₦airaland Forum

skydiver01:
I believe its the 11th as shown in the CBN Tbills schedule below.

Its 13/04/23 that is showing there in that calender so any bid should at least be done on Tuesday 11/4/23 because monday is public holiday .

MeezPat:
Please is there any bank where I can get tbills of 5mn from the primary market as rates are higher here.I got assisted for the normal bonds not savings from a commercial bank at an amount lesser than 50m but I want to do same for tbills and they say it has to be 50m before bidding.At the last auction I was offered 11% for secondary purchase which was gotten for 14.74% at auction. Kindly assist

Yes, you can't place your own bid with any amount below 50M but you can go with the bank's bid. The 11% they gave you from their secondary may have been gotten less than the 14.74%. This is because lots of them bidded lower because they weren't expecting the spike in rate from the 9.49% to the 14.74% and may not want to loose out.

That said, I am sure many of them will bid in that 14.74% region or even higher for the next auction. So you will have to go with the banks bid if you still desire to invest in it.

emmanuelewumi:
It is not advisable to do business with a firm.


I have money market fund investments with the following

FBN Quest Asset Management
FSDH Asset Management
GT Fund Managers
Stanbic IBTC Asset United Capital Asset Management.



For now I am get the best yields from
FBN Quest Asset Management and FSDH Asset Management.

But currently have a yield of over 11%

Very apt. I have diversified but I think I need to do more. Right I am using only Stanbic and UCap. I like FBNquest but I haven't joined them because I don't know how fast they credit customer account after redemption/withrawal.

I should begin to look into FSDH too. I don't like GTFund lack of online access.

Stanbic IBTC MMF handler are seriously misbehaving this days. It seems there is no particular pattern/calculation/rate they use to credit the fund. They just wake up and credit account whenever and however they like. They want to damage the trust/ reliance people have in them. What's keeping my little fund there now is just the fact I can withdraw and my account will be credited within 24 hrs if not by now I should have left them totally.

Supremos:
https://m.facebook.com/story.php?story_fbid=pfbid02jHfApvKFCsyqYi4hbuoCRgWCqe8a3pE6zzgsh9q8cnK71hoAmoWnNe6C6kpdCybtl&id=100000479373538&mibextid=Nif5oz

Not fair. It could rain while they are sleeping. The open space can also expose them to snakes and scorpions. Thank God they have mosquito nets if not not the risks of malaria would have also been high.

igbizen:
Stanbic MMF is becoming too slow in updating account. This is evening already and weekend returns have not be updated. Even to reinvest earnings for the month of March is yet to be done.
@emmasoft and ponzihater what is happening? This is unlike stanbic

Yes, I noticed that too. It could be because today is the first of working day of a new month.

rookidmart:
You run a business and use a current account.
Per the banker's tariff published by CBN the current account maintenance fee is ₦1 per mille (₦1,000)
You can download/print your account statement and confirm if you're being charged over the tariff. If you are, then you can take it up with the bank.
Also note that the tariff (₦1/mille) is negotiable and negotiation is to be initiated by the customer.
Realistically in every negotiation you need either leverage or a good relationship to triumph. I wish you good luck.

VAT is a tax and goes to the government, not the bank. It's a statutory requirement and the bank will be fined if they do not remit taxes.
No matter the amount you're charged you'd still have to pay taxes

If after calculating this way and it doesn't not add up or you are not satisfied, you can try and discuss it with them and if you don't get any resolution from there. You can mail CBN through cpd@cbn.gov.ng explaining your situation and efforts done to resolve it. I believe they will intervene.

Good luck.

Jasonblu:
Reaprite gives 12-16% on their plans....
been with them since 2020....

Click the link on my signature

Seun:
Fellow Nairalanders,

We have noticed the use of ethnic slurs and other derogatory names by a small but persistent group of political actors and trolls.

This practice of derogatory name-calling adds no value to the forum. It's bad for our mental health, our harmony as a community, and the reputation of Nairaland. It's simply toxic. It's absence and the absence of the people who use those slurs will not be missed.

Therefore I have decided to ban the practice entirely. I have instructed dominique, mukina2, Lalasticlala and Mynd44 to ban anyone who uses an ethnic slur or derogatory name on Nairaland. The antispam bot will also contribute to the effort. Please report any case that you see.

