OGHENAOGIE:
Who knows the rate for UBA bank on TBills at secondary market and various duration 3 months, 6 Months, one year.. Or stanbic offers more and better interest...

send me a mail.

Omotolani513:
Hello Everyone, Please does anyone know the recent rate for Stanbic for both primary and secondary market. Below is for Providus:

Secondary Market:
65 days = 12%
156 days = 14%
338 days = 16%
352 days = 18%

Small at that rate..

Odunharry:

send me a mail.

write am here na why should I send u a mail again

This values are usually not static and so mostly only the bank can give you what they have available as at the time they send you the mail. Sometimes, by the time you are ready that particular one you are interested in may no longer be available, you may now have a better offer or one that is less than what you were previously offered.

But why do you guys not also use iinvest? here you get to see the different offers and quantities available in real time so making a choice becomes easy. You get to see fixed deposit, TB, and commercial papers in one platform.

OGHENAOGIE:
Who knows the rate for [b]UBA bank on TBills at secondary market [/b]and various duration 3 months, 6 Months, one year.. Or stanbic offers more and better interest...

OGHENAOGIE:
write am here na why should I send u a mail again

lol.. I don't know their rates but you can get as high as 22% for a year secondary market or go to your bank and give them your instruction against Thursday PMA.

USD still dey collect back to back

Must they always involve BDC give directly to banks and let banks allow us access to at least 500 USD on our debit card for international transactions. Just like it has always been.

Let's kill the USD & crash it to below 800

ogawisdom:
Must they always involve BDC give directly to banks and let banks allow us access to at least 500 USD on our debit card for international transactions. Just like it has always been.

Let's kill the USD & crash it to below 800

And that is what is killing the naira.

So you get it at N500, instead of buying made in nigeria products, you go and buy foreign products and expect the naira to remain at N500?

ogawisdom:
Must they always involve BDC give directly to banks and let banks allow us access to at least 500 USD on our debit card for international transactions. Just like it has always been.

Let's kill the USD & crash it to below 800

By June.
Rate will be below 1000.

Hoarders hmm 🤔

Hi forumites.
Please someone should clarify me, I started getting involved in Tbills a couple of yrs ago, but have never done the primary market. I opted for the PMA on advice of my bank official,ZBN, and I completed the form against this week bidding round.
I just discovered the quoted principal has already been removed from my account. Does this mean the bid is already done and successful? Or it is the practice to first remove the bid sum?
Thanks for anticipated feedback.

Bennycollins:
Hi forumites.
Please someone should clarify me, I started getting involved in Tbills a couple of yrs ago, but have never done the primary market. I opted for the PMA on advice of my bank official,ZBN, and I completed the form against this week bidding round.
I just discovered the quoted principal has already been removed from my account. Does this mean the bid is already done and successful? Or it is the practice to first remove the bid sum?
Thanks for anticipated feedback.

The money has been taken into custody from where you can access in case your hand scratch you. If your bidding successful, they will just drop your interest in your. If unsuccessful, they will drop your whole fund after auction.

ogawisdom:
Must they always involve BDC give directly to banks and let banks allow us access to at least 500 USD on our debit card for international transactions. Just like it has always been.

Let's kill the USD & crash it to below 800

It's not the government's or bank's responsibility to source forex for anyone's consumption. If you want to spend forex, get a USD card and fund it.

A better advocacy would be to insist that YouTube, apple music, openAI and the likes accept naira payments for services rendered to Nigerians.

They should take a cue from Netflix

oluayebenz:


By June.
Rate will be below 1000.

Hoarders hmm 🤔

Some people think the fact that we're using FPI money is an issue. The fact is dollars will always flow into the economy, but it's better to get them in at #1000 instead of at #2000.

Remittances for instance regardless of exchange rate, at least $20bn will still flow in.

