₦airaland Forum

safex:
Same with Zenith Bank. How come we got 20% when the stop rate is 21%, or am I missing something

A bank only gets what it bidded even if it is below thr Stop Rate. If it is above the Stop Rate, the bid fails.

egojeny1:
I tire. See how he talked to an elder.

You know some people will not read an entire thread to follow a flow but will just jump into one thing to try to claim superior argument.

Anyway, let him go and buy dollars and keep under his bed in the name of 'investing in dollar denominated fund is the same as buying physical dollar to keep under the bed'. Maybe under the bed is his own dollar denominated fund.

Bbbwings:
How do supposed educated persons fall for apc propaganda?
No one is selling dollars at 1000naira

That is why they say social media is a poisonous place. It might not be APC propaganda. it might be somebody trying to divert traffic to a dying blog or trying to trend.

Oshokhai69:
You are just too dull. You started by saying dollar kept at home is not liquid. Then you changed to dollar denominated assets and now you dey talk how much person fit keep for house.

Oga, I only pointed out the hopelessness in that stupid comment that dollar under the bed is not liquid and that your so called mutual funds are more liquid. Na only drunkard you fit follow talk that nonsense.

By the way, how many average Nigerians get more than a few hundred dollars?

Go back and read the thread of discussion, The discussion started with investing in dollar denominated assets being the same with buying dollar cash and keeping at home for which i said it is not the same.

Anyway, if you like buy dollars keep for your house, wetin concern me. I have $100 i bought which is in my family house underground vault in the village and iam not selling it until it reaches N3,000.

Btw, do not keep your own in your family house because i can trace it using your name.

Oshokhai69:
If you are talking about liquidity, nothing is more liquid than the cash you keep under your bed. Only a fool go believe say his so called dollar denominated ‘assets’ are safer and more liquid than physical cash. You sure say you go school?

And how much physical cash can you put under your bed?. You go build underground vault for house?.. What a mentality. No wonder our politicians dey keep bags and bags of cash for house. It is like when they say that there is a pending fuel scarcity and you go see people dey run about buy fuel for jerry cans dey store for house.

Oshokhai69:
Capping nonsense again. Wetin liquidity get to do with store of wealth? You never hear of rich men wey get billions but yet have no liquidity because it is hard to sell or convert their assets into cash? That poor man that has 100 dollars under his bed may not be rich but that 100 dollars can very easily be converted to cash.

Do you know that your so called mutual funds sometimes have liquidity issues where they cannot honor requests from several clients wanting cash at the same time? Did you not read from that person that says he has been calling United Capital to pay his money? Is that what you call liquidity?

Shuooo. I say i don hear. Go and buy dollars and put under your bed to store your wealth.

Btw, the discussion was on investing in dollar denominated assets and buying dollar cash to keep. Investing in dollar dominated assets is not the same as buying dollars to keep under the bed.

Oshokhai69:
How can you open mouth to say dollars in cash under your bed is not liquid asset? Oga that dollar under your bed is more liquid than any money you have in mutual funds. Stop capping nonsense abeg.

Ok. I don hear.

Go and buy dollars then and keep under your bed as a store of wealth and then call it dollar denominated asset.

Acidosis:
Why do people buy dollar-based mutual funds? For fun? Everyone is buying for keeps, including those of you "investing" in real estates.

Mutual funds is liquid asset. Buying dollars and putting under your bed is not liquid asset. If you buy dollar denominated funds, physical dollar cash has actually not left the vaults. Do you know the value of MMF of some Asset Management Companies?. If you have an MMF, is the physical cash under your bed?.

I blame CBN that allows physical FX to be given to people. During Abacha's time, if you want to travel and apply for BTA and PTA, signed Thomas Cook Travellers Cheques are given to you unlike now that physical dollars is given to you.

Acidosis:
No, I don't have any hoarded dollar. But trying to labell those who invested in dollar-denominated assets as enemies of Nigeria will be resisted.

Funny, I just listed several federal government-licensed platforms offering dollar-based investments, but none has been able to respond. Why? You people's "unpatriotic patriotism" no dey ever reach federal-government licensed Stanbic IBTC dollar funds?

Ask yourself, "what" is the enemy of Nigeria? A consumer who buys a dollar-denominated mutual funds, the platform that offers the funds, or the federal government that licensed these platforms?? All I see is an unparalleled hypocrisy or hate masked as patriotism to unpatriotic leaders. Let's jointly dare the federal government to name the top dollar investors with Stanbic, ARM, Anchoria, etc. if e sure for them.

Again, why the urge and incessant warnings to sell dollars? To who? You and the new sets of "hoarders" at cheaper rates? 😅

"who invested in dollar-denominated assets ".

Is investing in dollar denominated assets the same thing as buying dollars for speculation or for keeps?.

