₦airaland Forum

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?.

freeman67:
Before, I used to open my app almost everyday except the days I extremely busy. I did that through December and noticed that the interest that was displayed throughout was debited but not credited. My balance was reduced. Thus, I complained to them and they rebuffed my complaint with the claim of mistakenly posting interest to all MMF accounts twice for December so they had to deduct it. Which was false, because I was very sure of what I was saying. That period, I wanted to make a deposit and had to observe to see that all was normal from their December - January end of the year balancing before I deposited to avoid issues.

Also, I noticed that after my complaint they made adjustments to statements on the app. Before, every end of the month, it will be indicated that your interest was debited with the - red sign and credited with green + sign for people that choose reinvestments of interests. Immediately after the complained I noticed that all the debit was removed and the last debit was corrected to credit.
Thus, I insisted on what I believe/observe then they asked me to bring a proof but I couldn't because the one I had was in their hands and they have altered it. So I deliberately decided to start keeping statements.

After the back and forth, I downloaded the Statements for my accounts from Inception from their website reflecting my balance on the 31 of December 2023.

On the 1st of February I open the app and discovered the interest for January has been credited. So, I downloaded the statement again, I wrote out my balance from 31 December 2023, added the amount I deposited and the amount they posted/claimed that they credited as interest. The was no indication that they debited any and it didn't add. I did it with my other account and I discovered it same. The money taken might be significant because the money is small but I hate being scammed by those I entrust funds to.

You can check the attached screenshots for confirmation.

I have never downloaded the statement.

When you first made this complaint, i decided to track mine. So on the morning of January 31, 2024, i took a screen shot of my dashboard and did a mental calculation of the daily interest and the likely figure to be credited. On February 1, i checked again. What was credited was higher than the amount when i took the screen shot which means the one day interest of January 31 was added. Did not bother to start tracking to decimal places because the rate used daily is not always specified.

freeman67:
Apart from that, in TBill you are very sure of the final/quoted rate and charges are clearly spelt out. In some MMF what they claim to add is actually not the case. They take advantage of people not monitoring to post fictitious interest and credit your account with a lesser sum.

I noticed this last December and decided to start keeping statements to follow up and after this January, I can confirm to you that the interest amount they (especially Stanbic) always to post is not complete.

How did you track this?. Interest is posted on the first day after end of month. If you check your statement during the day of the end of month, one day interest is not yet calculated.

emmasoft:
Yes rates are daily valued in MMF but the truth is when Tbills rate is high it affects MMF positively.

MMF also has its advantages
Easy entry and exit without penalty after 30days.This makes MMF very good for emergency fund.
It can be invested in with as little as 5,000
If rate changes upward it affects MMF positively but Tbills is static for the tenor.
Reinvestment ie Compounding is easily done with MMF.

So both Tbills and MMF are good for any conservative investor it depends on what you wish to achieve at any point in time in your investment journey or strategy.

The truth is that there is no one form of investment that can meet all the needs of an investor hence diversification is always encouraged.

I recently did a redemption when i needed emergency fund. The good thing is that it was part of the profit that i redeemed.

freeman67:
Good afternoon House, if you are using Stanbic IBTC Asset Management be sure to regularly keep your records and Statements of account, please. I log in to my app almost every day and I see what happens there always. I checked daily throughout the holiday period because I wanted to add to my subscription but I did not generate and keep the statements.

I discovered my that the interest on my MMF account was debited in on 31 December 2023 but not credited to my account or reinvested. I sent them a mail in that regard but they did not reply so I had to call them.

They picked my call and couldn't tell me anything tangible than it was they credited me twice and this had to debit me. When I informed her that same happened in my other MMF account, she said it happened to all their MMF account. I instead mine was not correct from my observation and she asked for the proof/evidence that I don't have.


Also, last week made a deposit that was to be credited to my MMF account last week, the money was credited to my GIF account instead. That was their mistake not mine. Instead of them to just say sorry and rectify the problem, the kept lying and insisting that I made the payment to GIF collection account that was they credited it there. However, the transaction receipt is with me. On the receipt, my MMF account number is clearly stated in the Narration space and I rightly sent the money to MMF collection account. Mistakes are normal but why would you lie and insist on something you are not sure about instead of just rectifying the mistake.