If they're exchanged at #1000, money supply grows by 20trn, if at #2500, it grows by 50trn,

So while we may expend $1bn on interests and capital gains to FPIs, we're saving 30trn in excess money that would have added huge inflationary pressures.

Also, with naira assets looking more attractive, there's a significant decrease in thirst for using USD as a store of values by resident Nigerians, this is driving down demand for USD, and perhaps increasing supply with some individuals now incentivised to sell off their USD positions and make better returns on naira assets.

Anyone who bought T-Bills in February month when USD was at 1900, didn't just make 20-21%, they made close to 80% or higher in terms of USD value of their assets.

19m was only $10,000 in February.

Doing secondary market 65 days at 15% on Feb 3rd, that same 19m is now $16,250.

That's naira delivering interest earnings and capital gains totalling 62.5% in just 65 days.

awesomeJ:


Some people think the fact that we're using FPI money is an issue. The fact is dollars will always flow into the economy, but it's better to get them in at #1000 instead of at #2000.

Remittances for instance regardless of exchange rate, at least $20bn will still flow in.

If they're exchanged at #1000, money supply grows by 20trn, if at #2500, it grows by 50trn,

So while we may expend $1bn on interests and capital gains to FPIs, we're saving 30trn in excess money that would have added huge inflationary pressures.

Also, with naira assets looking more attractive, there's a significant decrease in thirst for using USD as a store of values by resident Nigerians, this is driving down demand for USD, and perhaps increasing supply with some individuals now incentivised to sell off their USD positions and make better returns on naira assets.

On point 👍

awesomeJ:
Anyone who bought T-Bills in February month when USD was at 1900, didn't just make 20-21%, they made close to 80% or higher in terms of USD value of their assets.

19m was only $10,000 in February.

Doing secondary market 65 days at 15% on Feb 3rd, that same 19m is now $16,250.

That's naira delivering interest earnings and capital gains totalling 62.5% in just 65 days.

Thanks for updating us same way we were being updated when the reverse was the case.

awesomeJ:
Anyone who bought T-Bills in February month when USD was at 1900, didn't just make 20-21%, they made close to 80% or higher in terms of USD value of their assets.

19m was only $10,000 in February.

Doing secondary market 65 days at 15% on Feb 3rd, that same 19m is now $16,250.

That's naira delivering interest earnings and capital gains totalling 62.5% in just 65 days.

Nice, but too early to determine capital gains. It should be the value of the Naira in February 2024 against February 2025. If the CBN sustains the tempo for another 10-11 months, then investors can gain even more.

freeman67:


The money has been taken into custody from where you can access in case your hand scratch you. If your bidding successful, they will just drop your interest in your. If unsuccessful, they will drop your whole fund after auction.

Ok. Thanks

awesomeJ:

It's not the government's or bank's responsibility to source forex for anyone's consumption. If you want to spend forex, get a USD card and fund it.

A better advocacy would be to insist that YouTube, apple music, openAI and the likes accept naira payments for services rendered to Nigerians.

They should take a cue from Netflix

You missed the point? I have USD card and I will need to go to abo.ki to get dollar & bring to bank before I can fund it, why can't the bank fund it directly for me?

Dum20:


And that is what is killing the naira.

So you get it at N500, instead of buying made in nigeria products, you go and buy foreign products and expect the naira to remain at N500?

Wrong interpretation, Are you dumb?

Go and read it again more slowly & know the difference between 500 USD funded at your debit card at official rate and selling USD at ₦500.

Acidosis:


Nice, but too early to determine capital gains. It should be the value of the Naira in February 2024 against February 2025. If the CBN sustains the tempo for another 10-11 months, then investors can gain even more.

True. Those who purchased 364 day papers are poised to make over 80%.
Those who purchased 91-day papers will make close to 70% when they redeem later this month.
However those who bought 65 day papers have already realized their 60% gains.

ogawisdom:


You missed the point? I have USD card and I will need to go to abo.ki to get dollar & bring to bank before I can fund it, why can't the bank fund it directly for me?

