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Roforofo (m)
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Hello to fellow Nairalanders. Given the current low interest rates abroad I want to send the equivalent of 10 million to Nigeria and fix as I will get a better return on my money (13.5% for 90 days compared to 3.4% in the UK). However I wanted to know if others with fixed deposits feel our currency is too unstable for this kind of venture. I will be sending the money by SWIFT to GTB. Please I am only interested in fixing so please I will ignore any email addresses/phone numbers advising on business ventures which will give me untold riches and returns of 50-99%. I just want genuine thoughts on the medium term stability of our dear Naira.
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hambehsam (m)
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You can contact any of the the five discount houses we have in Nigeria to fix your money, to be sure it is truly fix in treasury bills, because atimes, bank will tell you that the money is in treasury bills while it is not. First, fix it for 3 months to look at the returns, if you are not comfortable with the return you can call your money.
Thanks.
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mowaa
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make no mistake in believing that you will be paid 13.5% in 90 days, the 13.5% is the % u will be paid per annum, so if the bank decides to give u 13.5% , then it means practically u will be paid 1.125% per month i.e 13.5 divided by 12. So for 90 days which is 3 months u will get 3.375%
But you should know there is no fixed % a bank gives, it all depends on the amount and the power of your negotiating skills, but usually the range is 12-18% p.a, if u can negotiate for 18%, that will be paid 1.5% per month, which practically means 150,000 per month.
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Roforofo (m)
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Thank you both for your honest and straightforward advice. I will contact GTB about negotiating the rate upwars and will also contact FSDH. Is there any other reputable discount house you can recommend. Thanks
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candylips (m)
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@Roforofo
Those rates do not take into account exchange rate risk
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Roforofo (m)
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Hambehsam. Please can you explain why I should ask for the money to be fixed in treasury bills? I have looked at FSDH's website and they only seem to deal with stocks/share trading. Do they accept individuals who wish to invest in treasury bills? Will I get a higher return if I go direct to them rather than GTB? Thanks again for your advice.
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Roforofo (m)
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Candylips. I agree which is why I made the original post. My thoughts are that if the account can generate at least 1 million Naira over one year it will be better than keeping in fixed in the UK. The best rate I can get on £38,000 currently is 4.5% which will be about £1,600. So even with currency fluctuations it seems like fixing in Nigeria might be a better bet. Unless of course our currency devalues like the Zimbabwe dollar. I would appreciate your views on this. Thanks
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Bestglo (f)
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it was a good thing u made your point very clear from the onset otherwise some would have been telling u trade forex,do online business, call my number,contact me,send me a mail bla bla bla
@ topic
just as suggested by someone, i think u should fix it for 3 months first and if it suits your purpose, u know what next to do
all the best
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hambehsam (m)
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Roforofo, discount houses have alot of functions, the principal which is trading in money market instruments, google discount houses in Nigeria and you will see all of them. Almost all of them accepts deposits from individuals starting from #100,000:00. Get their contacts online and call them, also check their board of directors to choose the one that suits you. Their return is far higher than what any bank in Nigeria will give you.
Best of Luck.
Thanks.
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Roforofo (m)
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My thanks to all of you for your very honest and straightforward advice. I will investigate the discount house option and also start with a 90 day fix if they provide this. Many thanks.
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PAININASS
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Pls are you sure GTB is paying 13.5%, i'm doomed,i only got 9% from skybank
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Roforofo (m)
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That is the rate I was quoted by an accounts officer in GTB.
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mbulela
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a reputable financial house gave me 18% for 90 days a while back.
just confirmed that the offer is still valid.
they call it E-fund.
