crowntoro:
I hope i did oh because I need the money
I Filled form on the 4th of July and I just got debiTed on Monday (17th)
Was yours primary or secondary market

Check ur email address. Sometimes u may not receive alert sms on your phone but it may have been treated. I checked my mail and d alert were there. Both debit and credit alert of the interest.

Fm4real06:

Try to go back to the bank. If you invested in d primary market, u may not know the rate until the interest is paid. But, if u invested in secondary market, you should know the rate you are investing..

Gurus in the house im i right or wrong..
Deepwater
Investnow2017
Freeman67
Tony56

You are absolutely right. He obviously invested in the Primary market while you invested in the Secondary Market and saw the rate before going for it whereas he invested in the Primary Market and would not know the rate until he receives his interest

crowntoro:
how do you know the percentage that you got because I didn't know mine, just got debit alert and my upfront interest has not been paid
When should I be expecting the interest because I was debited yesterday

He got to know his rate even before taking up his investment because he invested in the Secondary Market while your investment is in the Primary Market and you won't know your rate until you get your interest and do some calculations or when you get the details from your bank later.

junglep:
I did my tb on the Primary market which was supposed to be auctioned on the 20th, which is tommorow with first bank. I got a notification today advising I got 18.3% for 364 days. It seems a bit low especially because it was done on the Primary market, also principal amount debited and no interest on the account.

Is this normal?

Primary Market auction took place yesterday 19th and not today-hence the alert you got.
Please note that Primary Market auctions takes place on WEDNESDAYS and not THURSDAYS. So don't get confused by the Auction time tables posted.

It's low because that was your bank''s bid for the auction. I guess that your bank is not Stanbic nor First Bank that normally have their bids closest to the CBN rates.

Fm4real06:

Check ur email address. Sometimes u may not receive alert sms on your phone but it may have been treated. I checked my mail and d alert were there. Both debit and credit alert of the interest.

Thank you .. I checked my mail and I saw the rate there.. 17.25% for 182days.. I hope I have not been cheated but when will the upfront interest be paid.
Thank you

TONY56:


He got to know his rate even before taking up his investment because he invested in the Secondary Market while your investment is in the Primary Market and you won't know your rate until you get your interest and do some calculations or when you get the details from your bank later.

OKAY
Thank you

Investnow2017:


I had said earlier that today 19th was the auction day but I WAS CORRECTED.

Think its always good to check facts.

But I also debunked that and confirmed that you were right that the auction would be 19th and not 20th. Just know that Primary Auctions DOES NOT TAKE PLACE ON THURSDAYS BUT WEDNESDAYS irrespective of whatever you see on any published or posted time table except expressly changed by CBN

crowntoro:
Thank you .. I checked my mail and I saw the rate there.. 17.25% for 182days.. I hope I have not been cheated but when will the upfront interest be paid.
Thank you

There's no cheating there. That's the rate your bank bided for and its not too far from the alleged CBN stop rate of 17.3989 for 182days. In fact, any rate from 17% upwards is not bad though a Bank like Stanbic MAY have gotten more than the 17.25%.

Between today and tomorrow, you will start seeing posts about the rates gotten by those who used other banks and you will then see how close each bank got to the CBN stop rates and if you don't like your bank rate, you can move to any other bank you like for your next auction

Fm4real06:
I just got 78days for 15%.. is this a good investment from firstbank??

Although i saw 18% for 176days which i could have gone for but i took in consideration of the maturity date that's why i settled for the former.

Plus in i signing the treasury certificate given to me by the bank?

Although i didnt get any credit or debit alert from the bank, but when i checked, the money has been deducted.

since you saw 18% for 176days,, it means that I have been cheated oh because I got 17.25% for 182days and it was in the primary market and I used to think that rates are higher in the primary market.

TONY56:


There's no cheating there. That's the rate your bank bided for

okay o and it was in first bank o
So when am I going to get my upfront interest

crowntoro:
okay o and it was in first bank o
So when am I going to get my upfront interest

Either today or tomorrow

crowntoro:
since you saw 18% for 176days,, it means that I have been cheated oh because I got 17.25% for 182days and it was in the primary market and I used to think that rates are higher in the primary market.

