₦airaland Forum

Itsrm:
There was no time in April when parallel market tested sub 1000. What happened was that Abokis were lifting dollars from foolish people and selling at a spread of more than 200. Did you try to buy that period? I tried and it was almost impossible to get below 1100.

Secondly, if the bolded will happen, we will have seen the signs already. What I'm seeing on the contrary at least up till this moment is some level of strength in the parallel market.

I certainly heard reports of 980 from the ABCON chairman, and unless you identify yourself as someone who has more insight of the business than him, your claim is obviously falacious.

check naira rates. if 1509 on monday to 1448 yesterday to 1423 today is what you call dollar strengthenin, then you're on your own.

I sold usd at 1498 over the weekend, I could only sell off the rest at 1486 0n monday, today i've bought at 1413.

I'm not forcing any opinion on you, but don't be quick to dispel facts just based on incomplete info you have, some of us are way past saying what we aren't certain about.

Itsrm:
Confirmed now. Going back on unifying rates? This drop is obviously abnormal.

Black market is still around 1450.

The disparity doesn't necessarily mean a reverse of stance on unification, one segment will always lag the other when there are to be significant price movements.
In early April when the parallel market tested sub 1000, the official market remained above 1150, but when the official rates stayed at those elevated levels, the street market naturally alligned.

If these price levels are sustained for the rest of the week, the street market should start adjusting as well especially if a supply to BDCs is announced. Street market may go sub 1300 before weekend, and by next week, we should again have less than 5% disparity.

LordAdam16:
https://www.bloomberg.com/news/articles/2024-05-28/naira-jumps-most-since-january-after-central-bank-sold-dollars-ngn-nigeria

It'll be another transient gain.
$1.3B futures contract is due tomorrow. The CBN flooded the market to precipitate a sharp drop so as to reduce their bill.

If you can source the $ at 1200 or less, load up.

-Lord

Could you please use figures to do an analogy of this statement: "The CBN flooded the market to precipitate a sharp drop so as to reduce their bill."

Isn't the whole essence of futures that their settlement is independent of prevailing prices?

If prices fell on their own, and CBN got to buy at lower prices to settle the futures, then it's easy to follow your point, but what you're saying is that they're the ones selling dollars cos of maturing futures, kindly expantiate.

Those doubting the NAFEM figures I quoted yesterday, you can check again now.

Mills55:
Please when is the next treasury bills auction date? Anyone with date should please help.

Next two auctions should be 5th and 12th June if public holidays don't disrupt.

Naira seems to be having its best week ever.
Currently up 20.83% in two days. From 1482 on Friday to 1173 today.

Looks like MPR has peaked!!!

Streetinvestor2:
If I decide to sell sukuk bond of 10 yrs at 13 % then.will I get a buyer.i have collected 3 yrs interest on it.
If someone is willing to buy.what should I be expecting on my principal if you use 1 million as example.
I want to see if I can sell and go for present better yield of 19 %

Some sukuk are traded on the NGX, so you may be able to offload there.
The big market for debt and currency trading is the FMDQ, but unless you have an associate license, you won't be able to trade there. Unless you become a client of the dealers there.


Most sukuk I'm seeing on the NGX are trading sub face value.

In the last session, FGSUKUK2027S3 traded 1,184 units at an average price of #71 (total value about 840k)

and FGSUKUK2033S6 traded about 50k units at #99.5 (total value about 50m).

So check if your instrument is listed on the NGX and see what the bids are on it.

But the principle remains, nobody would want to buy you debt at 13% when they could as well go for the 19% you're targeting.

The only time liquidating makes sense is if you need the proceeds for other purposes or you're moving across asset classes. Like selling off to buy stocks that are doing 0.3x PE, stuffs like that, but selling an instrument in expectation of getting into the same instrument at the prevailing yield won't work for the sole reason that no one is gonna rake your 13%, they may even be asking you for 21% which is higher than the 19% you were targeting.

One has to really consider two factors before going long term:

1. How stable is the exchange rate gonna be over the duration of my investment? Give this an 80% weight in your decision. Cos folks who bought USD assets with 1m three years ago bought about $2000 which has now become 3m. The coupons on any bond couldn't have matched that.

