies to each new bill |
| Your documents | An expired ID or out-of-date KYC can stop instructions; keep them current from the UK |
Worked example
Example only. Tunde in Manchester holds ₦10,000,000 face value of 91-day bills bought for ₦9,620,000. At maturity the discount is ₦380,000; withholding tax at 10% takes ₦38,000, so ₦342,000 is net. If he instructs a rollover of principal plus net discount, about ₦9,962,000 goes to the next auction, less any fees. If the new stop rate is lower, the next bill's discount is smaller, so his income falls even though his capital has grown.
When not to roll over
- You have a known naira bill coming, such as school fees or a building instalment; let that bill mature into cash instead.
- Bill rates have fallen below what you could get elsewhere for the same risk and access. A money market fund invests in similar instruments and lets you withdraw without waiting for maturity, though fund rules differ; see money market fund yields.
- You want a fixed rate for longer. The monthly FGN Savings Bond paid 13.071% for two years and 14.071% for three years in the October 2026 offer, with quarterly coupons, per Nairametrics.
- Your circumstances in the UK have changed, for example a move, a new tax position or a need to bring money home.
Managing it from the UK
Keep one named contact at the bank or dealer and a backup email address on file. Put the maturity dates in your calendar even with a standing instruction, and check each confirmation within a day or two of the auction. If you travel or are unreachable for long periods, ask the provider what happens to a rollover instruction if your ID or KYC lapses while you are away, and whether a power of attorney is accepted.
Rollover or ladder?
An automatic rollover keeps everything in one tenor. A ladder spreads money across 91, 182 and 364-day bills so something matures every few weeks, which suits people who send money home regularly. The trade-offs are covered in a fixed-income ladder for UK investors. For buying the first bill, see buying T-bills at the primary auction, and for today's rates, T-bill rates today.
UK records
Each maturity creates income for UK tax. Keep every confirmation: the face value, price paid, withholding tax deducted and date. You will need them for your Self Assessment; see UK tax on T-bill interest.
Where Pryme fits
If you take some proceeds out rather than rolling everything, a Pryme account can receive naira and hold it until you decide to convert with Swap. The app shows the rate and the fee before you approve.
Questions people ask
Do Nigerian banks roll over T-bills automatically?
Many will on a written instruction. Ask your bank or dealer for its rollover form and confirm the terms in writing.
Will my rollover keep the same interest rate?
No. Each new bill is priced at the stop rate of the auction it enters.
Is withholding tax deducted on each rollover?
The FIRS directive reported in October 2025 applies 10% withholding tax to interest on short-term securities, so expect a deduction at each maturity.
How do I stop a rollover from the UK?
Send a cancellation in the form your provider asks for, in good time before maturity, and get written confirmation.
Sources
- Stanbic IBTC: Treasury Bills FAQs (undated PDF) · accessed Oct 2026
- Nairametrics: CBN targets ₦700 billion in final July 2026 Treasury bills auction (26 Jul 2026) · accessed Oct 2026
- Nairametrics: DMO raises ₦968.47 billion as 364-day stop rate falls to 15.85% (7 Oct 2026) · accessed Oct 2026
- Bizcommunity (Reuters): Nigeria to impose 10% withholding tax on interest on short-term securities (29 Oct 2025) · accessed Oct 2026
- Nairametrics: FGN Savings Bond rates fall as October offer opens (5 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.