- Seun Osewa, Founder of Nairaland

Way to go Seun... Nice one.!

ejijorice:
Pls, how do we invest in this commercial paper?
Thank you.

RayRay06677:
Good luck

For this, you can google 'Afrinvest' or 'Coronation Merchant Bank' look for their contact there and mail/call their Customer Service. You will get a reply on how to go about it. It's not a complicated thing. Once you display people's phone numbers and email address here now scammers will want to feast on them.

freeman67:
Daraju CP.


Flour Mills Corporate Bond is about will soon come up too.

For this, contact coronation merchant bank too. You will get an instant reply.

Daraju CP.


Flour Mills Corporate Bond is about will soon come up too.

Agbalowomeri:
Elections have been successfully held and winners declared. Why should anyone think May 29 has uncertainties?

This is a very nice and patriotic question.

There are 1 or 2 pointers around that may suggest why such insinuation is still coming up at this time when ordinarily everyone should be preparing to welcome a new government and adapt to a new style of doing things. One of such is the concern raised below:

https://www.nairaland.com/7627814/dss-raises-alarm-over-plot

There maybe several others but I can't delve into them because I am not a "politician" and this is not a politics thread.

Ordinarily, those discussions should not come up here on this thread. However, it can not be totally avoided because, when there are monetary decisions to be made, there is the need to consider all probable and even improbable cause of events that could happen and how it may affect your investment before committing your fund. We should leave gaslighting for politicians whose money are directly involved and focus more on how navigate situation when ever and however it comes.

We should just to take some statements here on face value and stop reading deeper meaning into them. Delving deep might raise some political discourse which will not be healthy for the thread.

RabbiDoracle:
Never heard of that. I believe most people will be speaking about it and the news will filter to clients. There must definitely be a heads-up.

There are some monies you can't keep under the pillow. It must be banked. So one needs to be aware of events happening around and you do you due diligence in selecting a good form to trade with.

I was going to ask a similar question. The slight difference is, mine is with the broker instead. What happens if the broker have issues and you have some balance you have not used to buy shares in your account with them. Something similar happened with Cash Craft. I know you can get the shares you already have through CSCS which was what I did with Cash Craft. What if I had money in my investment account? I am not sure the money would have come out because there were other customers that had other investments with them that are still struggling to get back their money.

Tohmey:
Help! Pls which free app can i use to fill & sign pdf on android

I use Adobe Acrobat. They will ask to subscribe if you want to be using it to adjust or modify pdf doc but once it is just fill and sign, you don't need to subscribe.

RabbiDoracle:
I'm not in any group.

Ok, thanks.

Horlartunes:
Hi
How do you calculate 182 days
For instance an investment of 1m
Thank you

You not include the interest rate. You only included principal/capital and tenure. That said, let me assume the rate of the investment to 9%.

For me this is the easy way I calculate it is;

N1,000,000 ÷ 100 x 9 ÷ 2

or

N1,000,000 ÷ 100 x 9 ÷ 365 x 182

RabbiDoracle:
Chief, why are you disappointed?

It is a common knowledge here that there are watsapp groups that discuss stocks. Some are paid-for groups, while majority are free and open groups but with rules which Nairaland doesn't have.

Why do people migrate?

It is because investors are too emotional when they take positions in the market. They don't want negative facts being shown which they believe could affect the performance of their stocks. And when such facts are presented, the messenger gets attacked and insults hurled at the person. So they tend to migrate to where there are rules and where there are majorly 'adults' who listen to you and present their own views to counter your points. There are lots of business managers, professionals, academics who comment daily here and state what they think based on facts they have that could impact markets positively or negatively. But immaturity of some members cause them to migrate to where there are rules.

In such groups, they do make analysis more detailed than what you see here. They do make forecast more detailed than what you see here. Such analysis can cause convinced group members to take a position or leave a position. But if they do so to influence prices, then such can only be done for some ultra low caps stocks and almost moribund companies. And even when such people start pumping those names on Nairaland, you will easily know that these are pumpers and want to dump soon. Members are not dumb here. We know those who pump and dump ultra low stocks.

