₦airaland Forum

zamirikpo:
oga if u are here to learn pls watch ur diction. improper use of words could turn around to hunt u.

besides people here volunteered to assist, u r not paying anyone.

to answer ur question, rates are going down, earlier in the year we were getting 18% while the going rates now is around 15%. then to ur questions on primary and secondary market, read from page 1 -10 of this thread. its clear u don't understand TB.

My brother... No disrespect meant.

I only advise that you consider some readers like me who in no distant time will also become a pro in Tbill because the journey of a thousand miles begins with one step.

Thanks all the same for taking time out to lend me a comment.

freeman67:
Nothing went wrong with your money. FBN deduct funds immediately you make your request.. Infact if money is not in your account at the point you are making the request, it is as good as void. That said, It seem your request was for primary market.

A request made on the 19/10 was already late for primary market investment the next date was 2/11 which you got. The rates given to you are not bad considering the CBN rates posted here yesterday.

I hope this clear your doubts....

✌ I am relieved.

Though the interest rate is not up to my expectations.
But all the same, it's a loose cash that I don't need and I think the token is worth it.

Thanks once again for your clarifications.

feelamong:
TREASURY BILL AUCTION 1/11/2017


91 DAYS ----13.1%

182 DAYS -----15.20%

364 DAYS -----15.6%

Please check my recent post in relation to what you posted here and comment.

Why would my money be deducted and kept for more than two weeks before it was then invested. Is this normal?

eanestca:
The major reason for the decline in the rates of Tbills is the fact that CBN wants to cut down the rate, I mean we all saw it coming when the offered savings bonds at 13%, going forward there is the likelihood they would focus more on project targeted Bonds just like the last one for road development.

My problem with you professionals here on nairaland is that you make ambiguous statements to simple questions that always end up confusing newbies like us.

Please always try to answer questions in clear terms so some of us can follow.

Are u implying that Tbill is no longer attractive and that investors should become cautious.

Also, is it true that the secondary tbill has more risk than the primary and if yes what are they and how can they be overcomed?

Ojugunrege:
90 days.
you may need to open another account in any bank nearest to you (FBN, maybe) and transfer your money there. A Savings account will suffice.

Do not go to FirstBank ooo.
My experience with them currently is a bad one.
Maybe another bank.
Read my thread before deciding on Firstbank.

festobit:
I visited a FirstBank branch close to me to do treasury bill

I filled two forms for tbill
One for 180 days and the other 91 days.

After three days my account was deducted but the interest rate was not paid to my account as they deducted the full money.

It's almost two weeks now and I have been going to the bank, they are yet to credit me with the interest neither did they send me any email regarding the tbill I did.

I was still there on Friday and they said they would put up a memo on it.

Please is this normal or is there a fraud case here. Being a newbie, I am counting on your experience to know what to do.

I don't even know what the interest rate is or even the maturity date. I don't have any information as regards the transaction. I only know my account was deducted.

I await your urgent responses.

Thank you

UPDATE ON MY ORDEAL AT FBN TBILL

I was at the bank on Monday and demanded for my proof of investment. The guy in charge told me he would do a memo to head office and I should check back on Tuesday.

I was busy all through the week and called today to find out what was going on. When I got there I was told that interest has been paid into my account.

Here is the strange things I was confronted with
1. My money was deducted on the 19th October 2017 but on the proof of investment form given to me, the effective date was 2nd November 2017.
My question is what happened to my money since 19th October and where was is it kept. Again to the pros in the house, is this normal and if not, what do I do?

2. For the 91days investment, I was given 13% rate. While for the 182days, I was given 15.1% rate. Now my question is I thought the primary rate should be higher and not this ridiculous. I challenged the guy and he said the rate is fixed by CBN, now my worry is do CBN gives different banks different rate for a primary offer?

3. They also wrote on my proof of investment that my interest is subject to the following charges:
a. 0.125% commission
b. 0.10% per transaction per investment
c. 100naira transaction fee per transaction per investment
d. 5% VAT on commission, custody fee and transaction fees.

Please nairalanders pros in the treasury bill, all these ordeals of mine, are they normal? Because deep within me I feel those guys at FirstBank are cheating me and I want to be well advised before I take actions.

I have not done a treasury bill before, this is my first time and I did because of what you guys were posting here. So please do not ignore a brother in need of knowledge. Kindly look at my post and advise via comment.

Thank you

freeman67:
What you should do is visit the bank and go directly to Officer that attended to you. Before going be sure of the date you made the investment...if you do not remember the date just check either you mobile app for your statement or request for your statement at the bank from the period you made the investment. I believe you should also know whether it is primary or secondary you invested in.

With that, just go to him/her and request for your proof of investment.. A certificate that carries the details of your investment.( you will be asked of your name, account no, amount invested and most likely whether its primary or secondary market)

About your interest not being paid upfront, that is dependent on the option you choose on the form when filling it. It is possible you chose the invest capital with interest option or they made a mistake and invested it for you that way. However you could also check your balance to see if its there because first bank most times drop interest without alert.

I believe this will help you.

Thank you for your help.

I actually applied for Primary and asked that my interest be paid upfront when filling the form.

I have asked him (I. E. The guy in charge) to give me proof of my investment and he keep saying that he has not been communicated.

My account was debited on the 19th of October 2017 and till now no proof of transaction has been issued to me.

I have sent a legal threat to their head office. I just hope it gets their attention.

But being a newbie in treasury bill, that is why I wanted to ask you experts on nairaland if this issues are normal before I over react.

Thanks

I visited a FirstBank branch close to me to do treasury bill

I filled two forms for tbill
One for 180 days and the other 91 days.

After three days my account was deducted but the interest rate was not paid to my account as they deducted the full money.

It's almost two weeks now and I have been going to the bank, they are yet to credit me with the interest neither did they send me any email regarding the tbill I did.

I was still there on Friday and they said they would put up a memo on it.

Please is this normal or is there a fraud case here. Being a newbie, I am counting on your experience to know what to do.

I don't even know what the interest rate is or even the maturity date. I don't have any information as regards the transaction. I only know my account was deducted.

I await your urgent responses.

Thank you