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mbulela
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Pls are you sure GTB is paying 13.5%, i'm doomed,i only got 9% from skybank
GTB offered me around the same rate quoted here months back, so i think it is correct. |
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mbulela
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make no mistake in believing that you will be paid 13.5% in 90 days, the 13.5% is the % u will be paid per annum, so if the bank decides to give u 13.5% , then it means practically u will be paid 1.125% per month i.e 13.5 divided by 12. So for 90 days which is 3 months u will get 3.375%
But you should know there is no fixed % a bank gives, it all depends on the amount and the power of your negotiating skills, but usually the range is 12-18% p.a, if u can negotiate for 18%, that will be paid 1.5% per month, which practically means 150,000 per month.
very important advice for the financially untrained. |
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mbulela
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disregard my earlier comment as i will not wanted to be branded a scammer.
get in touch with GTbank and you would be offered a rate way better than the 9% Skye offered you.
however, i repeat that i have had a fixed deposit of 18% in the last few months.
you will not get that much from GTB but no way will they offer you as low as 9%.
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PAININASS
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@mbulela,Pls can you post the website of the financial house?
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mbulela
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did you not see the post above that lumped me into the class of scammers?
it was an error posting that link and i will not repeat it again.
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mbulela
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btw, it was earlier posted but replaced with the x in the post above after the 'scammers in the house, beware' comment.
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Walency
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You can get a higher ROI (15%).If u are interested,let me know.u'll b charged accordingly. My No. +234-8033120706.chk attachmt
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ozzasu
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hey rofo, zenith bank has the best offer in terms of returns. i can give you that assurance as a staff. the interest rate can be disclosed privately ok. contact me via osasjo2000@yahoo.com or 07039588818. expectn your response |
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Roforofo (m)
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zasu Insert Quote hey rofo, zenith bank has the best offer in terms of returns. i can give you that assurance as a staff. the interest rate can be disclosed privately ok. contact me via osasjo2000@yahoo.com or 07039588818. expectn your response Hi Ozzasu. I am very interested in the "private deal" you can offer me from Zenith. My number is 0044419419419. My email address is 419natoday@shineyoureye.com Please contact me urgently as I really want to fix this money urgently!!!  |
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geniusbami (m)
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Hello to fellow Nairalanders. Given the current low interest rates abroad I want to send the equivalent of 10 million to Nigeria and fix as I will get a better return on my money (13.5% for 90 days compared to 3.4% in the UK). However I wanted to know if others with fixed deposits feel our currency is too unstable for this kind of venture. I will be sending the money by SWIFT to GTB. Please I am only interested in fixing so please I will ignore any email addresses/phone numbers advising on business ventures which will give me untold riches and returns of 50-99%. I just want genuine thoughts on the medium term stability of our dear Naira.
Pple who quote 13.5% for GT are very correct. I wanted to fix N1m recently and I had to go to Zenith and Stanbic IBTC. Stanbic gave me the highest, which is 15% PA. As it is often said, it is often dependent on the amount, duration and your negotiating power. I think 15% for N1m is just reasonable. |
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Roforofo (m)
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Geniusbami. I do not doubt what you are saying and I believe you. What irritates me is when all these scammers come on Nairaland giving private email addresses and mobile numbers instead of simply saying which bank will give the best rate. Why do we need their bloody details for anything?  Anyway thanks for the info on Stanbic. I have gone for a 90 day fix with GTB at 13.5% as I am abroad and already have a GTB account. All the others needed to see me in person to open the account so GTB was my only option. |
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geniusbami (m)
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@ Roforofo
No doubt, GT is one of d strongest and most flexible banks around, but with some experiences with bankers these days, I just want to advice that you communicate with the head office to ensure you have not actually given someone somewhere the power to use your money freeely to run a 'private business' without any official backing, in which case the chances are you're left with nothing stories if the 'business' goes bad.
GT Bank has a website through which you can contact their head office and verify. It's wise not to wait to learn from your own mistakes. 'Caution' is the word.
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Roforofo (m)
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@Geniusbami. Thanks for the info. I must say that I am so impressed with GTB and see why so many Nairalanders speak very highly of this bank. The money was deposited with them and I immediately received email notification of the deposit. I called my local branch to ask for the money to be fixed for 90days. I have online banking with GTB and within 2 mins of speaking to the branch the money was showing up on my online account with the tenor expiry date and the total interest to be added at maturity. This bank is good. I wish other companies at home can emulate them in terms of customer service and reliability. Na GTB for life o!!! |
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