🏛
CBN Treasury Bills Calculator
₦
Enter any number of days from 1 to 366. Common tenors: 30, 60, 91, 182, 364 days.
% p.a.
Adjust to match your quoted rate. Secondary market rates vary daily.
Face Value
—
You Pay Today
—
Discount Earned
—
Tenor
—
Effective Annual Yield
—
Real Return vs Inflation
—
How Nigerian Treasury Bills Work
📋 Flexible Tenor
T-Bills are issued for 91, 182, and 364 days at primary auction. On the secondary market you can buy and sell any remaining tenor — from 1 day to 364 days.
💶 The Discount Mechanism
You buy at a discount to face value. If a ₦1M T-Bill costs ₦838,000 today, your ₦162,000 discount is your return at maturity.
📈 Secondary Market
You can buy and sell T-Bills before maturity through licensed dealers and stockbrokers. The price and effective yield adjust based on days remaining.
✅ WHT Exempt
Treasury Bill returns are exempt from Withholding Tax in Nigeria — unlike Fixed Deposits which attract 10% WHT on interest earned.
Get the Complete IPO Preparation Guide
70 pages covering every aspect of the Dangote Refinery IPO — written for everyday African investors.
Get the Playbook — ₦4,500 →