I used to enjoy their services but now, I don't understand what is happening with them now again. This year, I will be downloading my statement at least monthly to avoid all these stories.

@freeman67.

Were you able to resolve this issue and also how was that of this January ending?. Mine was credited for January ending.

skydiver01:
The nominal amount is the value of the bonds you were sold which will be paid at Maturity. The cash amount is the price you paid for each unit of the bond i.e., cN103.07 plus the accrued interest since the last coupon date - in this case the last coupon payment was made on c17 Sept 2023. The accrued interest from 17 Sept 2023 to 31 Jan, 2024 has to be paid by the buyer of the bond. That's what is call the dirty price - in this case being cN109.15. But don't worry about that because you get it all back (the accrued interest) at the next coupon date (in this case March 17, 2024). The dirty price simply includes the accrued to the settlement date of when a bond is bought/purchased. So the cash amount of cN13m is what will be debited from your account sometime today. Hope the above explanation helps.

Great explanation.

Some questions.

If the buyer will be paid N12m at the maturity date of the bond and the buyer's account is now being debited for N13m, that is already a difference or suppose loss of N1m.

Will that amount be recovered by the buyer through the periodic coupon payments?.

emmasoft:
@freeman67, apologies for all the inconvenience. I know you are very objective when it comes posting stuffs here. Actually, from my end, everything seems okay. The reinvestment of interest was done 31st of December, I guess the issue is in some accounts and not general.

However, I will escalate as much as possible though it's a bit difficult because I can't be specific since some of the information I need to be specific can't be shared in a thread like this.

This is true. Mine and that of my wife were effected effective December 31, 2023. Please try to takeup @freeman67 case with Stanbic. He is a strong voice here in Investment.

ogawisdom:
Do they tax interest on MMF?

On the compounding aspect does it mean if i invested 1000000 and it earns 300 daily then after day one the next interest will be calculated on principal of 1000300?

Trying to make a return to MMF with Stanbic, left for fixed income for some time now.

For Stanbic, compounding is done on monthly basis. I doubt there is a financial company that does daily compounding. If daily is 300 on investment of 1,000,000, then a 30-day month will be 9k and month end. So first day of new month calculation will be done with 1,009,000.

Godspeed0:
too poor i was expecting something like 100k risking 1 million for 9k is not encouraging

10% in a month is 120% per annum. Maybe you should try MMM.

brijibs:
Investment Gurus in the house, please help.
If I invest 100k, how much profit should I expect monthly?

If interest rate is 10%, you will get:

Daily Interest = (100,000 * 10 ) / (365 * 100) = 27.62

Then multiply that by number of days in the particular month to get the monthly Interest.

enque:
Bros, SFS rates have finally jumped to 11%.
What a way to end the year

Will interest be calculated backwards?.

emmasoft:
Great! Please ask her to sign in to her account on the web portal at least once before continuing with the app.

She has since done that as i took her through the process. She has even seen her 1-day interest today as the subscription was done yesterday. She don dey shout say she don hammer. She is now waiting for her stock market sales to hit her account so that she can equally move it there. At the rate she wants to go with this MMF, e be like say quantity of food go reduce for house o as she fit begin 'divert' house keeping money to MMF.

emmasoft:
Thank you my Oga.
I'm sure you will get the e-account number by tomorrow.

e-account gotten. First subscription done by her and funds already credited to her MMF.

Indigbo:
Do I still need to send receipt of bank transfer to them by email as proof of my subscription for MMF? I used my MMF E- Account number as reference. Or do you think they it doesn't matter, they will credit it ?

No need to send receipt of bank transfer to them. As far as your e-account was provided as reference or description, you will be credited. Transfer or deposit before 12noon gets credited the same business day while after 12noon, it is the next business day. It is best to always do the transfer or deposit on/before 9am.

emmasoft:
Yes. It's possible. There is a space for a referral code on the form she will be given, she should write L63LJ7GX in that space and let them know that it's the code of the person who referred her. I hope she goes to their office at VI because that is where she can get a prompt response.
If you don't mind I can send you the form with my code already printed on it. I tried to attach it here it's not going through.

