yinkaoke:
Haba official rate 1k, maybe if things continues this way for 8-10yrs. The black market maybe yes but l need a more technically supportive explanation. I thought people will start giving up their hidden dollars I exchange for naira and then place in naira denominated invest as rates are going up or what do u guys think?

quote author=VeeVeeMyLuv post=116907717]
Fx rate? It will keep going up (I am not even talking about the parallel market rate), I mean the official rate is set to get to the 1k to a $ mark. Gradually though, let's say in a couple of years.

Unless a Messiah waves a magic wand over our economy for a turnaround.

ezinwaJesu:
Abeg better people wey dey house, when is the next treasury bills auction.

skydiver01:
28 September, 2022.

VeeVeeMyLuv:

Yes I mean it! It is heading towards 1k!

The advisable thing to do now is to just find a way to convert your naira to dollar at a rate close to official rate, then save in a dollar account to yield interest for the foreseeable future.

SisterFire:
bigcowhornn this is his new monikker I warned him .

VeeVeeMyLuv:

Who?
Warned who?
What are you talking about?
Whom are you referring to?

VeeVeeMyLuv:

Yes I mean it! It is heading towards 1k!

The advisable thing to do now is to just find a way to convert your naira to dollar at a rate close to official rate, then save in a dollar account to yield interest for the foreseeable future.

SisterFire:
...lyk seriously ? Sorry I thought u are iluvmamav?

SisterFire:
...lyk seriously ? Sorry I thought u are iluvmamav?

SisterFire:
bigcowhornn this is his new monikker I warned him .

BigCowHornn:


I find it hard believing you can make a ridiculous mistake like this!

Since when did he become interested in money making? T.Bills and dollars for that matter? When did he even learn to speak English this well?

His basic interest in life is no further than APC and PDP, Tinubu and Yeeebooos.
Need i tell you that?

Vivian, the reason why I gave him that freedom, even knowing well he will use it to insult my tribe, is because of you.
I don't want to hurt or upset you anymore. I think I have done enough of that.
Women like you can never get tied down unless they want to be and that means they like what is tying them down at some level
I don't want to upset you by attacking what you like.. love or whatever.

But know it that if that guy violates my conditions it will bring my attention back to him. One year i have not finished with him.
No amount of ban will stop me.

I think you know me well.

I am following all 3 of his current monikers. He must not touch them again.
Let him go get another for his crap...

That's my condition

Oshokhai69:


Comrade if I may. Wetin be the meaning of this senseless post on a Treasury Bill thread?

Maxilight:
Please help with the right info. Where, how and when can one buy treasury Bills. Thanks

Maxilight:
Please help with the right info. Where, how and when can one buy treasury Bills. Thanks

emmasoft:


Where: Any commercial bank where u have an account preferably IBTC or FBN

How: walk in to your bank at the customer care tell them your mission you will be given form to complete to that effect.

When: latest 10am on Tuesday before the Wednesday of the primary auction which is fortnightly. Since there was non this week Wednesday, then next week will be another day for primary action.

However, if you wish to enjoy the privileges of tbills and other safe money market instruments and also able to invest anytime with as little as 5,000 with higher rate, you can subscribe to the coral money market fund managed by FSDH currently 11.27% as at yesterday

Get in touch with the contact on my signature.

VeeVeeMyLuv:

Assuming the cbn comes up with a much higher marginal rate let's say 13% on Wednesday, but the prevailing rate in the period ( being on Tuesday) when the customer made the application was 10%. What rate would the customer end up getting? Is it the 10% or 13%?

NL1960:


Treasury bills is a bid and offer process. If a bank bids 10% and CBN offers 13%, the bank gets 10%. If the bank bids 13.1%, the bid fails.

VeeVeeMyLuv:
okay thanks for the clarification

NL1960:


The minimum amount for a bid is N50m. So if you have N50m, you can specify your own rate. Because most people do not have the minimum N50m, they have to go with what a bank bids. The bank pools the amount by individuals and then submit bid and if successful, now 'resells' to their customers.

Maxilight:
The last time I visited FBN to be precise to make inquiry about tb and they told me they no longer sale tb to private individuals but cooperation.

NL1960:


Treasury bills is a bid and offer process. If a bank bids 10% and CBN offers 13%, the bank gets 10%. If the bank bids 13.1%, the bid fails.

jabolo:


If you're referring to the T-bill auction process, I'm not sure this is correct but then, seeing all the recommendations perhaps I didn't understand the original question. If so, I apologize ahead.

FWIW, all successful bidders get the marginal rate (rate at which the subscription is fulfilled when all bids are aggregated in ascending order).

Just think...

- Imagine the administrative nightmare managing different institutions' bids at different rates following each auction;

- Quoted yields in the secondary market would have no meaning if the same instrument had different interest rates for different bidders...

Etc

Good Day.

jabolo:


If you're referring to the T-bill auction process, I'm not sure this is correct but then, seeing all the recommendations perhaps I didn't understand the original question. If so, I apologize ahead.

FWIW, all successful bidders get the marginal rate (rate at which the subscription is fulfilled when all bids are aggregated in ascending order).

Just think...

- Imagine the administrative nightmare managing different institutions' bids at different rates following each auction;

- Quoted yields in the secondary market would have no meaning if the same instrument had different interest rates for different bidders...

Etc

Good Day.

jabolo:


Oh, I see now but not really works that way.

When you apply for TB via bank ahead of the primary auction, their form asks what rate you will bid or whether you prefer to bid with the bank's rate. This only affects the likelihood of the bid being successful, last last you will get the CBN marginal rate if successful.

In the secondary market, the Banks (or any seller) are free to quote any rate to sell to you. It's their profit margin.

Good day.

VeeVeeMyLuv:

Any of the commercial Banks

Maxilight:
The last time I visited FBN to be precise to make inquiry about tb and they told me they no longer sale tb to private individuals but cooperation.