• It’s a discountable instrument (i.e. interest is paid upfront)



• Does not attract withholding tax (10%)

• Banks (Non-Money Market Dealers & Market Makers)



• Financial Institutions



• Pension Fund Administrators



• Corporate Institutions



• Individuals

• Customer sends an application letter to any Oceanic bank branch stating the details of purchase.



• The branch advise Treasury on Customers bid stating the details



• There must be credit or cash cover for the bills to be purchased



• Bids are to be made in multiples of N10,000.00



• The Primary market Treasury Bills auction result/allotment is released on Wednesdays for all tenors after 4.00pm.



• The customer is informed immediately.

Q. What is the minimum volume of Treasury bills that can be purchased at an auction?
A. N10, 000.00 minimum amounts one can purchase at the auction.

Q. Can I resell my bills for liquidity?
A. Yes

Q. What documentation will I have as proof of purchase of bills?
A. Allotment letter from CBN

Q. Is there a limit to the volume of bid I can make par auction?
A. No

Q. Do I need to have an account with Oceanic bank to bid for Treasury bills?
A. No