Stop guessing your returns. Treasury Bills (T-Bills) are simple: you lend the government money for a short time, they give you a guaranteed profit. This calculator is your fast lane to knowing the exact price you pay and the yield you actually earn. It’s like checking the final bill before ordering your shawarma.

Your Guide to the CBN Treasury Bills Calculator

Part 1: Quick Inputs (The Data Drop)

To use the tool, you only need three core numbers. The other fields are for flexibility.

• Face Value / Par Value (₦): This is the full amount the government promises to pay you back when the T-Bill matures. T-Bills are typically issued in denominations of ₦1,000 or ₦100,000. Enter your total desired final payout here.
• Discount Rate (% per annum): This is the interest rate the Central Bank of Nigeria (CBN) or the auction dictates. You enter the advertised annual percentage, for example, 15.50. This rate determines your upfront discount.
• Days to Maturity: How many days are left until you get paid. T-Bills are short-term, usually 91, 182, or 364 days. Use the Quick Select Tenor dropdown to set this instantly, or type a custom number in the box.

Optional Power-Up: Use the Number of Units field if you are calculating for multiple certificates, for example, 10 units of a ₦100,000 bill.

Part 2: What the Results Mean (The Money Talk)

Hit Calculate T-Bills and watch the magic happen. The calculator spits out four key figures you must know:

• Purchase Price (You Pay): This is the single most important number. It’s the actual discounted cash you must pay today to buy the bill.
• Interest Earned (Discount): This is your profit in Naira. It’s the difference between the Face Value and the Purchase Price. You receive this upfront, deducted from the face value.
• Maturity Value (You Receive): This is the Face Value you entered, multiplied by the number of units. It’s the guaranteed cash you get back at the end of the term.
• Effective Yield (Annual %): Stop comparing the CBN’s advertised Discount Rate with savings rates; it’s misleading. The Effective Yield converts your profit into a true, comparable annual return (Annual Percentage Yield). This number is often higher than the Discount Rate, showing the real power of the investment.

Part 3: Why This Tool is Your Bestie (The Confidence Boost)

You do not need to memorise that formula. The tool handles it. It gives you the Investment Breakdown, showing the exact discount per unit and the total figures for your investment size. It proves your Return on Investment (ROI) and confirms your effective annual yield, all in one place. You get clarity, you get confidence, and you get the ability to negotiate or select the best investment.

Ready to find out the real yield on the next 182-day T-Bill auction?