Treasury Bills Calculator Nigeria — T-Bill Return & Yield
Calculate Nigerian T-Bill purchase price, discount amount, true yield, and net return after WHT. For 91, 182, and 364-day instruments.
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Minimum ₦100,000 %
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Standard WHT on investment income Investment presets:
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Purchase Price (Invest)
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WHT Deducted
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Net Return After WHT
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True Yield (p.a.)
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Net Yield After WHT
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Net ROI for Period
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Net Proceeds at Maturity
T-Bill Computation
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How Nigerian Treasury Bills Work
When you buy a T-Bill, you pay the discounted purchase price today and receive the full face value at maturity. The difference (discount) is your profit. For example, buying a 364-day T-Bill with face value ₦1,000,000 at 22% discount rate costs ₦780,000 — you earn ₦220,000 (before WHT) at maturity.
T-Bills are purchased at CBN's bi-weekly auctions through commercial banks and the CBN's auction system. You can also buy in the secondary market (NGX) at prevailing yields.
Frequently Asked Questions
What are Nigerian Treasury Bills (T-Bills)?
Treasury Bills are short-term government debt instruments issued by the Central Bank of Nigeria (CBN) on behalf of the Federal Government. They are sold at a discount and redeemed at face value, making the difference your return. Tenors are 91 days (3 months), 182 days (6 months), and 364 days (1 year).
What is the minimum investment for Nigerian T-Bills?
The minimum face value for CBN primary market T-Bills is ₦100,000. In the secondary market, you can buy smaller amounts through your bank or stockbroker. The CBN conducts T-Bill auctions bi-weekly, and rates vary based on demand and monetary policy.
How are T-Bills taxed in Nigeria?
T-Bill investment income is subject to 10% Withholding Tax (WHT). This is deducted automatically at source by the paying institution. The WHT credit can be used to offset your income tax liability when you file your annual returns.
How is the T-Bill discount rate different from the yield?
The discount rate is applied to the face value to determine the purchase price. The yield (true return) is higher than the discount rate because you invest less (the discounted price) but earn the full discount as profit. The yield = (Face Value - Price) / Price × 365 / days.
Are Nigerian T-Bills safe investments?
T-Bills are backed by the Nigerian Federal Government and are considered the safest investment in Nigeria as they carry zero credit risk. However, they carry inflation risk — if T-Bill rates are below inflation, your real purchasing power declines. They also carry reinvestment risk on rollover.