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The short answer
At maturity a Nigerian T-bill pays its full face value into your naira account, unless you told the bank to roll it over into a new bill. To move the money abroad, you convert the naira through an authorised dealer, and the documents matter: keep evidence of your original foreign inflow, the purchase confirmation and the maturity advice. Under the CBN's non-resident account framework, naira in the investment account is repatriable on evidence of prior foreign inflows.
What happens on maturity day
Treasury bills are sold at a discount and repaid at face value; FirstBank's page describes them as discount instruments repaid at par, with primary tenors of 91, 182 and 364 days. On the maturity date, the face value is credited to the account you nominated, less any charges and tax the bank deducts. If you gave a standing instruction to roll over, the bank instead buys a new bill with some or all of the proceeds.
Rollover or redemption
| Roll over | Redeem | |
|---|---|---|
| What happens | Proceeds buy a new bill at the next auction or in the secondary market | Face value lands in your naira account |
| Rate | Whatever the new bill yields, not your old rate | No further return unless reinvested |
| When it suits | You will keep money in naira for another term | You need the money, or want to move it abroad |
| Watch for | The bank's instruction deadline and minimums | Idle cash earning nothing while you decide |
Stanbic IBTC's T-bill FAQ says primary auctions are held every two weeks on Wednesdays unless the CBN advises otherwise, with a primary minimum of ₦50,001,000, and secondary trading Monday to Friday, 10am to 4pm. It lists charges of ₦300 per transaction, custody of 0.05% of face value and a ₦100 commission on primary purchases, with VAT at 7.5% on all. Smaller investors usually buy through a bank's pooled offer or a money market fund.
As a guide to the rate you would roll into, Nairametrics reported stop rates at the 7 October 2026 auction of 15.50% for 91 days and 15.85% for 364 days. Check the latest auction results before deciding; rates change every fortnight.
Tax on the discount
Reuters reported in October 2025 that the tax authority directed a 10% withholding tax on interest from short-term securities, giving Treasury bills as an example, where these had previously been exempt; the report did not give an effective date or say whether the tax is final. Ask your bank whether it deducts tax at maturity and for a deduction note. Tax where you live is separate; see withholding tax on Nigerian interest.
Worked example
Example only. You bought a bill for ₦8,500,000 that matures at a face value of ₦10,000,000. The discount, your return, is ₦1,500,000. If 10% withholding tax is applied to it, ₦150,000 is deducted. Ignoring other charges, ₦9,850,000 lands in your account at maturity.
Moving the proceeds abroad
The naira is yours, but getting it out in foreign currency depends on how it came in.
- If you funded the bill with foreign currency sent from abroad into a Non-Resident Nigerian Investment Account, the CBN framework effective January 2025 says naira balances in that account are repatriable on evidence of prior foreign inflows and related investment proceeds, with conversion through authorised dealers at prevailing rates (Mondaq, May 2025).
- Foreign investors who brought money in through the official market commonly rely on a Certificate of Capital Importation. Templars' FAQ (c.2020) says a CCI is not mandatory but that without one an investor cannot access the official FX market to repatriate.
- If the bill was bought with naira you earned or saved in Nigeria, ask your bank which route and documents apply; you may simply hold the naira or use it in Nigeria.
Giving instructions from abroad
Most problems at maturity come from instructions that were never received. Banks normally want rollover or liquidation instructions in writing before a cut-off, and Stanbic IBTC's FAQ describes secondary-market instructions being sent by email letter of instruction to the relationship manager, with the account funded first. From abroad, that means:
- Confirm the email address and format your bank accepts for instructions, and whether it needs a signed scan.
- Send rollover or redemption instructions well before the maturity date, and ask for written acknowledgement.
- Check that the account the proceeds will be paid into is active, in your name, and not restricted for missing BVN or NIN.
- If you will be travelling or unreachable around maturity, leave a standing instruction rather than relying on a last-minute message.
- After maturity, ask for the maturity advice and statement line straight away, while the details are fresh.
Documents to have ready
- Evidence of the original inflow: the SWIFT confirmation and, if issued, the CCI.
- The T-bill purchase confirmation or contract note.
- The maturity advice and the account statement showing the credit.
- Any tax deduction note.
- Your ID and BVN details, and the foreign account you want paid.
For the wider steps of moving savings out, see repatriating naira savings; for the difference between investing as a foreign portfolio investor and as a resident, see the two investment routes. If you are new to T-bills, how to buy Treasury bills in Nigeria covers the basics.
Where Pryme fits
If proceeds come to you in naira, a Pryme Personal Account lets you hold them next to your home currency and convert with Swap when you choose; the app shows the rate and the fee before you approve. See multicurrency accounts.
Questions people ask
What happens when my Nigerian T-bill matures?
The face value is paid into your nominated naira account, less any charges and tax, unless you instructed a rollover.
Can I roll over a T-bill from abroad?
Yes, by giving your bank or broker a written instruction before its deadline. The new bill earns the new rate, not your old one.
Is tax deducted from T-bill proceeds?
Reuters reported in October 2025 a directive for 10% withholding tax on short-term securities such as T-bills. Ask your bank whether it deducts it.
How do I send T-bill proceeds abroad?
Convert through an authorised dealer with evidence of the original foreign inflow, the purchase confirmation and the maturity advice.
Sources
- FirstBank: Treasury bills · accessed Oct 2026
- Stanbic IBTC: Treasury Bills FAQs · accessed Oct 2026
- Nairametrics: DMO raises N968.47 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
- Mondaq: CBN operational framework for Non-Resident Nigerian Ordinary and Investment Accounts (22 May 2025) · accessed Oct 2026
- Templars: Repatriation of funds and capital importation in Nigeria, FAQs (c.2020) · 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.