How Nigerians Can Earn Real Returns from Treasury Bills Amid Inflation

Retail investors in Nigeria cannot bid directly for Treasury bills at the Central Bank; instead, they must go through wealthtech platforms, asset managers, or stockbrokers that pool funds and place orders via licensed primary dealers. The Debt Management Office manages the federal borrowing programme while the CBN conducts the auctions, setting a stop rate based on competing market yields. At the September 9 auction, the 364‑day T‑bill stop rate was 16.62%, down from 17.59% four weeks earlier, reflecting strong demand but lower yields. Investing ₦100,000 at that rate buys about ₦119,900 of face value, delivering a nominal gain of roughly ₦19,900 before fees. With July 2026 headline inflation at 15.43%, the real purchasing‑power gain is only about ₦3,900 (≈1.2% real yield) after adjusting for inflation, and platform fees or spreads can erode this further. The government’s Q3 T‑bill programme aims to raise ₦5.8 trillion, most of it through 364‑day bills, indicating continued reliance on retail and institutional capital. Early liquidity is possible on the secondary market, but prices fluctuate with prevailing yields and remaining tenure. Fees vary: some platforms charge a flat fee, others profit from the spread between the rate they secure and the rate they offer customers. Before investing, compare platform fees, consider holding to maturity to avoid secondary‑market price swings, and weigh the thin real return against other options.

SOURCE: https://techcabal.com/2026/09/14/follow-the-money-nigerian-t-bills/