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The short answer
Treasury bills are short-term Federal Government debt with a return fixed when you buy: the 364-day bill cleared at 15.85% at the 7 October 2026 auction. Shares have no fixed return and can fall as well as rise, so for money needed within a year treasury bills fit better, while shares suit money you can leave for five years or more.
A beginner choosing between stocks and treasury bills is really choosing between certainty and growth. One tells you on day one what you will get back. The other might do much better or much worse, and nobody can tell you which in advance. Neither is the right answer for everyone; the right answer depends on when you need the money and how you would cope with a loss.
What each one is
- Treasury bill
- A short-term loan to the Federal Government, sold by the Central Bank of Nigeria at regular auctions in 91-day, 182-day and 364-day tenors. You buy at a discount and receive the face value at maturity.
- Share (stock)
- Part-ownership of a company listed on the Nigerian Exchange or a foreign exchange. You gain if the price rises or the company pays dividends, and you lose if the price falls.
For the mechanics of buying bills through a bank or broker, see how to buy treasury bills in Nigeria. For shares, our comparison of stock trading apps in Nigeria covers the main routes.
Risk, return and time horizon compared
| Treasury bills | Shares | |
|---|---|---|
| Return known in advance? | Yes, set at purchase | No |
| Can you lose money in naira? | Only if the government fails to pay, which would be extraordinary | Yes, prices can fall well below what you paid |
| Typical holding period | 91 to 364 days | Five years or more is usually suggested for shares |
| Income | The discount, received at maturity | Dividends, if declared, with 10% withholding tax |
| Getting out early | Possible by selling on the secondary market, at the going price | Sell on the exchange any trading day, at the going price |
| Minimum | Set by the bank or broker you use | Price of one share plus fees, or a fractional amount on some apps |
What the numbers looked like recently
At the 7 October 2026 auction, stop rates were 15.50% for 91-day bills, 15.80% for 182-day and 15.85% for 364-day. Headline inflation for September 2026 was 14.63% year on year, according to NBS figures reported on 16 October 2026. So a one-year bill bought that week offered a small margin above inflation. Rates move at every auction; check the latest CBN auction result before you buy.
Shares behave very differently. SEC net asset value data for April 2026 showed equity funds with an average year-to-date return of 46.35%. That is a strong period, not a promise. The same market has had years when prices fell, and a single company can fall far further than an index.
Two labelled examples
Example A: ₦500,000 in a one-year bill
Example only, using a simple annual return of 15.85% to illustrate. ₦500,000 x 15.85% = ₦79,250, so you would expect about ₦579,250 at maturity before any charges. Bills are quoted on a discount basis, so the exact naira figure from your bank will differ slightly; the bank shows it before you commit.
Example B: ₦500,000 in shares
Example only. If the shares rise 30% in a year, you hold ₦650,000. If they fall 20%, you hold ₦400,000, and you would need a 25% rise just to get back to ₦500,000. Add trading fees on the way in and out. Dividends could add a little, after 10% withholding tax.
Mistakes beginners commonly make
- Chasing last year's winner. A share or fund that rose sharply last year is not more likely to do so again. High past returns often come with high swings.
- Comparing headline rates without inflation. A return only builds wealth to the extent it beats rising prices. Our guide to real returns in Nigeria shows how to make that adjustment.
- Putting rent or school fees into shares. Money with a fixed date attached belongs in something with a fixed maturity, such as a bill that matures before the date.
- Buying on a tip. A message promising a share will double is a warning sign, not research. Check the company's published results instead.
- Ignoring fees. Commission charged on both buying and selling can absorb much of a small gain, especially on small trades.
A sensible way for a beginner to split it
- Build an emergency fund first, in something you can reach quickly. See where to keep your emergency fund.
- Put money you need within one to three years in treasury bills or a money market fund.
- Put only money you can leave for five years or more into shares, ideally spread across several companies or through a fund.
- Add to shares gradually, for example monthly, rather than all at once.
- Review once a year, not every day.
Where Pryme fits
Pryme does not sell treasury bills or shares. For short-term naira goals, Pryme Savings Boxes (Flexible, Fixed, Investment and Interest-free) show their rates in the app before you choose. The Investment Box funds Solid Allianze MFB's lending, so its return depends on that lending, which is a different risk from a government bill.
Questions people ask
Which is better for beginners, stocks or treasury bills?
Treasury bills suit money needed within a year because the return is fixed at purchase. Shares suit money you can leave for five years or more and can afford to see fall in value.
What is the current treasury bill rate in Nigeria?
At the 7 October 2026 auction the 364-day stop rate was 15.85%, the 182-day 15.80% and the 91-day 15.50%. Check the latest CBN auction result for today's figure.
Can I lose money in treasury bills?
In naira, only if the Federal Government failed to pay, which would be extraordinary. You can receive less than expected if you sell early on the secondary market at a lower price.
How much do I need to start buying shares in Nigeria?
The price of one share plus fees, or less on apps that offer fractional shares. Minimums for treasury bills depend on the bank or broker.
Sources
- Nairametrics: DMO raises N968.47 billion as 364-day stop rate falls to 15.85% (7 Oct 2026) · accessed Oct 2026
- Voice of Nigeria: Nigeria's headline inflation drops to 14.63 per cent (16 Oct 2026) · accessed Oct 2026
- Nairametrics: Mutual funds hit N8.77 trillion as equity funds lead returns in April 2026 (15 May 2026) · accessed Oct 2026
- Learn With Bamboo: Tax on Nigerian stocks, what NGX investors need to know (26 Jun 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.