How is the money market return calculated?

This calculator uses monthly compounding on your opening balance plus any monthly top-ups. The formula is: FV = P × (1 + r)ⁿ + C × [(1 + r)ⁿ − 1] / r × (1 + r), where P is the initial principal, C is the monthly top-up, r is the monthly rate (annual yield ÷ 12), and n is the number of months. Gross interest = FV − total invested. Net interest = gross interest × 90% when WHT is applied.

Money Market Calculator

Estimate gross and net returns on Nigerian money market fund investments. Toggle withholding tax to see after-tax figures. Figures are illustrative only.

Opening Balance (Principal)

₦

010,000,000

Monthly Top-Up

₦

01,000,000

Investment Duration

months

124

Annual Yield

1025

Apply 10% Withholding Tax (WHT)

Estimated Returns

Total Invested

₦1,100,000

Gross Interest

₦150,170

WHT Deducted (10%)

₦-15,017

Net Interest Earned

₦135,153

Net Maturity Value₦1,235,153

Disclaimer

This calculator is for educational and illustrative purposes only. It does not constitute financial, investment, or tax advice. Results are estimates based on the inputs you provide and may not reflect actual returns. Consult a qualified financial advisor before making any investment decisions.

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How Is This Calculated?

FV = P × (1 + r)ⁿ + C × [(1 + r)ⁿ − 1] / r × (1 + r)

Where:

FVGross future value before WHT

POpening balance (principal)

CMonthly top-up amount

rMonthly rate (annual yield ÷ 12)

nNumber of months

Frequently Asked Questions

A money market fund (MMF) is a low-risk, short-term investment vehicle that pools investors' funds into instruments such as Treasury Bills, Commercial Papers, Bankers' Acceptances, and short-dated FGN Bonds. In Nigeria, MMFs are regulated by the SEC and typically offer higher yields than commercial bank savings accounts while maintaining daily liquidity.

Yields vary with the CBN Monetary Policy Rate (MPR). As of 2025–2026, with the MPR at 27.5%, many Nigerian money market funds have offered gross yields between 16% and 22% per annum. Rates fluctuate and past performance does not guarantee future results. Always check the fund's current factsheet.

The Nigerian government levies a 10% withholding tax on investment income, including interest earned from money market funds and fixed deposits. This is deducted at source by the fund manager before paying out returns. Toggle the WHT option in this calculator to see the impact on your net returns.

This calculator uses monthly compounding on your opening balance plus any monthly top-ups. Gross interest = FV − total invested. Net interest = gross interest × 90% when WHT is applied. The net maturity value is total invested plus net interest.

Nigerian money market funds are among the lower-risk investment options available. They are regulated by the SEC, offer daily liquidity, and invest in short-duration instruments. However, they are not covered by the NDIC deposit guarantee (which only applies to bank deposits). Returns are not guaranteed.