₦airaland Forum

Jane111:
It is a new product so I am not sure if it is on your app. You can simply walk into any branch of Access Bank and tell them you want to invest in their new Money Market and fixed instruments. It operates like fixed deposit.

Thank you.

Odunharry:
Stop rate which is same as discounted rate. You get interest upfront.

The true yield is rate assume you are taking interest at maturity

Which you should

skydiver01:
21 Feb 2034 & 21 Feb 2031 FGN bond coupon payments received on time. The benefits of patience and compounding

Nice. I hope they extend the same to FGN Savings Bonds

Generalmerchant:
Thanks for sharing. good the rates are gradually increasing. hope it gets back to 20% soon

CBN is in a dilemma at this point. They want stable FX rate, they want reduced inflation yet they want to reduce borrowing within and plan borrowing externally.

Let me break it down:

Nigeria inflation is sticky and VERY STUBBORN so much so that, eventhough the numbers Quarterly reveals inflation is easing, however Month on Month inflation fluctuates, it keeps rising and in some month falls, then rise again. Very stubborn.

If inflation was only reducing and no fluctuation seen; CBN would have cut rates hence T.bills yield will fallen even lower but CBN is freaking scared.

Here is another problem.

Nigeria is debt free from IMF but owing massive debt internally, Internal debts are easy to repay but it's hardly enough to stimulate the economy because think of it like a ponzi scheme that can NEVER crash.
Now, FG is looking to borrow externally because we can and technically, our debt to GDP ratio is good enough to allow us borrow externally. So FG will prefer foreign debt over internal debt, that was why you heard of the new foreign loan news 2 days ago. They want more of those debt if they need to boost spending. Nigeria spending is too low for our kind of economy.

So, if FG gets more of this foreign loans, they won't rely on internal debt as much to kept running the economy, hence CBN will cut rate, Tbills rate will plummet.

But here is where it gets interesting:

CBN needs FPI which has stabilized Naira/Dollar FX rate to 1500 since last year, and they can only get that when they raise interest rate for internal debt. If they aggressively cut rate, FPI will run away, some will pull their money and begin to buy stocks and Equities, that's why CBN hasn't cut rate since the last 3 or 4 quarters.


CBN’s stance so to keep squeezing inflation, even if the economy growth suffers short-term.

One more last reason to note is:

Global conditions (Trump’s tariffs, Fed cuts) could help Nigeria attract more FPI, which will further strengthen the Naira. That is why CBN is hesitant to cut rate.


How does this affect you, thinking rates are going back up?

Prepare for the wild ride because, you will keep experiencing rates like unstable NEPA light and prepare for the fall of rates once Tax laws are fully implemented next year.

Tinubu and Cardoso are really getting things right on this one.

IYGEAL:
Nice. I hope they extend the same to FGN Savings Bonds

Fg will always pay though there maybe times where there will be delay

A305:
CBN is in a dilemma at this point. They want stable FX rate, they want reduced inflation yet they want to reduce borrowing within and plan borrowing externally.

Let me break it down:

Nigeria inflation is sticky and VERY STUBBORN so much so that, eventhough the numbers Quarterly reveals inflation is easing, however Month on Month inflation fluctuates, it keeps rising and in some month falls, then rise again. Very stubborn.

If inflation was only reducing and no fluctuation seen; CBN would have cut rates hence T.bills yield will fallen even lower but CBN is freaking scared.

Here is another problem.

Nigeria is debt free from IMF but owing massive debt internally, Internal debts are easy to repay but it's hardly enough to stimulate the economy because think of it like a ponzi scheme that can NEVER crash.
Now, FG is looking to borrow externally because we can and technically, our debt to GDP ratio is good enough to allow us borrow externally. So FG will prefer foreign debt over internal debt, that was why you heard of the new foreign loan news 2 days ago. They want more of those debt if they need to boost spending. Nigeria spending is too low for our kind of economy.

So, if FG gets more of this foreign loans, they won't rely on internal debt as much to kept running the economy, hence CBN will cut rate, Tbills rate will plummet.

But here is where it gets interesting:

CBN needs FPI which has stabilized Naira/Dollar FX rate to 1500 since last year, and they can only get that when they raise interest rate for internal debt. If they aggressively cut rate, FPI will run away, some will pull their money and begin to buy stocks and Equities, that's why CBN hasn't cut rate since the last 3 or 4 quarters.


CBN’s stance so to keep squeezing inflation, even if the economy growth suffers short-term.

