Treasury bill rates today
Latest primary auction
| Tenor | Marginal (discount) rate | True yield, our calculation |
|---|---|---|
| 91 days | 15.40% | 16.01% |
| 182 days | 15.79% | 17.14% |
| 364 days | 15.80% | 18.76% |
The marginal rate is the discount rate at which the auction cleared, as the central bank publishes it. The true yield is the same return expressed on the amount you pay; we compute it from the published rate and the number of days. Source: central bank, government securities summary.
Invest an amount, see what you receive at maturity
A treasury bill is sold below its face value and repaid at face value. The calculator works backwards from what you pay today.
How the discount works
Price today = face value × ( 1 − discount rate × days ÷ 365 )
- The auction sets a discount rate. It is a yearly rate applied to the face value, not to what you pay.
- The price you pay is the face value minus the discount for the days until maturity. The calculator turns this around: from your amount it finds the face value.
- Because the discount is counted on the larger face value, the return on your money (the true yield) is higher than the stop rate, and more so the longer the bill.
Policy rate
- Central bank monetary policy rate
- 23.00%set at the meeting of the date shown
A treasury bill is a short-term debt instrument sold by the government at a discount and repaid at face value when it matures. The pages here show the latest auction figures and a calculator that works backwards from the price you pay to the face value you receive. Understanding the difference between the quoted stop rate and the true yield helps you compare bills with other savings options.
How a treasury bill is sold and repaid
A treasury bill does not pay interest along the way. You buy it below its face value, and at maturity the government pays you the full face value. The gap between what you pay and what you receive is your return.
This is why bills are described as sold at a discount. The discount is set at auction, and it moves with demand and with the general level of short-term rates. A bill held to maturity gives a known outcome from the day you buy it, provided you keep it until the redemption date.
Bills are short-dated by design, so they suit money you may need again within a defined period. They are backed by the government, which is why they are treated as a low-risk reference point in the local market.
Stop rate versus true yield
The stop rate, sometimes called the marginal rate, is the rate at which the auction clears. It reflects the discount on the bill and is the figure usually quoted in auction results. It is not the same as the return on the money you actually put in.
The true yield is calculated on the price you pay, not on the face value. Because you pay less than face value, the yield on your outlay is higher than the quoted stop rate. Our calculator starts from the amount you pay and the face value at maturity, so you can see the effective return for your own case.
Reading both figures together matters when you compare a bill with a mutual fund or a deposit. A fund reports its return after fees and on the full amount invested, so the comparison should be made on the same basis.
A common mistake is comparing the quoted stop rate directly with the return on a mutual fund or deposit. The stop rate is a discount rate on face value, while your actual return depends on the price you paid, so the two figures are not like for like.
Sources 2
Every figure on this page points to one of these. The date is the day we read the source.
- 1Central bankGovernment securities summary, Central Bank of Nigeriawww.cbn.gov.ngtreasury bill auction rates
- 2Central bankMonetary policy committee decisions, Central Bank of Nigeriawww.cbn.gov.ngmonetary policy rate