CalculatorsTreasury bill
Treasury bill calculator
What a Nigerian Treasury bill costs and what it really earns, from the discount rate the CBN quotes or from the true yield.
Latest Treasury bill stop ratesLoading the latest published figures…
A year: 18 for 18%
91, 182 or 364
What the bill repays at maturity
Price to pay₦820,493.15For ₦1,000,000 face value
- Discount earnedRepaid on top of the price at maturity
- ₦179,506.85
- True yieldReturn on the price paid, a year
- 21.9380%
- Effective annual yieldThe true yield compounded
- 21.9442%
- Return to maturityOver 364 days
- 21.8779%
- Price per ₦100As the market quotes it
- 82.0493
Arithmetic on the figures entered. Not investment advice.
How it is calculated
price = face × (1 − d × days / 365)true yield = d ÷ (1 − d × days / 365)effective annual yield = (face ÷ price)^(365 / days) − 1from a true yield y: d = y ÷ (1 + y × days / 365)Nigerian Treasury bills are sold below their face value and repay face value at maturity. The CBN quotes them by discount rate on an Actual/365 basis: the discount is the rate times the face value times days over 365.
The discount rate understates the return, because the discount is earned on the price paid rather than on the face value. The true yield is that return as a simple annual rate, and the effective annual yield compounds it. Compare a bill with a bond or a deposit on its true yield.
Every Treasury bill auction since 2002 and FGN bond auction since 2008