And that is why you see NSEMPA gets dry of members who post independent analysis.

Please I can tolerate whether analysis is in my favour or not ooo. How do I join the WhatsApp groups, please?

Allboiz:
A friend needs an advice...

He has 30k usd invested. He gets 5% annually as interest in usd...
5% interest on 30,000 annually is 1500usd
1500 * 740 = 1,110,000 in naira

He then noticed that if he had converted the money to naira, his interest would have been much better because the interest on naira is around 10% - 14%...
30000 * 740 = 22,200,000
10% interest on 22,200,000 annually is 2,220,000

Now, he's contemplating on whether to convert his money to naira for fast growth or leave it in usd. And at the same time, he is scared of naira devaluation. Anyone?

If I was your friend, I will diversify a little. Depending on how offen he intends to have access to the funds and how long he intends to invest it. I would have divided the money into 2, 15k each. I will leave the first 15k in the dollar investment as a hedge against the erratic inflation and incessant increase in exchange rate.
Then, I will convert and invest the remaining 15k in fixed income asset of ie 10 - 15 years FGN Bond with the rate of between 13-16% and compounds if he desires long term.

He can also used the converted 15k for short term investment in CP for rates between 14-17% and invest with interest if he wish. That way, the naira side of it would have been giving more interest. The mix will give him a higher interest than what he is currently getting.

NL1960:
He withdrew after two weeks(14 days) of opening and it is supposed to be operated for 30days initially. So there should be a penalty.

I don't think they will be any penalty. He didn't withdraw all the money. Also, the penalty normally is from the interest not principal. So, even if they would be, it would not reflect.

igbizen:
I had 1M in MMF. Then I added 4.5M and added another 4.5M the next day making the total funds to be 10M. After two weeks I withdrew 5M. And allowed the balance 5M to remain for 30days. What will be the penalty.

No penalty. However, your subsequent daily rate after the withdrawal with be calculated and credited based on your 5M balance.

That rate there (5%) is per annum and not for the 30 days as you are assuming.meaning is for the whole year and will have to be divided by 12 to get the real rate. So if you were to make that investment, what you will get is actually about 0.416 instead, mind you that 10% tax will also be deducted from the interest you will get.

Ty207:
@emmasoft
Pls I have a question, anytime I open my Accessbank app I always see investment that promise 5% months, which is equivalent to 50/60% annually, my question is that why will someone leave such investment and invest in mutual fund that only promise 10/12% annually?? Note I have called Accessbank bank and I was told the investment is risk free and I can withdraw my money anytime even before the maturity day.... so I will want you to enlight me more about the investment

bigiyaro:
Hello there, I have been trying to get a car for e-hailing since last year, I have 500k so far and my rent is coming up in June (200k) I don't want this money just lying around, I have heard of ibtc mutual funds, pls I need more info on how to put this money there. Thanks.

@emmasoft see customer.

Uchetoba:
what is wrong with Morgan platform today?

I am experiencing issues with it too. Was thinking I am the only 1.

desireoge:
Good morning guys. I bought 180days treasury bills that will mature around April 27th @ 8%.
As it's I need the money to buy land, I want to liquidate. What advice do you have for me. Will I loose or gain? 13M involved

As you are already aware, the interest of TBill is paid up front. That means that you would only get your 13 M back complete if you wait till maturity except you reinvested the capital with interest.

Also, resale is subject to prevailing market rate and as you were charged for bid so you will be charged for offering. So all these is supposed to affect it

However, the last primary auction rate was very low so is the prevailing market rate at the secondary market. Thus, putting everything together it should benefit you more if you decide to sell. If you are able to resale at @ 4% or below, you would have benefited @ least half of the rate of the 2 months 7 days left.

kamsy4God:
Please house I need your input in this ...
I was in urgent need for money so I did online redemption from my stanbic money market fund on Thursday 16th Feb 2023 by 8am. I was debited same day from mmf account, but have not been credited. I ve not had this delay in my other redemptions , even though its been a year since the last redemption. Should I be worried. I am in Owerri

Stanbic IBTC Asset Management Limited does not usually delay payment of redeemed funds like this. However, it is very possible with the current happenings in Nigeria.