One more last reason to note is:

Global conditions (Trump’s tariffs, Fed cuts) could help Nigeria attract more FDI, which will further strengthen the Naira. That is why CBN is hesitant to cut rate.


How does this affect you, thinking rates are going back up?

Prepare for the wild ride because, you will keep experiencing rates like unstable NEPA light and prepare for the fall of rates once Tax laws are fully implemented next year.

Tinubu and Cardoso are really getting things right on this one.

You see the highlighted points — you said inflation is keeping rates high, and then at the end you said effective tax implementation will drop rates. That begs the question: are you saying taxes will reduce inflation?

ositadima1:
You see the highlighted points — you said inflation is keeping rates high, and then at the end you said effective tax implementation will drop rates. That begs the question: are you saying taxes will reduce inflation?

Keep in mind, Interest rate is high and untouched for at least 2 reasons.

1- To reel in Inflation.
2- To keep FPI in the economy to stabilize Naira/dollar FX.


The goal of CBN is to achieve 15% inflation and build a 1 trillion Naira economy. That was the task Tinubu set for Cardoso.

Efficient Taxation will account for revenue that is now generated from part of the money we give FG via T.bill. so, imagine, if they have enough money from Tax, will they need so much of our money anymore? They will need our Tbills money but not as much, so they will be prompted to cut interest rate to only stimulate outflow and inflow of money supply in the economy.

When that happens, Yield for Tbills will be back to single digit numbers.

But and a BIG BUT!

1- Do we trust the Nigeria system to implement the Tax policy flawlessly?

2- Even if the Tax money are being remitted, Will it truly be enough?

3 - What about the status of hot money like FPI that keep fx stable in the absence of FDI?

4 - How does government intend to pay back previous loans without having a deficit?


These questions and more are the reasons why it isn't easy to fix Nigeria hence, the loan circle continues inflation or not. NO FEAR. Even well Taxed economies like Britian have these challenges.

A305:
Keep in mind, Interest rate is high and untouched for at least 2 reasons.

1- To reel in Inflation.
2- To keep FPI in the economy to stabilize Naira/dollar FX.


The goal of CBN is to achieve 15% inflation and build a 1 trillion Naira economy. That was the task Tinubu set for Cardoso.

Efficient Taxation will account for revenue that is now generated from part of the money we give FG via T.bill. so, imagine, if they have enough money from Tax, will they need so much of our money anymore? They will need our Tbills money but not as much, so they will be prompted to cut interest rate to only stimulate outflow and inflow of money supply in the economy.

When that happens, Yield for Tbills will be back to single digit numbers.

But and a BIG BUT!

1- Do we trust the Nigeria system to implement the Tax policy flawlessly?

2- Even if the Tax money are being remitted, Will it truly be enough?

3 - What about the status of hot money like FPI that keep fx stable in the absence of FDI?

4 - How does government intend to pay back previous loans without having a deficit?


These questions and more are the reasons why it isn't easy to fix Nigeria hence, the loan circle continues inflation or not. NO FEAR. Even well Taxed economies like Britian have these challenges.

You did not answer my question. You already pointed out why interest rates was raised but did not include low revenue as one of the reasons. Again, the question is: can taxation reduce or improve the two points you mentioned?

ositadima1:
You did not answer my question. You already pointed out why interest rates was raised but did not include low revenue as one of the reasons. Again, the question is: can taxation reduce or improve the two points you mentioned?

I infact did justice to your earlier question by painting a broader picture.

To outline each:

For point Number 1

When government raises enough tax, it doesn’t need to borrow recklessly. And if it doesn't borrow, No pumping money into the economy, meaning prices of commodities will not raise and in simple answer, No inflation or presence of minimal healthy inflation. So yes. Efficient Taxation reduces inflation. Keyword here is "Efficient Taxation".


For point Number 2.

A healthy vibrant economy don't need
FPI to stabilize FX, rather what the economy needs is FDI to create jobs and multiplier effects in economy hence that in itself will boost the economy, reduce inflation and strengthen the currency.

When was the last time MTN paid dividend

How soon are we. Expecting dividend from them.

Thanks.

A305:
CBN needs FPI which has stabilized Naira/Dollar FX rate to 1500 since last year, and they can only get that when they raise interest rate for internal debt. If they aggressively cut rate, FPI will run away, some will pull their money and begin to buy stocks and Equities, that's why CBN hasn't cut rate since the last 3 or 4 quarters.


CBN’s stance so to keep squeezing inflation, even if the economy growth suffers short-term.

