NL1960:


The calculation is correct. Interest rate is per year and not per month.

The formula for simple interest is:

I = PTR/365 or 366 depending on whether it is a leap year or not (no ask me wetin be leap year o)

where:

P = Principal = N500,000

T = Time = 30 days

R = Rate = 5% = 5/100 = 0.05

Therefore:

I = (500,000 * 30 * 0.05 )/365 = 750,000 / 365 = 2054.794520547945 = 2,054.79. QED

When dem dey teach Simple Interest for mathematics class for school, na people like you go dey make noise, dey make fun of teacher and be asking the teacher wetin dem go use am do for future. You can now see the usefulness. .

Meanwhile, Business Post reports that the average money market rate broadly increased by 9.6 percent on Friday to settle at 21.68 percent.

While the Open Buy Back (OBB) went up to 20.86 percent from 11.67 percent, the Overnight (OVN) rose to 22.50 percent from 12.58 percent.

jpphilips:
Who is interested in knowing how MMF funds are determined?
Here you have it




So expect higher MMF rates this week. Lets see how much they will pay from the 21.68% they made.
We can compare what we got from our investment managers.
https://www.businesspost.ng/2018/10/06/liquidity-squeeze-triggers-0-15-hike-in-t-bills-yields/

Pr0cter:


Yeah. I also got their text and email this morning. To me, their rate aren't very good. I stand to be corrected. Though I didnt invest much fund in their MMF

eanestca:


You are getting it all wrong

jpphilips:
Who is interested in knowing how MMF funds are determined?
Here you have it




So expect higher MMF rates this week. Lets see how much they will pay from the 21.68% they made.
We can compare what we got from our investment managers.
https://www.businesspost.ng/2018/10/06/liquidity-squeeze-triggers-0-15-hike-in-t-bills-yields/

Buffalowings3:
Invest with Ecobank...
Dem try..
Fixed Income Fund..

Pr0cter:



Enlighten us on this

Buffalowings3:


A unit price for FIF 2 years ago was 1000
Now it is 1400.

TB doesn't come close..

Apitch:
Please for those using Stanbic, how do you see your daily gains and when(time) is it added to the NAV( net asset value).
I went to the bank on the 2/10/18 and subscribed for their money market, on the 9th, I get a subscription initiation message so I went to the bank yesterday the 10th to get the online access and since then, the money just stand at attention.
Did it have to take one full week after debiting my account to initiate the move? I kept calm because someone complained here before and he was told to calm down that his money is growing but mine did not grow
Experienced guys please help me understand better.

Apitch:
Please for those using Stanbic, how do you see your daily gains and when(time) is it added to the NAV( net asset value).
I went to the bank on the 2/10/18 and subscribed for their money market, on the 9th, I get a subscription initiation message so I went to the bank yesterday the 10th to get the online access and since then, the money just stand at attention.
Did it have to take one full week after debiting my account to initiate the move? I kept calm because someone complained here before and he was told to calm down that his money is growing but mine did not grow
Experienced guys please help me understand better.

Pr0cter:



Yeah. I was the one that complained earlier, but it's been sorted out. All you need to do is just to download stanbic ibtc mobile app from play store and login with your email, phone number and password. You'll then see your NAV and your accrued interest

Apitch:

It doesn't work with the app. But works well through browsers but never on the app, I view my normal account detail on the app but when I try to log in on the mutual fund, I get an error message
Again my first complaint is that they took a whole week before treating my request, even when I was deducted the same day. E pain me small o but all is well

Apitch:
Please is it normal for mutual funds not to grow on Saturday and Sundays or is it a Stanbic thing.

Apitch:
Please is it normal for mutual funds not to grow on Saturday and Sundays or is it a Stanbic thing.

elothaddi:
Yes, it is normal. You will get your weekend payment by Monday as par AXA Mansard.

Olohunjedalo:

It’s very normal. Saturdays, sundays and public holidays
It’s growing , but everything will be added together on Monday . And it will reflect on Monday.

emmas2k570:
I learnt alot from this group but i'm at a crossroad right now.... I have MMF account with Stanbic for sure which i have over 100 in it and i also just opened another MMF account with Axa Mansard.... Now i have 760 but i don't know which of the MMF account is advisable for me to put the money into. Kindly help your brother on this. Thanks.

emmas2k570:
I learnt alot from this group but i'm at a crossroad right now.... I have MMF account with Stanbic for sure which i have over 100 in it and i also just opened another MMF account with Axa Mansard.... Now i have 760 but i don't know which of the MMF account is advisable for me to put the money into. Kindly help your brother on this. Thanks.

Apitch:

Divide the money in such a way that they would both be equal, then you monitor and know which is better among the two in terms of rates

KayPapi:


I did similar with ARM and AXA with 100k each.

Interest of AXA is twice that of ARM within a month. I closed my ARM, to use only AXA.

I recommend AXA.

Etimocracy:
How do I liquidate my funds from stanbic ibtc. Getting a response that the minimum of 5000 naira would be retained as I tried redeeming online, I wanna finally settle for AXA Mansard. Any helpful response would be greatly appreciated.

Yem0350:

Type every figure you see including kobo

hias2012:


I advise you stay with stanbic. You don't need to liquidate your holding in stanbic for AXA. The difference doesn't worth it. Secondly the rates fluctuate. It cld be stanbic higher than AXA tmrrow. You can run both by splitting your subsequent stakes or inflows. I have both hence my advice. Hope you find this useful.

KayPapi:


I did similar with ARM and AXA with 100k each.

Interest of AXA is twice that of ARM within a month. I closed my ARM, to use only AXA.

I recommend AXA.