If you have been following posts on this forum very well, you would have observed that we have come to a concensus and proved that Secondary Market rates are usually higher and better but you may not get the good rates on time and just keeping your money idle waiting for such high rates does not make economic sense IF Primary Market is around the corner and there are so many people lurking around too for Secondary Market which may not be readily available.
Sometimes, you see a good Secondary rate but by the time you finish with the filling of the forms, it's gone.

crowntoro:
since you saw 18% for 176days,, it means that I have been cheated oh because I got 17.25% for 182days and it was in the primary market and I used to think that rates are higher in the primary market.

The 18% rate for 176days is in the seconary market while u invested in the primary market. Next time always ask for their available rates and tenors in the secondary market from the banker before you invest. I already make d banker my friend even though she is not happy that i didnt fix d money with her.
Imagine them offering me 5% for 30days on fixed deposit.

Today na settlement day. Expect alerts frm oda banks frm 4pm down

junglep:
I did my tb on the Primary market which was supposed to be auctioned on the 20th, which is tommorow with first bank. I got a notification today advising I got 18.3% for 364 days. It seems a bit low especially because it was done on the Primary market, also principal amount debited and no interest on the account.

Is this normal?

Which bank was it? It depends, but I think you should have gotten better than that though not a bad deal either. I'm aware IBTC gave up to 18.4.

Isn't that a good offer 5% for 30days

Fm4real06:

The 18% rate for 176days is in the seconary market while u invested in the primary market. Next time always ask for their available rates and tenors in the secondary market from the banker before you invest. I already make d banker my friend even though she is not happy that i didnt fix d money with her.
Imagine them offering me 5% for 30days on fixed deposit.

Pls which bank is it?

Fm4real06:

The 18% rate for 176days is in the seconary market while u invested in the primary market. Next time always ask for their available rates and tenors in the secondary market from the banker before you invest. I already make d banker my friend even though she is not happy that i didnt fix d money with her.
Imagine them offering me 5% for 30days on fixed deposit.

Amypriti:
Pls which bank is it?

Note that the quoted 5% is still per annum......

It doesn't mean you will get back 5% of your principal after 30 days!

Amypriti:
Isn't that a good offer 5% for 30days

Here we come again!!!
5% for 30days does not translate to interest of 5% on your investment. The expression "5% for 30days" is just an expression as that's the way investments are expressed in the money market.

So 5% for 30days means 》5/100 *30/30days * the amount invested. OR 5% for 30days means 5 * 30/30days = 0.4109% in 30days.

TONY56:


Here we come again!!!
5% for 30days does not translate to interest of 5% on your investment. The expression "5% for 30days" is just an expression as that's the way investments are expressed in the money market.

So 5% for 30days means 》5/100 *30/30days * the amount invested. OR 5% for 30days means 5 * 30/30days = 0.4109% in 30days.

Applying the formula, lets assume you invested N1,000,000 for 30days @5%, it goes like this:

1,000,000 x 0.05 × 30 = 1,500,000/365 = N4,109.50

N4,109.50 less 10% Tax = 410.95 =

Total Interest earned for 30days or one month =N3,698

Terrible

Amypriti:
Isn't that a good offer 5% for 30days

I beg ur pardon, it is 5% for a year. I asked her if i wanna do for one month which is 30days then i was discouraged by the interest.

TONY56:


Here we come again!!!
5% for 30days does not translate to interest of 5% on your investment. The expression "5% for 30days" is just an expression as that's the way investments are expressed in the money market.

So 5% for 30days means 》5/100 *30/30days * the amount invested. OR 5% for 30days means 5 * 30/30days = 0.4109% in 30days.

Exactly! U nailed it there. The firt time i heard 5% i thought i would get 5% of my investment monthly but i quickly used my accountancy skills to calculate and saw that the interest was nothing to write home about. Treasury bill is still the best. Let me go and collect my proof of investment in NTB.

You really need to see the way the banker was begging me to do fixed deposit. I began to think to myself whether na by force.