One more last reason to note is:

How long does the CBN need to keep rates high to satisfy FPIs?

Where/how does the CBN get the money to pay these FPIs?

What is the longterm wider effect on the Nigerian populace if the CBN keeps finding money (from whatever sourceĺ to sustain FPIs these rates?

emmasoft:
INVEST because it's the money you invested out of the money you make that is yours, the rest belongs to those who gives you goods and services.

Sir you might have to use layMan's language Oooo

Please anybody with yesterday's Tbill result

there was no auction yesterday

realking:
Please anybody with yesterday's Tbill result

A305:
I infact did justice to your earlier question by painting a broader picture.

To outline each:

For point Number 1

When government raises enough tax, it doesn’t need to borrow recklessly. And if it doesn't borrow, No pumping money into the economy, meaning prices of commodities will not raise and in simple answer, No inflation or presence of minimal healthy inflation. So yes. Efficient Taxation reduces inflation. Keyword here is "Efficient Taxation".


For point Number 2.

A healthy vibrant economy don't need
FPI to stabilize FX, rather what the economy needs is FDI to create jobs and multiplier effects in economy hence that in itself will boost the economy, reduce inflation and strengthen the currency.

So in all, at this momentum, do you expect the current tbill rate to go up or drop before the January tax implementation?

Odunharry:
Can someone confirm if there will be a Primary Market Auction this week?

In other news, Dangote Cp.

Hello , pls where can I invest on this commercial papers

Ivan18888888888:
Hello , pls where can I invest on this commercial papers

You can always invest via Investment companies. Majority always send mail when CPs are available. Some people also post here. But invest in companies that has good ratings and Financials.

Remember it's similar to Tbills but not as secured as Tbills.

hello everyone … is it true you can invest in Stanbic ibtc treasury bills without opening an account with them

Hello Fam,

I need your advice on something. I purchased a Treasury Bill through First Bank on September 3, 2025, and requested a certificate of investment as proof. Instead, what I received was a document titled “Nigerian Treasury Bills Proof of Investment.”

The issue is that this document came without any signature or authentication from First Bank officials, which seems unusual. Has anyone here experienced this before? Shouldn’t a proper Treasury Bill certificate or contract note be signed and authorized by the bank? This letter was stated below


NIGERIAN TREASURY BILLS PROOF OF INVESTMENT
We thank you for banking with First Bank Nigeria Ltd and hereby confirm your Nigerian Treasury Bills investment with us as
detailed below.
Reference Code: xxxxxxxxx
Account Number: xxxxxxx
Amount Invested: xxxxxxxx
Tenor: 364 Days
Rate: 16.75%
Effective Date: 2025-09-04
Maturity Date: 2026-09-03
Principal At Maturity: xxxxxxxxx
Interest: xxxxxxxxxxxx

Please note that your interest on this investment is subject to the following charges: .

Commission: 0.125% per transaction (per investment)

Custody Fee: 0.10% per transaction (per investment)

Transaction Fee: NGN100.00 per transaction (per investment)

VAT: 7.5% VAT on Commission, Custody Fee and Transaction Fees

NOTE: Investment done before implementation of the new (7.5%) VAT remains 5%.

In the event that you have to liquidate this investment prior to the maturity date indicated above, this will be treated based on the
prevalent rediscount rate, which may be higher or lower than the above rate.

Please confirm your acceptance of these terms and acknowledge receipt by signing and returning a copy of this confirmation
letter to us.

Thank you for your patronage.

Yours faithfully,

For: First Bank of Nigeria Ltd


The officer incharge said this is the certificate First Bank issue for TB

femiaction:
Hello Fam,

I need your advice on something. I purchased a Treasury Bill through First Bank on September 3, 2025, and requested a certificate of investment as proof. Instead, what I received was a document titled “Nigerian Treasury Bills Proof of Investment.”

The issue is that this document came without any signature or authentication from First Bank officials, which seems unusual. Has anyone here experienced this before? Shouldn’t a proper Treasury Bill certificate or contract note be signed and authorized by the bank? This letter was stated below


NIGERIAN TREASURY BILLS PROOF OF INVESTMENT
We thank you for banking with First Bank Nigeria Ltd and hereby confirm your Nigerian Treasury Bills investment with us as
detailed below.
Reference Code: xxxxxxxxx
Account Number: xxxxxxx
Amount Invested: xxxxxxxx
Tenor: 364 Days
Rate: 16.75%
Effective Date: 2025-09-04
Maturity Date: 2026-09-03
Principal At Maturity: xxxxxxxxx
Interest: xxxxxxxxxxxx

Please note that your interest on this investment is subject to the following charges: .