Streetinvestor2:
I am very sure of my stand and can bet against it.I knew the dollar rise to #1900 after floating was manipulation. And if you are sure on your side.Pls do sell all your asset and even borrow and go buy dollars. True demand and supply is making naira find its true value.
And in countries like China they would have executed the binance criminals. This country is too democratic in some crimes against the nation. Tell me what changed in our economy physical after floating of naira. Did our production reduced or consumption from imported goods increase.So what was driving the exchange rate daily if not manipulative speculation from enemies of the country.
Dollars will touch down to 1k soon because the genuine people who use it for business and other things have reduced thr demand for it.The demand will increase within #800-#1000 bend.I speak as a business man.

Every Tom, Dick and Harry suddenly jumped into buying dollars claiming they are protecting their wealth.

Me too, i joined in protecting my wealth by going to buy $100 which is presently kept in my family underground vault in the family compound in the village. To access the vault, you need to get the password from my late parents.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held their second meeting of the year where they voted to:

- Raise monetary policy rate (MPR) by 200bps to 24.75%.
- Adjust the Asymmetric corridor around the MPR from +100/-700bps to +100/-300bps.
- Maintain the Cash Reserve Ratio (CRR) of Commercial banks at 45.00%.
- Adjust the Cash Reserve Ratio (CRR) of Merchant banks from 10.00% to 14.00%.
- Maintain the Liquidity Ratio at 30.00%.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held their second meeting of the year where they voted to:

- Raise monetary policy rate (MPR) by 200bps to 24.75%.
- Adjust the Asymmetric corridor around the MPR from +100/-700bps to +100/-300bps.
- Maintain the Cash Reserve Ratio (CRR) of Commercial banks at 45.00%.
- Adjust the Cash Reserve Ratio (CRR) of Merchant banks from 10.00% to 14.00%.
- Maintain the Liquidity Ratio at 30.00%.

A305:
Thanks for your reply boss.

I will reach out to you via Whatsapp to assist with dollar based investment as well.

Do not forget to use your e-account as reference or description as that makes it easier to quickly get value.

MightyNigerian:
The quota for all Med Schs in Nigeria were doubled this year

Not just Medicine but also for all Nursing Schs in Nigeria including Sch of Nursing.
I think Tinubu did that to cover Japa lapses but probably didn't think about the aftermath

Iam aware there was a directive to that effect but i only saw few Universities saying that theirs have been increased. Never saw any information from the new generation universities.

MightyNigerian:
Here comes the cheap blackmailing stuff. This isn't a political thread so I won't banter any words. If you want to engage, do it with facts.
UNN quota was just increased to 360 this year like UI & ABU. Honestly, no sch in Nigeria has the facility for 360 & you know that

I repeat UNN med sch is not close to UI & OAU with facts/reasons but you're here playing the normal cards we're used to in Nigeria.
Mind you I sch at UNN and I'm not even from South West. I'm from South South & I hear feedback from my friends in those 2 schools.
So, you can't corner me with those games.

The reason why you find me on this thread was the person I quoted. He said OAU has no competition like UNN & I was like no, that's not competition. It's an unhealthy one & not one someone should be bragging with. OAU is ahead because they study under the right conditions.

Please was that of Uniben and Unilag also increased?.

emmasoft:
@NL1960 has explained correctly.
Using 2m as the capital with current 14.67% for stanbic, this is what you get.

Interest for one year 14.67*2m/100
Which gives 293,400
Interest for one day will be 293,400/365
Which gives 803.8356
So for one month of 30 days you will get
803.8356*30 = 24,115.07

In the above, assumptions are:
Rate didn't change within the month and
there was no top up or redemption

Shuooo. Stanbic don reach 14.67%?. That means i don see money be that for April School resumption bills. .

Stargirl2011:
Hello i just want to know if it is compulsory. I am meant to write it this 2024

State secondary schools use the State BECE to promote to SS1. Unity schools use the Federal BECE to promote to SS1. Most catholic schools make it compulsory even though they might not use it to promote but if you want to transfer to SS1 of the catholic school, they require it because they trust it more than the result from private secondary schools. Private secondary schools do not use it.

Nakedman:
All road leads to fsdh for Mutual Funds.

What is their interest capitalization and payment policy?.

Nakedman:
You can as well invest the interest or move the interest to your mutual funds if need be for emergency funds. Just saying. You shouldn't miss out of this 20%

If i move the upfront interest to MMF, the monthly interest from MMF will no longer be much. Upfront interest is good for payment of one year rent.

Nakedman:
I have been moving my funds to tbills. The 20% is no joke. mmf is still sitted at 12%. I can't open my eyes and lose over 8%

I did not move mine as the upfront interest might be too tempting to be spent. I have some educational expenses coming up within this period and i plan withdrawing the interest i have earned to solve most of them.

ositadima1:
The way I would compound it is by doing three consecutive Treasury bills, which would take a month plus.

For the first T-bills, I would put the #10 million at 21% (assuming this is the rate) and get #2.1 million upfront.

For the next auction, I would put the #2.1 million at 21% (again assuming a constant rate) and get #441 thousand upfront.

For the next auction, I would put the #441 thousand at 21% (again assuming a constant rate) and get #92.6 thousand upfront. At this point, I would stop and keep the #92.6 thousand.