2. How likely is it that rates will go significantly higher/lower than what I want to lock into right now? Give that a 20% weighting.

farydah:
sigh! Ok then. Thank you so much for your input. I appreciate

You're welcome.

farydah:
the main reason I want to sell is that my mutual funds is currently giving me 18.80% or so. Is it worth it to sell off the treasury bills and put it in mutual funds?

1. Except you find someone that will buy the bills from you below that 18.8%, liquidating won't make any difference.

2. 352-day Tbills at 15.5% discount has about 18.3% yield which is close enough to the MMF yield.


Since you actually bought in March, my opinion is that that 15.5% deal you took wasn't fair enough as rates for long dated bills were already in the 20% levels.

Again, liquidating the bills to seek 18.8% in MMF isn't worth the effort as you're already getting over 18% yield.

farydah:
ok I did 5million at 15.5% for 352 days with zenith bank

I don't know when exactly you bought in February, but I'll assume late February implying that you've held for 90 days.

If the bank decides to discount it at 22%,
Term to maturity is 262 days.
Discount to the new buyer should be 5000000*0.22*262/366 = 790k approximately.

This means the new buyer only pays you 4,210,000.


At the time of purchase, you must have gotten a discount of about 747k meaning you were debited 4,253,000.


So your investment of 4,253,000 in February will now become 4,210,000 now, implying a loss on investment of about 43k.


Kindly note:
1. There are fees that may add up to increase this loss amount.
2. The actual loss may be slightly different since you didn't state the exact date you invested and I don't know the exact date you'll liquidate. But I think 90 days is a good approximation.

3. The primary reason you're losing money here is cos you bought at a low rate(15.5) and prevailing rates are now higher.

4. If the bank doesn't request for a discount as high as 22%, your losses will be reduced, but the higher the discount you're offering, the easier it is to get a buyer and the faster the liquidation.

PNomsule:
That's quite high 😳... again I am quite thankful for the help.

I wish to know if there's a reputable certificate training class on Finance one can enroll in? Your help will be appreciated highly.

You're welcome boss.

I do not know any training class on Finance, except you're talking of certifications like CFA, FMVA, and the likes.

PNomsule:
N260m in ROI, I am guessing that's 26% p/a yea?


And then again, how much is the borrowing rate p/a today with the banks?

Yes. One year papers have c. 26% yields on them.

Prime lending rate is typically MPR+4%, but only blue chips get those.

For the regular Joe, it could be as high as MPR +14%.

So 30.25 - 40.25%

TheAlchemist:
Point of correction, you can get your interest upfront not only with fairmoney, but with similar banks such as renmoney.. Given that you can get your your interest upfront does it make fairmoney more attractive and if it does not.... what interest rate on davings deposit will make you decide to dump treasury bill/bond investments.

Also I invested in stanbic ibtc money market fund and I did not get my interest upfront or am I missing something.

You need to verify what the actual yield is. You make it sound like they offer 26% interest and pay the interest upfront. I doubt that being the case. It's more likely that by electing to get your interest upfront, the rate will be lower than 26%.

TheAlchemist:
Please is fairmoney 26% inrerest pa on fixed savings more attractive than investing in treasury Bill's or bond?

First 26% from Fair money is effectively 23.4% netting off WHT.

2. NTB has sovereign guaranty, while Fair Money's solvency is not as guaranteed.

farydah:
Pls if I bought secondary market tbills at 15.5% in February, assuming I’m selling it now, like how much will it go for?

Depends on the tenor.
If it's around 91 days, they'll be expecting to discount your bills at say 19%.
Basically, the going rate plus 1-2% markup.

You may lose part of your principal of you haven't held for long.

If you want more specific analysis, give more info about the investment, we'll run the numbers for you, then you can make an informed decision

Rates changed today.

fucc12:
Lol
I no va get the money yet, but once i see $600k im throwing it in there

I pray you get it very soon.

fucc12:
what's the max per individual
can I do a billion Naira

Yes.
Theoretically, you can bid as high as the CBN offers. About N509bn across the 3 tenors tomorrow.

