Treasury Bills are government regulated debt instruments (assets that require a fixed payment to the holder, usually with interest) issued by the Central Bank of Nigeria on behalf of the government to raise funds for their expenditure. Treasury bills are also used by the CBN to control money supply in the economy.
In Nigeria, the bills are sold once in 2 weeks, on Wednesdays through an auction undertaken by the CBN where buyers are requested to quote their bids after which the average minimum bid is selected. The buying dates are announced via CBN’s website and national dailies. Treasury Bills can be bought through any government approved dealer. Treasury bills are one of the safest investments available but their returns are low compared to some.