Sorry boss.
I think if you're doing letters of credit, school fees, PTA, or just invoice to bring in machinery, the bank will fund it for you. But if it's to pay for apple music, or shop on Ali express, given our limited FX, I don't agree that the bank should find you dollars for those, I think you should find your own dollars or canvass the vendors to accept your naira and find the dollars themselves like Netflix is graciously doing.

Maybe when we have enough dollars to build shock absorbing buffers, and meet other critical needs, the banks can start pushing this convenience again. I remember gtb used to be $3000 a month about 5-6 years ago.

More on the USD decline story

ogawisdom:
More on the USD decline story

The paradox is that at #2000, people would hoard and demand more dollar as safe haven, but at #1000, people would offload.

Thus making dollar scarce even at #2000, but plenty at just #1000.


The CBN should just pause for a bit once it reaches #1000, and then start building the reserves towards when FPIs will exit or a shock comes in the global oil market.


If they can build the reserves to $40bn by year end, FPIs will likely rollover their maturing bills next year.

awesomeJ:


The paradox is that at #2000, people would hoard and demand more dollar as safe haven, but at #1000, people would offload.

Whoever wants to offload has had a few weeks to do so.
All the way from 1900 to 1000.

Thus making dollar scarce even at #2000, but plenty at just #1000.

This is wishful thinking.
Demand will increase because folks can get more dollar per naira.
A phone that costs #200K in late February will cost 100K at #1000.
Plus, the minimum wage will increase in May.

The CBN should just pause for a bit once it reaches #1000, and then start building the reserves towards when FPIs will exit or a shock comes in the global oil market.

If they can build the reserves to $40bn by year end, FPIs will likely rollover their maturing bills next year.

All of this talk about pause is a sly admission of concern that the CBN is biting off more than it can chew.
And y'all should be worried.
Somehow the CBN was increasing the reserves while clearing $5B in backlog. Yet somehow, after only 3 weeks of intervention, reserves declined by $1B.
All the FPI inflow, the remittance surge, the CBN handling NNPC revenue, deferring IOC repatriation of their share of oil sales, and hoarders disposing $ did not stop the CBN from dipping into the reserves. We'll see where this deceptive dance ends.

The truly exasperating detail is that the short-term securities the FPIs loaded up on can be disposed quite easily before maturity whenever they want and they'll still make out with bandits.
Or do you think if the oil price starts falling today, the FPIs will wait until next year to get out of dodge?

-Lord

LordAdam16:


Whoever wants to offload has had a few weeks to do so.
All the way from 1900 to 1000.



This is wishful thinking.
Demand will increase because folks can get more dollar per naira.
A phone that costs #200K in late February will cost 100K at #1000.
Plus, the minimum wage will increase in May.



All of this talk about pause is a sly admission of concern that the CBN is biting off more than it can chew.
And y'all should be worried.
Somehow the CBN was increasing the reserves while clearing $5B in backlog. Yet somehow, after only 3 weeks of intervention, reserves declined by $1B.
All the FPI inflow, the remittance surge, the CBN handling NNPC revenue, deferring IOC repatriation of their share of oil sales, and hoarders disposing $ did not stop the CBN from dipping into the reserves. We'll see where this deceptive dance ends.

The truly exasperating detail is that the short-term securities the FPIs loaded up on can be disposed quite easily before maturity whenever they want and they'll still make out with bandits.
Or do you think if the oil price starts falling today, the FPIs will wait until next year to get out of dodge?

-Lord

Summarize your points?
1. Is your opinion that the CBN did wrong by managing the manipulative tendencies in the market and you would have preferred they let it slide to #2500?
In whose interest? So that you can profit, while tens of millions of citizens lose purchasing power?

2. Why do you assume or make it sound like the CBN vowed they wouldn't ever take funds from the reserves? What do you think the reserves are meant for?

