₦airaland Forum

Hello house, if you buy treasurybill in secondary market, will you still pay a WHT? Or could it be that the primary investor has already been charged for it?

Foodempire:
Hello house, if you buy treasurybill in secondary market, will you still pay a WHT? Or could it be that the primary investor has already been charged for it?

You'll still have to pay WHT

Does anyone has info about the dangote cement commercial paper going on for 19% 265 days?

Educationalserv:
The inflows is not only FGN loans ,it Majorly investment in NGX , Money Markets and FDI
with the liberalizing of the exchange rate they can buy USD from parallel Markets at point of exit .
Unless like Buhari Magic they needed CBN intervention to exit
They have weighed their Risk VS Reward

FDI was just 565 million out of the 16 billion (i.e just about 3.5%).
Interest on most money market funds are mainly driven by treasury bills and bonds i.e government borrowing
NGX has done well on the back of the exchange system relaxation and currency devaluation. It's been on a tremendous run and foreign capital would not ride it forever. At some point, they'd seek to capitalise profits.

Sure, they have weighed their risk and reward and would likely make bank. The question is have we as a nation weighed ours?

To be clear, this is not Buhari's government and there is improved economic competence in todays leadership. The ultimate backstop to these inflows would be if the local economy can grow faster than the liabilities due in future.

jedisco:
FDI was just 565 million out of the 16 billion (i.e just about 3.5%).
Interest on most money market funds are mainly driven by treasury bills and bonds i.e government borrowing
NGX has done well on the back of the exchange system relaxation and currency devaluation. It's been on a tremendous run and foreign capital would not ride it forever. At some point, they'd seek to capitalise profits.

Sure, they have weighed their risk and reward and would likely make bank. The question is have we as a nation weighed ours?

To be clear, this is not Buhari's government and there is improved economic competence in todays leadership. The ultimate backstop to these inflows would be if the local economy can grow faster than the liabilities due in future.

yes Buhari was a socialist and Soviet union style leader cant govern a Mordern state he emotional and emotions don't bring needed results.
We as a Nation lead by this team have weigh our options too like the FPI .
1
NNPC rackets has come to and end with the executive order all PSC income goes to FAAC
This are mainly USD inflows.
2 . Tax reforms increasing tax payer and under payment.
3. Healthy USD reserve of 50 bn USD while any further USD income can be used to Manage liquidity .
4 return of 150k USD to BDC in the interim ot Market rate to remove distortion tendencies and speculation
5. Increase in crude production ( 1.5m) with more well been drill 20 bn USD by Exxon
6. Printing of Naira in the name of ways and means and other interventions by CBN that lead to free naira in hand of crook whom bought USD at any amount.

7 . 800 m USD saved from 40m litres produced by Dangote refinery.Bua , Waltesmith and azekel coming on
8 Reduce Japa to UK ( 500m USD saved )
9 . Reduced import of Tokunbo car , cloth etc due to high exchange

10 . Exports income from urea , cocoa, ginger ,zobo etc balance of trade in favor of Nigeria

NB don't trust 100 percent the Nigeria economy and leaders election is coming they can do any thing to make it look good temporary.
Ganduje constructed a 5km road in 48 hours after abandoning the road for 20 years .
If I have investment in USD I will not change to Naira

jedisco:
FDI was just 565 million out of the 16 billion (i.e just about 3.5%).
Interest on most money market funds are mainly driven by treasury bills and bonds i.e government borrowing
NGX has done well on the back of the exchange system relaxation and currency devaluation. It's been on a tremendous run and foreign capital would not ride it forever. At some point, they'd seek to capitalise profits.

Sure, they have weighed their risk and reward and would likely make bank. The question is have we as a nation weighed ours?

