Treasury Bill Calculator Nigeria – Calculate Yield & Maturity Value

Nigerian Treasury Bills (NTBs) are short-term sovereign debt instruments issued by the Central Bank of Nigeria (CBN) on behalf of the Federal Government of Nigeria. As government-backed obligations, they represent one of the lowest-risk naira-denominated instruments available to retail and institutional investors, and are commonly used as the fixed-income anchor of a diversified portfolio.

This calculator translates a Treasury Bill’s face value, tenor, and discount (stop) rate into the figures that matter to an investor: what you pay today, what you earn, and what you receive at maturity.

The Variables This Calculator Measures

• Face Value — the sum you are contracted to receive at maturity.
• Stop Rate (Discount Rate) — the rate set at the most recent NTB auction, applied against the face value to determine your purchase price.
• Tenor — the holding period: 91 days (3 months), 182 days (6 months), or 364 days (1 year).
• Amount Paid — the discounted sum you commit upfront, always below face value.
• Effective Annual Yield — your return annualized against the amount actually paid, the correct basis for comparing NTBs to other fixed-income instruments.

Treasury Bills are priced by discount, not by periodic interest — a distinction this tool is built to make explicit. For the full mechanics of the primary auction process, allotment, and settlement, consult our pillar guide: Read our complete guide on how to invest in Nigerian Treasury Bills.

Calculation Methodology

This tool applies the standard Nigerian Treasury Bill discount formula, using the 364-day basis convention adopted at CBN primary auctions:

The 364-day divisor reflects the discount convention used at auction; annualization uses 365 days, which is why effective yield is always marginally higher than the quoted stop rate.

Regulatory Sources

Figures produced by this calculator are modeled on conventions published by Nigeria’s primary debt authorities:

• Debt Management Office (DMO) — publishes auction results, allotment rates, and NTB issuance calendars. dmo.gov.ng
• Central Bank of Nigeria (CBN) — governs monetary policy and the primary market framework under which NTBs are issued. cbn.gov.ng

Chronological Data Locking Policy

Treasury Bill stop rates are reset at each fortnightly primary auction and are not fixed over time. This calculator does not pull a live rate feed — it computes results strictly from the discount rate you supply. Any figures on this page reflect only the auction environment at the time of writing and should never be treated as a current or standing rate. Before committing funds, verify the prevailing stop rate directly against the DMO’s most recent auction results or your bank/stockbroker’s live quote.