Thus, you may need to contact them. Before you do that, please be sure from your own end. Try to do the underlisted:

1. Check your MMF account to confirm if the money has been deducted from there or not.

2. Check your SMS and email inbox / spam box to be sure that after you initiated the redemption, it was successful. By confirming you received the TRANSACTION TOKEN and after using same, you received the TRANSACTION RECEIPT of the redemption.

3. Be sure you selected the right destination where the redemption is to be credited. Eg your account.

4. Check your account balance/transaction on either mobile app, internet login or ATM irrespective of whether you were to get the alert or not. Network sometimes may affect the delivery of alerts.

5. When these are checked and all is well on your part, you can just google their customer service number, call and ask to be connected to their Mutual Fund Arm. Then you can make your complain and find out possible reasons for the delay.

emmasoft:
It's also safe, but know that 10% WHT will always be deducted from interest on fixed deposits and the rate remain fixed irrespective of any positive changes in MPR.

This is ok. At least the investor is aware of the withholding tax from the beginning and it will be calculated into his plans. Not like Commercial Papers where the arranger will stylishly put a statement like "Applicable tax shall apply or otherwise exempted" advert sent to you. Then skip the information of whether it is exempted or not from the terms of agreement/contract paper and all after, send you an incomplete proceed with claims that withholdings tax was deducted.


Even on MMF, except you choose to reinvest interest; if otherwise your interest will still be taxed and possibility of having more than 10% interest cumulatively for the year is not there.

emmanuelewumi:
Who is the custodian of your investment? Is it the bank or it appeared in your CSCS statement

It appears on my CSCS statement.

Zabilon007:
You just mentioned the other colleagues of first bank... GT, Zenith? Zenith?.... When ZenithBank and Gtbank show you shege, you go praise first bank!

The post you quoted was made in 2015. Things have changed greatly with all the banks mentioned in the post. Some is for the better while others is for worse. First Bank have improved, Eco is still the same or even getting worse. Zenith has been very poor in their service this period while GT is neither here nor there. Things changes with time I guess.

Investing through stanbic especially anything order than treasury bill is hard. Thank God I have an alternative. I will just transfer my money. The only down side is just that its a secondary market thing but with at least N95,000 you can invest in bond through Standard Chartered. You don't have to call or even mail any relationship manager that will either not pick or reply your call/messages. Once you set up your app by yourself, you can do everything by yourself without contacting anyone.

Wapgod:
I know this is not investment related.
But I am looking for a graduate trainee role at a financial service firm in lagos.
I just finished my NYSC.
My degree is in Information Technology(2nd class upper).

Ok see people looking for you.

sgtponzihater1:
Stanbic now pay interest monthly?, I thought it was quarterly

Before now, it was even every 2 or days.

dustmalik:
The funny thing is, when this policy comes into full effect and people start to see the drawbacks of it, these same people supporting it will be the ones to turn around to blame Tinubu and APC.

The problem we have is lack of foresight. Yesterday alone, two people made transfer to me and I didn't receive their transfer for hours, I didn't get an alert and the value of the transfers also didn't reflect in my bank app. Sometimes it takes unreasonable amount of hours for transfers to reflect.

Imagine you go to a shop to buy something and you make a transfer. The seller says he hasn't receive the transfer. Will you wait for hours?

People are going to experience a lot of drawbacks, including delayed transfers, failed transfers, fake transfer alerts are going to be rampant.

The simple truth is that, the whole system is not ready or prepared for this policy.

There is not draw back to anything for the common man in this. It the politicians, terrorists/bandits, kidnappers and money hoarders that are instigating the complaints and causing in connivance with Banker friends to make the money not available.

With the old money, all you listed as drawbacks and even more were happening and people were already getting used to it and have developed their individual ways of coping.

They is nobody reading this now that will say he/she has never encountered a delayed transfer and failed transfer/transaction or will say he or she has never heard of fake alerts before.

However, with all that, more genuine and successful transactions have been done. Could it have been better, yes but if you look at was was and where we are going, we have really come a long way.

That said, I will like to quickly add that all these are issues with cashless policy whose implementation has commenced long before now and has nothing to do with the new naira notes. The reasons and objectives for changing the notes are very germaine. I just hope they don't succeed in scuttling the efforts.