Commission: 0.125% per transaction (per investment)

Custody Fee: 0.10% per transaction (per investment)

Transaction Fee: NGN100.00 per transaction (per investment)

VAT: 7.5% VAT on Commission, Custody Fee and Transaction Fees

NOTE: Investment done before implementation of the new (7.5%) VAT remains 5%.

In the event that you have to liquidate this investment prior to the maturity date indicated above, this will be treated based on the
prevalent rediscount rate, which may be higher or lower than the above rate.

Please confirm your acceptance of these terms and acknowledge receipt by signing and returning a copy of this confirmation
letter to us.

Thank you for your patronage.

Yours faithfully,

For: First Bank of Nigeria Ltd


The officer incharge said this is the certificate First Bank issue for TB

You may need to contact your account officer. It is a always a PDF doc and you will see FIRS stamp on it

MOM1:
You may need to contact your account officer. It is a always a PDF doc and you will see FIRS stamp on it

The problem is:

The document had no stamp or signature from First Bank officials.

Instead, it asked me to sign and return.

This was sent to me directly by my account officer, which makes me very concerned.

femiaction:
The problem is:

The document had no stamp or signature from First Bank officials.

Instead, it asked me to sign and return.

This was sent to me directly by my account officer, which makes me very concerned.

It should have 2 signatures and FIRS postage stamp on it. I don't think anyone has ever been required to sign the certificate

MOM1:
It should have 2 signatures and FIRS postage stamp on it. I don't think anyone has ever been required to sign the certificate

Normally for investment certificate, signature of both parties will be e required. The signature of the client will be needed as prof they have accepted offer and terms and conditions stated process in letter.

Ivan18888888888:
hello everyone … is it true you can invest in Stanbic ibtc treasury bills without opening an account with them

Just hearing this. So the investment certificate will be in whose name? Doe it mean a third party can also fund on behalf on client? Whose account will be credited at maturity?

A305:
I infact did justice to your earlier question by painting a broader picture.

To outline each:

For point Number 1

When government raises enough tax, it doesn’t need to borrow recklessly. And if it doesn't borrow, No pumping money into the economy, meaning prices of commodities will not raise and in simple answer, No inflation or presence of minimal healthy inflation. So yes. Efficient Taxation reduces inflation. Keyword here is "Efficient Taxation".


For point Number 2.

A healthy vibrant economy don't need
FPI to stabilize FX, rather what the economy needs is FDI to create jobs and multiplier effects in economy hence that in itself will boost the economy, reduce inflation and strengthen the currency.

The petroleum tax if implemented will in no way be enough money to boost the economy to one trillion dollar economy. With that in mind internal borrowing will continue.

Note, TB is local borrowing don't allow any body confuse you. Its an economic tool that is very important for many economic reasons.

FPI will pull out their money if TB is no longer lucrative when demand for TB is low CBN have no option, they will increase the interest rate to attract FPI.

Diversifying the economy will improve the country earnings then, reduce any form of borrowing and a better stimulus to the economy.

They have done their best, but can never go further from here with taxes. A lot have to be done

femiaction:
The problem is:

The document had no stamp or signature from First Bank officials.

Instead, it asked me to sign and return.

This was sent to me directly by my account officer, which makes me very concerned.

If it is on a first bank letter headed paper, with proof of investment followed by a 13 digit number at the top left hand corner then there's nothing wrong with it

Mine has never had any signature or stamp and I have always gotten paid when due

MOM1:
You may need to contact your account officer. It is a always a PDF doc and you will see FIRS stamp on it

This is not true

pafra:
The petroleum tax if implemented will in no way be enough money to boost the economy to one trillion dollar economy. With that in mind internal borrowing will continue.

Note, TB is local borrowing don't allow any body confuse you. Its an economic tool that is very important for many economic reasons.

FPI will pull out their money if TB is no longer lucrative when demand for TB is low CBN have no option, they will increase the interest rate to attract FPI.

Diversifying the economy will improve the country earnings then, reduce any form of borrowing and a better stimulus to the economy.

They have done their best, but can never go further from here with taxes. A lot have to be done

This is what I wanted him to figure out: taxation will not solve inflation or our many economic issues. The government has to do more — insecurity, which is very high now; diversification, as you pointed out; corruption; and other challenges need to be tackled.