3. Reserves position shown on the CBN website is on a 30-day moving average, so it's erroneous for you or any reporter to assume the reserves dipped only after they cleared the backlog.

4. You do not have any record to support your assumption that everyone who has dollars has sold off from 1900 to 1000. There are still some like you who for selfish reasons wish woes on the nations economy, and still expect gloom and doom. Of the $30bn in dorm accounts, I'm sure more than $15bn are still lying there idle.
When you expect gloom and doom on the currency and seem to get angered at progresses like this, you should remember that for every 1 nigerian that profits from naira's crash, 100 more Nigerians suffer. So the interest of those 100 Nigerians are more important.

Hello everyone!

We need your contribution in this thread

https://www.nairaland.com/8056170/20-countries-owe-us-money/6#129347567

From 15.55

Nigerian economy

The more you see, the less you know.

Naira is gaining massively against USD.

Infact naira is still undervalued at 1,000.

By May hmmmm Hoarders go cry bitterly

biznus:
From 15.55

Ah!!!!

awesomeJ:


Summarize your points?
1. Is your opinion that the CBN did wrong by managing the manipulative tendencies in the market and you would have preferred they let it slide to #2500?
In whose interest? So that you can profit, while tens of millions of citizens lose purchasing power?

Are you familiar with the adage of "penny wise; pound foolish"?

2. Why do you assume or make it sound like the CBN vowed they wouldn't ever take funds from the reserves? What do you think the reserves are meant for?

Does taking out $1B every 3 weeks from a finite reserve of $34B sound sustainable to you?

3. Reserves position shown on the CBN website is on a 30-day moving average, so it's erroneous for you or any reporter to assume the reserves dipped only after they cleared the backlog.

SMA does not defy trends.
$1B has indeed left the reserves over the last 30 days
This coincides with the resumption of intervention and after the CBN declared it had cleared the backlogs.

If this weren't published, your ilk will be giving us lamba.
Now you're making SMA into this alien concept.
When in the history of this country, we've always been mindful of up-to-the-minute reserve levels while setting monetary policy.

4. You do not have any record to support your assumption that everyone who has dollars has sold off from 1900 to 1000. There are still some like you who for selfish reasons wish woes on the nations economy, and still expect gloom and doom. Of the $30bn in dorm accounts, I'm sure more than $15bn are still lying there idle.

I said anyone who wants to panic sell has had lots of time to do so.
You're betraying your shocking ignorance with your unrealistic expectation that all $30B will be sold.

When you expect gloom and doom on the currency and seem to get angered at progresses like this, you should remember that for every 1 nigerian that profits from naira's crash, 100 more Nigerians suffer. So the interest of those 100 Nigerians are more important.

I will not respond to emotional diatribe.
Stick to the topic.

Nigerians cannot sow tomato and reap strawberry.
This is tied to the country's inability to attract FDI.
Rather than change that, you've borrowed hot money at 21% so you can do more consumption cheaply on the international market.

And when fair-minded folks point out the overly limpid flaws in this ridiculous plan, you predictably deflect.
I'll have you know I don't have the patience or bandwidth for inanity.

-Lord

@LordAdam16,
1. The question is what makes you think your selfish opinion that the CBN should allow citizen's purchasing power get eroded should count for anything? That what you should address and leave Penny wise talk.

2. We're currently in week 15/52 this year, your ignorant assumption is that the CBN has taken $1bn dollars every 3 weeks, why has our reserves not depleted by $5bn

I wonder why you're blind to the fact that $7bn of backlog were knocked off, and currency's value has been restored from 1900 to 1100 yet only $1bn has been used from the reserves?
Now that there's no more backlog to clear and they only need to gain #100-200 more instead of #800 that they already did. If you were objective enough you'd see that they wouldn't need up to $3bn more from the reserves.


Again stop assuming in ignorance that reserves are for decoration. They're serving their purpose at this time. The only surprise here is that only $1bn has been used when it should have been up to $10bn.