At the end of the tenures, one year and a few weeks from now, they will start crediting one after the other: #10 million, then #2.1 million, and lastly #441 thousand plus the #92.6 thousand, which sums up to #12.633 million (profit of 2.63 million) . So, by compounding this way, you would make an extra #533 thousand.

This new TB rate is now giving somebody a headache on TB vs MMF.

Mrajah231:
Please is Stanbic MMF interest paid every month or quarterly? Please clarify me

Paid every month. You can either choose the option of re-investing it or choose the option of it being paid to your nominated account.

Plus10:
Still poor rate

I doubt MMF rates will ever equal TB or Bonds rates.

It is a tough decision to make between TBs and MMFs.

emmasoft:
It's reflecting already and it will continue to do so positively with the current hike in MPR.
You can also read my earlier post on how an increase Tbills rate or MPR affects MMF.

Credit for the month of February has reflected in my Stanbic MMF account.

Stanbic MMF is now 12.84%.

Itsrm:
So why won't he transfer to Aboki and get better value for money? Why will he take the rate given by the bank? Are they putting a gun to his head?

He can do that but Aboki will likely give a lower rate if it is physical cash.

Those transferring from abroad, why are they not transferring to Aboki directly?.

ositadima1:
It is plain weird. Do you even pause and think, or is this a case of being blinded by the thrill of short-term gains? You converted your money into dollars, so why don't you give it a rest? Yet you have to come here, to a thread meant for Treasury bills, to promote dollar buying. I think subconsciously, or maybe consciously, it is more about monkey hunting than real concerns towards the other readers.

The continuous wailing gets very tiring. "It will go to 1500, it will go to 2000, it will go to 3000," what the heck is wrong with you people? Let me explain what you don't seem to understand.

Yes, the naira has devalued for a long time, but not at this rate. Look around you and see the effects - people are being stretched thin. If it continues like this, your money will mean nothing. When 20% of the population is pushed to criminal activities, your dollar-denominated assets that are now doing 500% returns will mean nothing. But shortsightedness will not allow you to see what is coming.

The rate at which the naira is falling is not good, especially for a country that is import-dependent. The chaos that will ensue will render your profits useless. You keep encouraging everyone who has spare naira to change their money at the expense of everyone - your eyes will clear eventually.

In one Whatsapp group i belong to, that was how somebody was getting excited and making fun by posting rates every hour. I then told the person that i hope he knows that by the time he buys dollars and deposit in Dorm account to keep that i hope he knows that when he no longer has Naira to buy food to eat, he will then have to go and withdraw the dollars in the Dorm account to then convert to Naira to buy food and the bank can say that there is no cash dollar available to give him and since he has to feed, he will now have to convert at whatever rate he is given by the bank.

Jago2244:
Hi Docs please can anyone recommend either a federal or state university that hasn't started 2023/2024 Mbbs admission?
I don't want my 2023 jamb score of 290 to waste pls 🙏

I doubt there is any federal university that is still doing 2023/2024 admission not to talk of admission into MBBS. Federal Universities that merged sessions have since resumed while those that did not merge will most likely resume in April.

Itsrm:
You don't get the point I was making. The FD rates were previously 3-6% and has now gone up to 12-15%.

I'm expecting considerable increase in mfs rates as well seeing as the underlying assets have all witnessed increased rates in recent times.

And yes, 100k will get you 12%. I don't want to post the evidence here so I don't get into trouble. You can confirm independently.

This bold means the banks are in desperate mode to retain customers.

Itsrm:
You don't get the point I was making. The FD rates were previously 3-6% and has now gone up to 12-15%.

I'm expecting considerable increase in mfs rates as well seeing as the underlying assets have all witnessed increased rates in recent times.

And yes, 100k will get you 12%. I don't want to post the evidence here so I don't get into trouble. You can confirm independently.

I get it now.

There is now competition with many people now being aware of MMF and the ease of operation. With many people now moving their funds from FDs to MMFs, the banks have to match MMF rates in order to retain customers. You break FD before maturity, you pay a penalty. There is nothing like penalty in MMF after 30days.

Itsrm:
100k-50m 12%
50m-200m 13%
200m-1bn 14%
>1bn 15%

First bank, 1 year Tenor.

TDs do not compound. The only way it can compound like Stanbic MMF monthly compounding is if the tenor is 30days with automatic rollover. The bank will discount for such.

Itsrm:
100k-50m 12%
50m-200m 13%
200m-1bn 14%
>1bn 15%

First bank, 1 year Tenor.

I knew that the amount will be very high if it is a commercial bank. How many people have 50m-200m to keep in the bank?. N50m can get you a Microfinance Bank license that will be returned to you after approval. The same N50m can get you a Super Agent PSS license which will equally be returned after approval.

I even doubt 100k will get you 12%. It will be graduated.

Itsrm:
What did Stanbic post? Axa mansard is also doing 11.59 at a time when fixed deposits have gone to 13%

Seriously considering moving my funds away if the rates don't improve.

In which bank and at what amount?.