Frequently Asked Questions

CheckInvestNg uses standard financial mathematics — simple interest, compound interest, discount pricing, and the Fisher equation — depending on the instrument. For NTBs we apply the discount yield formula used by the CBN. For FGN Savings Bonds we calculate quarterly coupon cash flows. For Money Market Funds we compound daily. All formulas are publicly documented and match outputs from DMO and CBN official calculators. Results are indicative — actual returns depend on the rate you are offered at subscription.

Treasury Bill stop rates and headline inflation come from the Central Bank of Nigeria’s own data API, fetched automatically. FGN Savings Bond coupon rates come from the Debt Management Office’s monthly offer circular and are entered and verified manually, because the DMO publishes them only as a PDF. The USD/NGN rate is a market mid-rate from third-party foreign-exchange data providers — it is NOT the CBN official window rate (NAFEX/FMDQ), and the two can differ materially. Money Market Fund, mutual fund, dollar-fund and bank fixed-deposit figures are indicative and manually verified. Each rate on the site shows its own source, publication date and last-verified date beside it.

It depends on the rate, and the site labels each one. Treasury Bill and inflation figures are auto-updated daily from the CBN data API, and USD/NGN every four hours from foreign-exchange data providers. FGN Savings Bond coupons are manually verified each month against the new DMO offer. Money Market Fund, fixed-deposit and fund rates are indicative and reviewed periodically, typically after a CBN Monetary Policy Rate decision. Every rate carries its source, publication date and last-verified date, so check those rather than assuming everything on the page refreshed today.

Yes — all six calculators and all five premium tools (Portfolio Builder, Goal Planner, Inflation Adjuster, Investment Comparator, Tax Calculator) are completely free. There are no sign-ups, no paywalls, and no hidden charges. CheckInvestNg is an educational tool built to help Nigerians make informed investment decisions.

No. CheckInvestNg is an educational platform. All outputs are indicative projections based on current rates and standard formulas. They do not constitute personalised financial, tax, or investment advice. Actual returns will vary based on rates at the time of your subscription, fees charged by your broker or bank, and prevailing market conditions. Always consult a licensed financial adviser before making investment decisions.

The minimum investment for FGN Savings Bonds is ₦5,000, with subsequent units in multiples of ₦1,000. There is no upper limit. The DMO offers FGN Savings Bonds monthly through primary dealer banks and licensed stockbrokers. This low entry point makes them accessible to virtually all income levels — you can start with as little as ₦5,000.

FGN Savings Bonds pay interest quarterly — every three months. For the current series, payment dates fall on the 15th of January, April, July, and October. This makes them attractive for investors seeking regular passive income. At maturity (2 or 3 years depending on the series), your full principal is returned. The bonds are also exempt from withholding tax under the Nigeria Tax Act 2025.

NTBs are sovereign instruments issued by the Federal Government through the CBN, so they carry very low credit risk — they are backed by the full faith and credit of the Nigerian government and have not defaulted. They are among the lowest-credit-risk naira instruments available. But credit risk is only one dimension: NTBs remain exposed to inflation risk (if inflation exceeds your net yield, your real purchasing power falls), to market-price risk if you sell before maturity, and to reinvestment risk at the next auction. Since 28 October 2025 the discount income also attracts 10% withholding tax. Use the Inflation Adjuster to check your real return.

Both are Federal Government instruments but differ in key ways. Tenor: NTBs run for 91, 182, or 364 days; FGN Savings Bonds run for 2 or 3 years. Mechanism: NTBs are discount instruments — you buy below face value and receive face value at maturity; FGN Savings Bonds pay quarterly coupons. Minimum: NTBs require ₦50M+ for the primary market (secondary market access varies by broker); FGN Savings Bonds start at ₦5,000. Tax: FGN Savings Bond coupons are exempt, while NTB discount income attracts 10% withholding tax since 28 October 2025 — so compare them on net, not headline, yields.

There are two routes. Primary market: you bid directly at CBN auctions through a commercial bank or licensed dealer — minimum ₦50 million, bids submitted weekly on Wednesdays. Secondary market: you buy existing NTBs through your bank or stockbroker at current market prices — minimums vary, often starting from ₦100,000–₦500,000 depending on the institution. Some fintech platforms (Cowrywise, PiggyVest, etc.) also offer NTB access with lower minimums by pooling investor funds.

