Lyric discussion by shadow_of_night255 

Cover art for N.I.B. lyrics by Black Sabbath

Read the biography. The song was after Bill Ward's 'pen nib' beard. They were most likely stoned at the time they named it, so of course, you can't expect a lot of their titles to make any sense, besides, titles often times don't.

And to go with what LastConservativeFan said, Sabbath wasn't a Satanic band, they just had an occult theme...like an image. Geezer was interested in the occult {fact from a biography}, and thats how some of their darker themes came into play, but they were in fact Christians.