Fixed-income ladder builder. The maturity stagger, priced honestly.
“I have ₦5M I don't need for 18 months” deserves a better answer than one long T-bill or a bank deposit. Set the amount, the horizon, and how often you want money maturing; get the exact bills to buy at today's CBN stop rates (364-day: 17.35% as of 29 Jul), the reinvestment plan for every roll, net-of-WHT proceeds, and what the same money does in the alternatives.
WHT withheld at source: ₦153,837 across the plan. Headline inflation is 15.91% YoY (NBS via CBN, Jun 2026). A net yield below that number loses purchasing power even while the naira balance grows.
The plan, rung by rung
4 rungs · ₦1.2M each| Instrument | Buy | Matures | Rate | Net at maturity |
|---|---|---|---|---|
| Rung 1 · ₦1.2M · first money back 31 Oct 2026 · 3d cash tail | ||||
| 91-day T-bill | 2026-08-01 | 2026-10-31 | 16.30% | ₦1,297,655 |
| 364-day T-bill(planned roll) | 2026-10-31 | 2027-10-30 | 17.35% | ₦1,542,007 |
| 91-day T-bill(planned roll) | 2027-10-30 | 2028-01-29 | 16.30% | ₦1,600,795 |
| Rung 2 · ₦1.2M · first money back 30 Jan 2027 · 3d cash tail | ||||
| 182-day T-bill | 2026-08-01 | 2027-01-30 | 16.50% | ₦1,350,856 |
| 364-day T-bill(planned roll) | 2027-01-30 | 2028-01-29 | 17.35% | ₦1,605,227 |
| Rung 3 · ₦1.2M · first money back 1 May 2027 · 3d cash tail | ||||
| 182-day T-bill | 2026-08-01 | 2027-01-30 | 16.50% | ₦1,350,856 |
| 91-day T-bill(planned roll) | 2027-01-30 | 2027-05-01 | 16.30% | ₦1,402,356 |
| 182-day T-bill(planned roll) | 2027-05-01 | 2027-10-30 | 16.50% | ₦1,515,505 |
| 91-day T-bill(planned roll) | 2027-10-30 | 2028-01-29 | 16.30% | ₦1,573,281 |
| Rung 4 · ₦1.2M · first money back 31 Jul 2027 · 3d cash tail | ||||
| 364-day T-bill | 2026-08-01 | 2027-07-31 | 17.35% | ₦1,485,379 |
| 182-day T-bill(planned roll) | 2027-07-31 | 2028-01-29 | 16.50% | ₦1,605,227 |
When money comes back
today → 1 Feb 2028Filled markers are cash landing in your account (net of WHT); outlined markers are planned rolls into the next bill. Hover any marker for the date and amount.
Against the alternatives
same ₦5,000,000, same horizon- Your ladder (4 rungs, ~quarterly maturities)
- ₦6,384,53017.65% p.a.
- All-in the longest T-bill, rolled at maturity
- ₦6,420,90718.09% p.a.
- Bank fixed deposit (12m, rolled)
- ₦5,718,1679.33% p.a.
today's CBN stop rates, dated per leg
+₦36.4K vs your ladder ·364d stop 17.35% (today's rate · 29 Jul) — CBN auction — No money available before the first roll matures. The gap between this line and your ladder is the price of your interim liquidity.
-₦666.4K vs your ladder ·10.32% p.a. average 12-month deposit rate — CBN print, Jun 2026 — Banks' quoted rates vary widely around this average; interest carries 10% WHT at source.
No money-market fund comparison is shown: there is no trusted, dated MMF yield source wired into the rates registry (SEC publishes weekly NAVs with a lag; quoted effective yields differ per fund) — we omit the line rather than guess a number.
Assumptions, stated plainly
- REINVESTMENT ASSUMPTION: every planned roll is priced at TODAY'S stop rates held flat for the whole horizon. Rates WILL move between now and each roll — treat rolled legs as estimates, not commitments.
- 91-day stop rate 16.30% (today's rate · 29 Jul) — CBN auction.
- 182-day stop rate 16.50% (today's rate · 29 Jul) — CBN auction.
- 364-day stop rate 17.35% (today's rate · 29 Jul) — CBN auction.
- T-bills are discount instruments: you pay less than face today and receive face at maturity — the discount is the entire return. 10% withholding tax applies at source to T-bill interest paid on/after 28 Oct 2025 (FIRS directive); every net figure here already deducts it.
- Where a final roll doesn't fit before your horizon, the remainder sits as uninvested cash earning nothing in this model — the per-rung "cash tail" column shows the days.
- T-bill faces are modelled exactly; real purchases settle in ₦1,000 face multiples and carry small broker/bank charges not modelled here. Planning math, not advice, and not an execution guarantee.
- Stop rates are primary-auction outcomes. Direct auction bids are institutional-sized (≈₦50M+); banks and brokers pool retail orders from about ₦100K, and pooled/secondary execution rates will differ slightly. Not an execution guarantee.