At maturity, the face value of the NTB is credited to your settlement account — typically your commercial bank account linked to your CSCS (Central Securities Clearing System) account. If you bought through a fintech or bank treasury product, the proceeds are credited to your wallet or savings account on the maturity date. Note that withholding tax on the discount income is settled at this point, so confirm with your bank or broker exactly how it is applied to your proceeds. You can then reinvest or withdraw as you choose.

A Money Market Fund is a low-risk, open-ended mutual fund that invests in short-term, high-quality instruments — primarily NTBs, commercial papers, and bank placements. Your money is pooled with other investors and managed by a licensed fund manager regulated by the SEC. MMFs offer daily liquidity, meaning you can typically withdraw within 1–2 business days, unlike fixed deposits which lock your funds in. Popular Nigerian MMFs include Stanbic IBTC MMF, ARM Discovery MMF, and Meristem MMF.

The key differences are liquidity, rate certainty and insurance. A Fixed Deposit locks your money for a fixed period (30–365 days) at a rate fixed for the tenor, and you typically face penalties for early withdrawal; it is covered by NDIC deposit insurance up to ₦5 million per depositor per bank. An MMF is liquid — you can usually withdraw within T+1 or T+2 — but its yield floats rather than being fixed, and it is not NDIC-covered. MMF yields tend to track the prevailing NTB market rate, while bank FD rates are set by the individual bank and are negotiable. Both attract 10% withholding tax on interest.

MMFs are considered low risk, but low risk is not no risk, and they are not covered by NDIC deposit insurance — that covers bank deposits only. They are regulated by the SEC, and fund assets are held separately from the fund manager’s own assets, so the manager’s insolvency should not consume your investment. That ring-fencing does not protect you from losses in the underlying assets: the commercial paper and bank placements an MMF holds carry their own credit risk, and the quoted yield is variable, not promised. Stick to SEC-licensed fund managers with strong track records, and read the fund’s offer document.

Yes — that is one of their main advantages. Most MMFs in Nigeria process redemptions within 1–2 business days (T+1 or T+2). Some fintech-based MMFs offer same-day or next-day liquidity. There is usually no penalty for early withdrawal, though some funds may impose a short notice period or a small redemption fee for very large withdrawals. Always check the fund’s offer document (prospectus) for specific redemption terms.

Minimums vary significantly by bank. Major commercial banks (GTBank, Zenith, Access, UBA, First Bank) typically start at ₦100,000–₦500,000 for retail fixed deposits. Some microfinance banks and digital banks offer FDs starting from as low as ₦10,000–₦50,000. The tenor usually ranges from 30 to 365 days. Rates are negotiable for larger amounts — balances above ₦5M–₦10M often attract better rates.

Withholding Tax (WHT) is a 10% tax deducted at source from investment income before it is paid to you. It applies to interest from Treasury Bills, fixed deposits and money market funds, and to dividend income. Your bank or fund manager deducts it automatically — you receive the net amount. WHT is not a final tax; it can be used as a credit against your annual income tax liability if you file returns. Use the Tax Calculator tool on CheckInvestNg to see your after-WHT returns.

FGN Savings Bonds and other Federal Government bonds are exempt from income tax under the Nigeria Tax Act 2025 — the full coupon is paid to you with no WHT deducted, making them especially efficient for high-income earners. Note: Treasury Bills lost this exemption from 28 October 2025 and now attract 10% WHT, so they are no longer tax-exempt. Confirm the treatment that applies to you with your bank, broker or a tax adviser.

Nominal return is the stated rate your investment earns. Real return is what you actually keep after inflation. Formula: Real Return ≈ Nominal Rate − Inflation Rate (simplified). For example, at a 16.00% fixed deposit rate against headline inflation of 15.91%, the real return is roughly +0.09% before tax — and 10% WHT on the interest reduces it further. A headline rate that looks generous can still leave your purchasing power flat or falling. Use the Inflation Adjuster to calculate your real after-inflation return on any Nigerian instrument.

