Nigerian Treasury Bill Calculator

See what your naira could earn across 91, 182, or 364 days. Understand the price you pay, the face value at maturity, and the deductions that may affect your return.

Estimate a return

Free to use · No account needed · Estimates only

Start with the amount you have

Enter a rate from your bank or broker to explore an estimate. Treasury Plot managed rates will appear here after their discount-rate basis is verified.

Your inputs

Estimate your return

This is the bill purchase amount before optional deductions.

Choose a tenor
Which rate would you like to use?

Enter a discount rate, not an annualized true yield.

Maturity is estimated using calendar days.

Estimate includes 10% withholding tax on interest and no provider fee by default. Adjust either below.

Estimated tax and fees

10% is an editable estimate. Confirm your actual tax treatment with your provider.

Fees vary by provider. None are included unless you enter one.

Your return, explained

A clearer picture of what your bill could earn.

Enter your amount and quoted discount rate to see the purchase price, face value, estimated deductions, annualized yield, and maturity date.

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Know the numbers

A clearer way to read a Treasury Bill return

Purchase price and face value

You pay the purchase price today. The face value is the amount used to estimate what the bill pays at maturity. Their difference is the gross interest in this model.

Choose your time horizon

A 91-day bill has the shortest standard tenor in this calculator; 182 and 364 days give longer horizons. Your estimated maturity date is the settlement date plus the chosen number of calendar days.

The method

How the estimate works

The calculator uses the amount you can invest as the purchase price. It estimates face value using the quoted discount rate and the selected tenor on an Actual/365 basis.

It then subtracts estimated withholding tax and any fee you enter from gross interest. The annualized yield compares earnings with the amount invested; it is a simple annualized figure, not a promise of reinvestment.

Worked example

₦1,000,000 over 364 days

At an illustrative 18.5% discount rate, the estimated face value is ₦1,226,231.27 and gross interest is ₦226,231.27. With estimated 10% withholding tax and a ₦1,000 flat fee, estimated net earnings are ₦202,608.14.

This is a formula example, not a current market quote.

Good to know

Frequently asked questions

What is a Nigerian Treasury Bill?

A Treasury Bill is a short-term government security bought below its face value. The difference between the purchase price and face value is the gross return in this estimate.

Why is the true yield different from the discount rate?

The discount rate is measured against the bill's face value. Your annualized yield is measured against the amount you pay, so the two percentages differ.

How is the maturity date estimated?

This calculator adds 91, 182, or 364 calendar days to the settlement date you enter. Your provider's actual settlement and maturity terms may differ.

Are the results guaranteed?

No. Rates, pricing, fees, tax treatment, and settlement terms can vary by auction and provider. Confirm the terms before investing.

About this estimate

This calculator is for education. Actual pricing, settlement, taxes, fees, maturity treatment, and returns may differ by auction, bank, broker, or regulation. Verify the terms with your financial institution or adviser before investing. Financial and tax assumptions await Treasury Plot owner review.

Sources checked October 2026: CBN government securities, SEC tax circular.

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