Thanks for remembering me. It's appreciated and not taken for granted.

Online account opening through your link done. Now waiting for e-account so that funds can be transferred.

emmasoft:
Yes. It's possible. There is a space for a referral code on the form she will be given, she should write L63LJ7GX in that space and let them know that it's the code of the person who referred her. I hope she goes to their office at VI because that is where she can get a prompt response.
If you don't mind I can send you the form with my code already printed on it. I tried to attach it here it's not going through.

Thanks for remembering me. It's appreciated and not taken for granted.

Noted. I might also use your link to fill it online for her.

emmasoft:
Go with Norrenberger especially if you don't have dollar. They accept naira but their conversion rate is always slightly above black market rate on any of the day you are investing.

Contact me if you decide to go with them.

@emmasoft. Good that you posted as i totally forgot about you. My wife wants to join me in StanbicIBTC MMF. If she goes to their office to open the account, i will want her to link it to you. Is that possible?.

emmasoft:
Let your Detty December money make some money for you before it gets Detty.

MMF Rate is responding to High Tbills rates as earlier noted. The MMF rate is on the way up try and go up with it.
By tomorrow it will be December, take advantage of increasing MMF rates and make more money this December.
I will advise folks to take this opportunity and drop your funds for the festive period and January 2024 in MMF to have better returns.

Click the link on my signature to start investing in the Stanbic MMF or contact me.

If we drop it in this December period, what are we going to use to buy rice and chicken or travel to the village?.

emmasoft:
Let your Detty December money make some money for you before it gets Detty.

MMF Rate is responding to High Tbills rates as earlier noted. The MMF rate is on the way up try and go up with it.
By tomorrow it will be December, take advantage of increasing MMF rates and make more money this December.
I will advise folks to take this opportunity and drop your funds for the festive period and January 2024 in MMF to have better returns.

Click the link on my signature to start investing in the Stanbic MMF or contact me.

If we drop it in this December period, what are we going to use to buy rice and chicken or travel to the village?.

VeeVeeMyLuv:
Okay thanks

Good that somebody has clarified my statement.

Chikebrain:
This is fairmoney interest rate. How is this rate possible. I'm almost tempted by it

Risky but possible. The Microfinance banks change interest per month and it is on flat basis and not on reducing balance basis. Some change as high as 6% per month. 6% per month is 72% P.A.

Rolandq:
Yes, I used two sittings and I don't think it's such a good idea for them to reduce candidates' marks just because they used one or two sittings. The number of sittings used won't affect the scores, will it?

Which University is this?.

egojeny1:
Stanbic MMF rate today 10.70%

I am happy

Not only you o.

I added to mine yesterday. Will go and add more this afternoon.

DrImmaculate:
Honestly sorry for her plight.
Actually (1) is the best option for her IMO. For (2), no no no! You don't get to switch to Medicine in 200l here in UNIBEN (I'm a med student there). Don't let anyone deceive you.

(3) possible, if she wouldn't give up along the line. But still slim chances. For UnibenMED, your surest bet is through UTME though.

I learnt the North's been ruled out. I understand her parents perfectly. But if she'd want to go with route (1), and for UNIBEN again, there are very good lecture houses here in Benin (eg Gifted Hands) with tested proofs and great results that she can attend. If she can't stay for both UTME and PUTME, no problem. I believe she can get just about the same Utme score, and even better. Once she does that, let her not waste time but start preparing for the Putme, and a best way for that would be attending a good lecture house here. The choice is hers though. I must also let you know that Unilag isn't any easier than Uniben.

I wish her all the best!

Thanks.

She was transferred to Physiotherapy which she has accepted. She will retake JAMB if she is still interested in going for Medicine.

Tohmey:
With that there cheap rate(below 10%)

That is why it is every month. Check the power of compounding. Others pay every quarter.

emmanuelewumi:
Treasury Bill does not pay every month. I told you to buy bonds so that you can get income twice in a year, 2 tranches of bond investment will give you income 4 times in a year, 3 tranches of bond will give you income 6 times in a year


You can buy Money Market Fund and get your dividends every quarter, March, June, September and December

StabicIBTC MMF pays every month. So he can withdraw the interedt every month.