You can collect as much tax as you want, but if it is diverted, it will contribute next to nothing. We know very well how funds have been diverted throughout Nigeria’s history. Did we suddenly become different this time around? Are funds not still being diverted as we speak?

femiaction:
Hello Fam,

I need your advice on something. I purchased a Treasury Bill through First Bank on September 3, 2025, and requested a certificate of investment as proof. Instead, what I received was a document titled “Nigerian Treasury Bills Proof of Investment.”

The issue is that this document came without any signature or authentication from First Bank officials, which seems unusual. Has anyone here experienced this before? Shouldn’t a proper Treasury Bill certificate or contract note be signed and authorized by the bank? This letter was stated below


NIGERIAN TREASURY BILLS PROOF OF INVESTMENT
We thank you for banking with First Bank Nigeria Ltd and hereby confirm your Nigerian Treasury Bills investment with us as
detailed below.
Reference Code: xxxxxxxxx
Account Number: xxxxxxx
Amount Invested: xxxxxxxx
Tenor: 364 Days
Rate: 16.75%
Effective Date: 2025-09-04
Maturity Date: 2026-09-03
Principal At Maturity: xxxxxxxxx
Interest: xxxxxxxxxxxx

Please note that your interest on this investment is subject to the following charges: .

Commission: 0.125% per transaction (per investment)

Custody Fee: 0.10% per transaction (per investment)

Transaction Fee: NGN100.00 per transaction (per investment)

VAT: 7.5% VAT on Commission, Custody Fee and Transaction Fees

NOTE: Investment done before implementation of the new (7.5%) VAT remains 5%.

In the event that you have to liquidate this investment prior to the maturity date indicated above, this will be treated based on the
prevalent rediscount rate, which may be higher or lower than the above rate.

Please confirm your acceptance of these terms and acknowledge receipt by signing and returning a copy of this confirmation
letter to us.

Thank you for your patronage.

Yours faithfully,

For: First Bank of Nigeria Ltd


The officer incharge said this is the certificate First Bank issue for TB

Is been a while I have done TB but with the knowledge of what I used to do. I will say the contents of this your post is actually what first bank's TB certificate of investment contains.

However, your worries are germaine. Usually, after this; (Your faithfully For: First Bank of Nigeria) There is always an (authorised Signatory column above which the signature of the officer (s) assigned with the responsibility signs) in majority of the branches, it will carry 2 signatories one on the left and another on the right but some branches will carry only one. Also, some branches will Stamp it with a stamp that has inscriptions like;Team Lead Finance or that bears the name of the branch, some will also go as far as affixing postage stamp on it while others will not bother putting any stamp but in all thereis always a signature for the bank.

Also, they always print two copy and ask you to write original collected by me on the duplicate that will be left with them.

You should have asked them why the document was not signed by their any of their rep. That's not normal. They must be at least a signature.

Akinlot:
This is not true

That's all I have always received from first bank. so not sure what you meant by "not true"

freeman67:
Is been a while I have done TB but with the knowledge of what I used to do. I will say the contents of this your post is actually what first bank's TB certificate of investment contains.

However, your worries are germaine. Usually, after this; (Your faithfully For: First Bank of Nigeria) There is always an (authorised Signatory column above which the signature of the officer (s) assigned with the responsibility signs) in majority of the branches, it will carry 2 signatories one on the left and another on the right but some branches will carry only one. Also, some branches will Stamp it with a stamp that has inscriptions like;Team Lead Finance or that bears the name of the branch, some will also go as far as affixing postage stamp on it while others will not bother putting any stamp but in all thereis always a signature for the bank.

Also, they always print two copy and ask you to write original collected by me on the duplicate that will be left with them.

You should have asked them why the document was not signed by their any of their rep. That's not normal. They must be at least a signature.

Thanks, Freeman. Yes, it carries 2 signatories, one on the left and another on the right. The problem is my account officer, he said this

Please be assured that the certificate you have received is indeed the authentic certificate of your investment. It is identical to the certificates we issue to all our customers who invest in treasury bills, following the same instructions and content. We do not have any other type of investment certificate. . When I opened the letter, it said

Please confirm your acceptance of these terms and acknowledge receipt by signing and returning a copy of this confirmation
letter to us.. You should have asked them why the document was not signed by their any of their rep I asked the same question, but no response till now, since yesterday. I sent an email to these emails

Email: firstcontactcomplaints@firstbankgroup.com, complaints@firstbankgroup.com