To be clear, this is not Buhari's government and there is improved economic competence in todays leadership. The ultimate backstop to these inflows would be if the local economy can grow faster than the liabilities due in future.

in. psychology the prediction of future behavior is former behavior .
I don't trust the Nigeria state and it leadship
I will not liquidate my USD position to be mess up by Nigeria politicians due to past experience.
1 USD = buy 1 USD worth of service at any time and season ( 90 percent accuracy)
I bought a 10k USD car when USD was 650
After several years I can still get same car for 9k USD .
There no guarantee from Naira .( 10 percent accuracy)
The car went from 7m to 16m back to 13 m soon to 11m .
It can also flung up to 18m when they start pilling up USD for election.

Educationalserv:
yes Buhari was a socialist and Soviet union style leader cant govern a Mordern state he emotional and emotions don't bring needed results.
We as a Nation lead by this team have weigh our options too like the FPI .
1
NNPC rackets has come to and end with the executive order all PSC income goes to FAAC
This are mainly USD inflows.
2 . Tax reforms increasing tax payer and under payment.
3. Healthy USD reserve of 50 bn USD while any further USD income can be used to Manage liquidity .
4 return of 150k USD to BDC in the interim ot Market rate to remove distortion tendencies and speculation
5. Increase in crude production ( 1.5m) with more well been drill 20 bn USD by Exxon
6. Printing of Naira in the name of ways and means and other interventions by CBN that lead to free naira in hand of crook whom bought USD at any amount.

7 . 800 m USD saved from 40m litres produced by Dangote refinery.Bua , Waltesmith and azekel coming on
8 Reduce Japa to UK ( 500m USD saved )
9 . Reduced import of Tokunbo car , cloth etc due to high exchange

10 . Exports income from urea , cocoa, ginger ,zobo etc balance of trade in favor of Nigeria

NB don't trust 100 percent the Nigeria economy and leaders election is coming they can do any thing to make it look good temporary.
Ganduje constructed a 5km road in 48 hours after abandoning the road for 20 years .
If I have investment in USD I will not change to Naira

Dey play

Anyways thats your choice

zamirikpo:
Hello guys....I know this must have been treated here b4 but going over 2000pages is a lot. Pls can someone be kind enough to advice me on terminating my investment before maturity.

I did 100m at 15.5% in june last year and it'll mature by june this yr. But I need the money for something urgent.

How much will I get.if I terminate it this February.

Borrow against the investment

zamirikpo:
Hello guys....I know this must have been treated here b4 but going over 2000pages is a lot. Pls can someone be kind enough to advice me on terminating my investment before maturity.

I did 100m at 15.5% in june last year and it'll mature by june this yr. But I need the money for something urgent.

How much will I get.if I terminate it this February.

Go to the bank, they will check the system to give you the amount to get back but a rough calculation should return back 93m to you

jedisco:
FDI was just 565 million out of the 16 billion (i.e just about 3.5%).
Interest on most money market funds are mainly driven by treasury bills and bonds i.e government borrowing
NGX has done well on the back of the exchange system relaxation and currency devaluation. It's been on a tremendous run and foreign capital would not ride it forever. At some point, they'd seek to capitalise profits.

Sure, they have weighed their risk and reward and would likely make bank. The question is have we as a nation weighed ours?

To be clear, this is not Buhari's government and there is improved economic competence in todays leadership. The ultimate backstop to these inflows would be if the local economy can grow faster than the liabilities due in future.

You and your homie Ahib again

Educationalserv:
in. psychology the prediction of future behavior is former behavior .
I don't trust the Nigeria state and it leadship
I will not liquidate my USD position to be mess up by Nigeria politicians due to past experience.
1 USD = buy 1 USD worth of service at any time and season ( 90 percent accuracy)
I bought a 10k USD car when USD was 650
After several years I can still get same car for 9k USD .
There no guarantee from Naira .( 10 percent accuracy)
The car went from 7m to 16m back to 13 m soon to 11m .
It can also flung up to 18m when they start pilling up USD for election.