Investnow2017:


Applying the formula, lets assume you invested N1,000,000 for 30days @5%, it goes like this:

1,000,000 x 0.05 × 30 = 1,500,000/365 = N4,109.50

N4,109.50 less 10% Tax = 410.95 =

Total Interest earned for 30days or one month =N3,698

Terrible

They will still collect that N3,698
That is when they would debit you for ATMcard in advance. #1,000
That is when you get debited for SMS monthly services #430
That is when you get debited for ATM card maintence #250

ETC ETC

Last last, na NGN320 go remain

Please we need to also let people know about the charges involved if u want to liquidate your treasury bills before maturity date. Although it's not advisible to liquidate b4 maturity but one needs to know the penal charges involved.

I heard part of your interest will be forfeited at a rediscount rate.

Tony56
Freeman67 and co should explain more.

Stabic IBTC any info as per the yesterday auction?
Kinda skeptical as i tendered my bid late Tuesday afternoon

Fm4real06:
Please we need to also let people know about the charges involved if u want to liquidate your treasury bills before maturity date. Although it's not advisible to liquidate b4 maturity but one needs to know the penal charges involved.

I heard part of your interest will be forfeited at a rediscount rate.

Tony56
Freeman67 and co should explain more.

True talk.

Investnow2017:


Applying the formula, lets assume you invested N1,000,000 for 30days @5%, it goes like this:

1,000,000 x 0.05 × 30 = 1,500,000/365 = N4,109.50

N4,109.50 less 10% Tax = 410.95 =

Total Interest earned for 30days or one month =N3,698

Terrible

Well said!

Fm4real06:
Please we need to also let people know about the charges involved if u want to liquidate your treasury bills before maturity date. Although it's not advisible to liquidate b4 maturity but one needs to know the penal charges involved.

I heard part of your interest will be forfeited at a rediscount rate.

Tony56
Freeman67 and co should explain more.

On your request to liquidate TB investment, your bank or investment house will either sell it to an intending buyer at the secondary market or absorb it if they have the cash at their disposal and willing to buy.


Note that charges is dependent on the financial institution you used.

However, either they decided to charge you or not you will not get your complete cash back again because you already got part of your money as interest upfront depending on the time of liquidation.

Also in your certificate, confirmation or proof of investment for first bank it is written below the charges that " in the event that you have to liquidate your investment prior to maturity date a penal charge will be applied based on the prevalent rediscount rate". For Stanbic it is not usually written but I believe on request you will be notified on the conditions before execution.

Personally I have never liquidated before maturity. I try as best as I can to measure my duration and other need for money before investment.

TONY56:


Either today or tomorrow

alright
Thanks

Fm4real06:

Exactly! U nailed it there. The firt time i heard 5% i thought i would get 5% of my investment monthly but i quickly used my accountancy skills to calculate and saw that the interest was nothing to write home about. Treasury bill is still the best. Let me go and collect my proof of investment in NTB.

You really need to see the way the banker was begging me to do fixed deposit. I began to think to myself whether na by force.

proof of investment?? It means I would have to go back to the get my proof of investment, ryt?
Please explain to me how to go about it

crowntoro:
proof of investment?? It means I would have to go back to the get my proof of investment, ryt?
Please explain to me how to go about it

Proof of investment is also certifucate of trasury bills. It is good to have it with you as an evidence although it is not really needed. You may go back and ask for it and you will be given.

freeman67:


On your request to liquidate TB investment, your bank or investment house will either sell it to an intending buyer at the secondary market or absorb it if they have the cash at their disposal and willing to buy.


Note that charges is dependent on the financial institution you used.

However, either they decided to charge you or not you will not get your complete cash back again because you already got part of your money as interest upfront depending on the time of liquidation.

Also in your certificate, confirmation or proof of investment for first bank it is written below the charges that " in the event that you have to liquidate your investment prior to maturity date a penal charge will be applied based on the prevalent rediscount rate". For Stanbic it is not usually written but I believe on request you will be notified on the conditions before execution.

Personally I have never liquidated before maturity. I try as best as I can to measure my duration and other need for money before investment.

Like hw many times have u done treasury bills and received your money on the maturity date?