It's guys like you that are really enjoying T-bills sha, so you'll just make N260m like that? Cool.

KayOn1:
What is the ROI in Real Estate? Can it do 20% PA without issues?

5-10% depending on location and type of structure.

Although capital gains are there too.
For instance, I bought 10 tonnes of steel @ 380k averagely about 2 years ago, when I checked in February, it was already 1.2m pee ton.


Looks like someone is out to buy close to 1% of ACCESS.

Seun:
When our bodies start to fail us, we often turn to religion. But it doesn't being the bliss that it's supposed to.

Please modify this post. I can't quite make much out what you're conveying with the second sentence.

It doesn't being??

cutedharmee:
Good day everyone. Pls is it the best time to sell off dollars

Depends on your goal. If you're a trader that bought at 1000/1200 levels,. You may want to take profit.

However I think today's pull back in some quarters is temporary, cos NAFEM closed at 1533(naira down 4.04%), while I'm seeing 1406 in some places(naira up 6.52%).

Adegokenath:
Today's treasury bills rate please

There's no PMA today.
Last auction for this quarter is slated for next Wednesday 22nd.

maishai:
I have listened to the arguments and counter arguments, but i have only one thing to say never ever depend on the system....
The average Nigerian fraudster is too lazy to learn the rudiments of most technologies, many just exploit the human loopholes in the system......
A simple investigation by authorized personels will fish out most of this fraudsters in minutes......

Currently as i speak with u, I have over one hundred thousand naira that was trapped in failed transfer to pos during elections and old naira new naira saga......
As i speak with u, that data has been deleted from the bank site, while the situation was still hot i fill form tire, i contacted my acct officer tire........ only evidence i have are screen shots of the transaction on my phone

Now this data is deleted from the system......I believe all financial fraud in Nigeria has insider element to it

I think it boils down to our legal system not being strong enough too.

Imagine transaction history vanishing from a bank's books, that's the sort of thing that will have a 250m dollar fine land on their head na.

Abi if I had 400k with them verified before that said transaction, and somehow, my balance became 300k, are they not fully responsible for explaining where the 100k went and how it did??

I recently read a naira metrics article where a court awarded about 500m dollars to a mechanic against Exxon Mobil cos he claimed that they didn't put warning on their container that the benzene in their fuel could cause cancer.

Here in nigeria, folks like some here would rather blame the mechanic.

ojesymsym:
Exactly, this has always been my point. Listen to alternative opinions, where the logic is not consistent point it out without being insulting.

Throwing insults around is purely classless I am afraid.

So what you read about me asking davit for how to set up sim lock sounded like not listening to you

ojesymsym:
This is so unlike the you I used to know sha.... You have become really aggressive on this matter. Believe when I say this is unlike you. I remember you from years back when you insisted that naira will improve in the days of Meffy, even in the height of provocation, you kept your cool, but on this one you seem to have gone paranoia. Yes Paranoia.

Anyway, sorry for money loss....

I always try to follow the arguments of when money is lost and even when questions asked. Like I am following streetinvestor line of question also to know my own vulnerabilities. There are some fraud cases I read and I am like, e go hard for me to fall for that one, then there are others and I am like, mhen I could easily have fallen for this one o...

Anyway, it is your call.

Well, you obviously feel the need to flout your ignorance. All you need do is read with some level of mild comprehension, then you'd understand that no one is complaining about losing any money here. As a matter of fact, if they had taken more money from the other bank the situation would have made more sense. Read calmly to understand that the focus here is not about the 5 dollars taken but 100℅ on having a banking system that provides a reasonable level of confidence.

Anyways in the midst of all the noise from folks like you who feel the need to talk even though you really have nothing to offer on the subject, I was still able to sieve out useful info from others, the type I sought when I made the post.

Someone has said unlike other banks that have added security layer for pin reset, access just uses otp, if that's true, it explains the whole situation which is what I wanted, but then it shows a weak system design on their part. And about advantages and all, security usually takes precedence over convenience.

Then again, someone said, while this whole situation may not make sense, just set up sim lock to protect yourself.