The nominal rate is the stated annual rate. The effective yield accounts for compounding frequency and is typically higher. For NTBs the stated figure is a discount rate, not a yield: because you pay less than face value, your true yield on the capital you actually commit is higher. At the current 364-day discount rate of 17.66%, the gross true yield works out above 17.66% — and the net yield after 10% WHT is lower again. The Treasury Bills calculator shows the stated discount rate, the gross annualised yield and the net annualised yield side by side, so you can compare like with like.

The MPR is the baseline interest rate set by the CBN Monetary Policy Committee (MPC). When the CBN raises the MPR, NTB stop rates typically rise, MMF yields improve, and banks often increase FD rates — meaning your investment returns go up. When the MPR is cut, the reverse happens. The MPR also influences inflation and the naira exchange rate, which affect real returns on naira-denominated investments. Monitoring MPC meeting dates and decisions helps you time reinvestments.

A Dollar Fund (also called a USD fund or domiciliary fund) is a USD-denominated investment product offered by Nigerian fintechs and some banks. Your money is invested in USD-denominated instruments — typically US money market funds, treasury bills, or fixed income assets. Returns are earned in USD, which cushions you against naira depreciation — though the reverse also applies: if the naira strengthens, your naira-equivalent return falls. Popular providers include Risevest, PiggyVest Dollar, and ARM Dollar Fund. These products are not NDIC-insured. The CheckInvestNg Dollar Fund Calculator models your return across three naira/dollar exchange rate scenarios.

Yes. Diaspora Nigerians can invest in FGN Savings Bonds and NTBs through Nigerian banks that offer diaspora banking services (GTBank Diaspora, Zenith Bank, UBA, Access Bank all have dedicated diaspora products). Dollar Funds are particularly popular with diaspora investors as they already earn in USD. You typically need a BVN, a Nigerian bank account or domiciliary account, and a completed KYC process — most of which can now be done online. Tax treatment can differ depending on your country of residence, so take local advice as well.

A mutual fund is a pooled investment vehicle regulated by the SEC. Money Market Funds are a type of mutual fund that invests only in short-term, low-risk instruments. Other mutual fund categories include equity funds (invest in NGX-listed stocks — higher risk, higher potential return), bond funds (invest in FGN and corporate bonds), balanced funds (mix of equities and bonds), and ethical/sukuk funds. Risk varies enormously by mandate, and past performance does not predict future performance. The CheckInvestNg Mutual Fund Calculator supports all these categories with typical historical return ranges.

A diversified Nigerian portfolio typically spreads across different instruments, tenors, and currencies. One illustrative framework: keep 20–30% in liquid, low-risk instruments (MMF or NTBs) for emergency access; 30–40% in medium-term government instruments (FGN Savings Bonds) for steady income; 20–30% in growth-oriented assets (equity mutual funds or stocks); and 10–20% in USD-denominated assets (dollar funds) for currency diversification. This is an illustration, not a recommendation — the right split depends on your horizon, income and risk tolerance. Use the Portfolio Builder tool to model your own allocation and see blended yield projections.

You can start with as little as ₦1,000 on some platforms. FGN Savings Bonds start at ₦5,000. Some MMFs via fintech apps (Cowrywise, PiggyVest) accept as little as ₦100–₦1,000. Fixed deposits at commercial banks typically start from ₦100,000, though digital banks offer lower thresholds. NTBs via secondary market start from around ₦100,000 depending on the broker. The key is to start — even small amounts benefit from compounding over time.

Bank deposits are protected by the Nigeria Deposit Insurance Corporation (NDIC) up to ₦5 million per depositor per bank (check ndic.gov.ng for the current limit). This covers fixed deposits and savings accounts; balances above the limit are exposed to that bank’s solvency. Money Market Funds and mutual funds are NOT covered by NDIC — they are regulated by the SEC, and fund assets are ring-fenced from the manager’s own assets, which protects you from the manager failing but not from losses in the underlying holdings. FGN Bonds and NTBs are direct Federal Government obligations, so their credit risk is very low — but no investment is entirely free of risk, and they still carry inflation and interest-rate risk.