Those sorts of inputs make it worth reading through the noise from folks like youyou who just have more of impulse to talk than the requisite knowledge.

dacool1:
I think you still don't understand something, different banks different security architecture, ACCESS BANK permits users to reset almost all other security measures via OTP sent to you Sim, you don't need to visit any bank branch before registering and using access bank app.
As for some other banks, they don't allow such, without multiple authentication factors, every system has its advantages and disadvantages.

To you, access banks architecture is a disadvantage but to some people it's an advantage. The truth of the matter is those people simply reset your details and proceeded with the transactions.

I think access bank needs to probably restrict any form of debit transactions for 24hrs after a pin reset to protect customers funds. But based on thier policy, don't even try contesting this in court except you went through the terms before consenting to the forms you signed.

Best bet had been suggested to you earlier, Sim lock, app locks, phone locks should be on your devices. Though these too can be bypassed but atleast it buys one some time.

This certainly is a reasonable explanation.
It quite explains the situation.

If it's true though, then it's a weak design, except of course it's only for USSD which is for small amounts.

But to be able to reset my app password without knowing my existing password, security question or visiting a branch would be too weak a design.

And I'm sure there would be security standards that guard against this that Access isn't implementing.

If what you're saying applies to all their channels that is.

But I doubt that it does though.

chukzyfcbb:
As somebody who is not in the field of cyber security, I would say you should be careful at what's obtainable out there today

You are looking at this from a microscopic view. When someone's SIM card is lost without a SIM lock, the opportunities are endless.

You are still focused on ussd. Have you thought that it could be used to reset your email account if you also didn't have MFA enabled.

Most people here do trading with apps that don't have MFA, that's also an avenue to reset their password with the OTp dropping in the SIM

Your reply may be, so how will they know what my email address is😁 and my response would be nothing is hidden on the web.

Harden all entry points and forget how an fraudster can take an advantage.
While you are focused on simlock, another fraudster is after resetting all your financial apps that do not have MFA enabled.

Bro your mind go touch ground 😁

Your points are valid.

However, the point here is not about whether or not lost sim card can be exploited.

The point is understanding how two banks one with small money, another with a larger amount, same ussd pin, attempts to pull funds were made on both banks, it succeeded in one bank, it failed on the other.

The point is understanding how Access could have gone through when the guys obviously didn't use the pin.


All my other accounts, wallets and all have since be restored without issues.

The money lost is infinitesimal, but if banks are lax, you guys should stop assuming that the responsibility is on the customer.

If I had gotten a debit of just 20k on my GTB account, then this whole discussion wouldn't be happening cos then it would have been obvious my pin was compromised.

However that's not the case, so the bank is liable, and it's a good thing the person in charge seems to understand, he's not defending like some of you here seem to be doing, rather he's agreed to estate the issue to their team to investigate and make any necessary modifications.


Someone here also just reported a case of fraudsters changing the phone number linked to their account without any request from the customer, now that has cost them 1m, and some of you still want to assume banks can never be wrong?? Come on!!

Streetinvestor2:
Pls let me hear your opinion on my wife case with zenith bank.My wife tried shopping online believing it was the regular site she has been using. This was around 3pm on a working day.The transaction failed. Then around 5pm she got a debit of #1 naira.within 1 minutes she got different alert of 1 million and the whole money in the account cleared.since the banks already closed she could not go to the bank.The next day she went to bank and was told the money was used to shop oxl some whr in lagos
The surprised question is that she normally get otp notice for confirmation when she uses her card but this time none came.when she checked with bank customer desk she noticed a new phone introduced to her account which she believes the otp notification was sent.
She went to efcc and wrote to cbn but till today nothing came out off it.
Do you think thr could be insider hand work in this situation. Make I know if I should bring in a lawyer now.The amount taken was 1 million naira
I keep wondering how unknown number was introduced to her bank details with the bank.

This is my opinion on the matter:

The fraudsters could have set up a phishing site where inputing your card details and pin will help them retrieve same and use.


But since there's supposed to be an added otp security layer, phone number change is supposed to only happen via a secured zenith bank API.

The fact that the fraudsters were able to access that API to change the phone number linked to the account makes zenith bank liable.

The bank obviously has no record of your wife requesting for a phone number change.


I think the legal system in this country is the issue. Imagine Google having to pay out billions of dollars to users just cos the users sued that their incognito browsing wasn't private enough.


And banks are being this reckless??

ojesymsym:
This is so unlike you, you are usually calm and ready to listen but this time you seem really paranoia, you are trying to find the root cause of venerability, but at least be open to alternative ideas.

I have been in a situation where I wanted clarification also, even though in my case I wasn't duped but an attempt was made. I even opened a thread on it then. https://www.nairaland.com/6779196/bvn-fraud-encounter-fraudsters

Your use of the word "paranoia" is out of place.

If you read the thread well, you would see where someone (davit) suggested sim lock, and how I reacted.

The fact that someone else makes a lame argument that having access to my sim means having 90% access to my account, and I refute doesn't mean you should be quick to use wrong vocabulary.

His entire arguments are lame.
I lost my sim, and my money at GTB was entirely intact, that already proves his funny 90% argument as faulty.

You should be open to ideas as well, but smart ones, not just any ideas thrown at you. You have to be smart enough to sieve out the incoherent ones.

Rizin:
So you need old pin before you can reset your pin? What are you really saying?
There is always a FORGOT/RESET PASSWORD in almost all login (Its different from CHANGE PASSWORD which you can access after login).
Which if you click, a link or code will be sent to either your phone or email.
Now the phone is not with you and still with the person.
Trust me, they will not need your basic computer programming to do what they want to do.


I will not want to continue further. You can still take access to court and maybe we can learn from your experience if you share it afterwards.

Any bank who uses this weak system you describe is weak and undeserving of even a microfinance banking license.
In your funny imagination, anyone can just click reset PIN, and type in anything they like to reset my PIN? you must think the banks are fools.


In my experience, to reset your PIN at GTB for instance, you need to know the answer to a secret question, without which, you'll have to visit a branch for a physical reset. Stanbic too would require a physical visit for PIN reset if I remember correctly.

Basically, contrary to your inexperienced idea about these authorizations, any OTP sent to your line for PIN reset would only be possible after you've either provided an old PIN, your ATM PIN, an answer to a secret question, or gone to the bank for physical bimetric verification. You're extremely wrong in thinking any bank has a system that just lets you reset a PIn just cos you clicked a link, without having any other form of authorization.

Stop peddling ignorance, If you have an experience contrary to what I described, narrate.

Rizin:
My Brother, Do not just argue to win but to get fact.

some banks allow you to reset your pin using you sim card.
i do not have access bank so i can not say for them.

I know that i set my GT Ussd code without going to the bank. Even after upgrading from Gt app to GTCO app, i started using the new app without going to the GT bank office. It is still my best bank.
Some one that have your sim card can block u off from your account and he can do virtually everything you can do.

Then imagine if he gain access to your sim and phone.

Facts you say??
When you attempted a reset of your pin without going to the bank, did the system ask for your old pin or not?
Could you have succeeded in resetting the pin without knowing the old pin?
I really don't know why you feel the need to push these weak points?
Did you do basic computer programming?

Rizin:
One will think you are working with access bank. though am not sure.
But you have stated the fact.
A contractor build a house for you and furnished it and handed the key to the house to you.
a thief collect the key and robbed your house.
you want to go and hold the contractor liable.

The solution still remains to get a small nokia. put the sim card there and ensure that both the phone and the sim card are locked with security key.


Its hard to make a dim in the country. Avoid YOU GO EXPLAIN TAYA.

What renders your argument faulty us you making it seem like sim card is the primary mode of authorization for transaction, it's not.

You should compare my pin to the house key, then you'd be having a solid point.


No one is blaming a bank for a compromise of their pin.

The blame comes duly on them, when I have a pin that should give me a level of security, and fraudsters still bypass their system regardless.

Using your contractor analogy, it's like me never losing my key, locking my door, yet people still gain access to my home.

The contractor has got to be liable then for installing a faulty lock system.

As long as I can prove that I locked my doors and the invaders never used my key.