I agree there have been decent macroeconomic changes that are yielding fruit and should get better down the line. Security is now a top issue that needs to be fixed. It doesn't take loads to get our economy growing at 10% pa for the next 10 yrs.
Buhari was a disaster who lacked the technical knowhow to grow an economy.

I think the USD play is no more alpha. It was an assured bet from 2014 - 2022 as the CBN set a fixed exchange rate not in keeping with reality and also gave cheap dollars to certain folks which fueled round-tripping as a means to generate billions out of thin air. Economic collapse was certain if that continued. Today, Nigerians can spend internationally with their bank cards and banks annouce rates daily. Remittances don't need to flow through backdoor channels to get good rates.

Holding the USD longterm also comes with its risk. Lets not forget the dollar is being devalued and that is accelerating. The USD has lost 10% of its value this year. If holding USD and wishing to retain ones buying power, the aim isn't just to hold cash but to invest it by way of fixed market instruments or index fvnds (if the money is not needed in the near future). That way, you either abate or beat inflation.

To me investing in the Nigerian economy is looking to be the next alpha. Baring any unforseen circumstance, the naira should hold steady between 1000 - 1500 ngn per usd. All folks want is stability so businesses can thrive. Also, as inflation comes down, the CBN needs to quickly cut rates and mandate banks to reduce lending rates and support the wider economy. I cannot understand how a bank is quoting 36% and a 2yr repayment period to a thriving business. How can the economy and companies grow with such rate? We need proper credit facilities and access to cheaper loans. Banks have been allowed to make too much money holding TBs and bonds. Ideally, the return on bonds should be less than inflation. That'd force capital into the real economy. The st0ck market has done well and that should feed into the local economy. That in addition to macroeconomic changes and falling inflation, has made me bullish on the Nigerian economy for the first time in a very long time

jedisco:
I agree there have been decent macroeconomic changes that are yielding fruit and should get better down the line. Security is now a top issue that needs to be fixed. It doesn't take loads to get our economy growing at 10% pa for the next 10 yrs.
Buhari was a disaster who lacked the technical knowhow to grow an economy.

I think the USD play is no more alpha. It was an assured bet from 2014 - 2022 as the CBN set a fixed exchange rate not in keeping with reality and also gave cheap dollars to certain folks which fueled round-tripping as a means to generate billions out of thin air. Economic collapse was certain if that continued. Today, Nigerians can spend internationally with their bank cards and banks annouce rates daily. Remittances don't need to flow through backdoor channels to get good rates.

Holding the USD longterm also comes with its risk. Lets not forget the dollar is being devalued and that is accelerating. The USD has lost 10% of its value this year. If holding USD and wishing to retain ones buying power, the aim isn't just to hold cash but to invest it by way of fixed market instruments or index fvnds (if the money is not needed in the near future). That way, you either abate or beat inflation.

To me investing in the Nigerian economy is looking to be the next alpha. Baring any unforseen circumstance, the naira should hold steady between 1000 - 1500 ngn per usd. All folks want is stability so businesses can thrive. Also, as inflation comes down, the CBN needs to quickly cut rates and mandate banks to reduce lending rates and support the wider economy. I cannot understand how a bank is quoting 36% and a 2yr repayment period to a thriving business. How can the economy and companies grow with such rate? We need proper credit facilities and access to cheaper loans. Banks have been allowed to make too much money holding TBs and bonds. Ideally, the return on bonds should be less than inflation. That'd force capital into the real economy. The st0ck market has done well and that should feed into the local economy. That in addition to macroeconomic changes and falling inflation, has made me bullish on the Nigerian economy for the first time in a very long time

there a lot of opportunities in Nigeria for risk takers but Nigeria bank don't have long term funds to lend . majority of funds are Short term deposit at call .
Our economy is still in transition and developing at we progress economically people tend to keep fund in long term in the bank making them loan to business at affordable rate going forward .bank are rational

Educationalserv:
there a lot of opportunities in Nigeria for risk takers but Nigeria bank don't have long term funds to lend . majority of funds are Short term deposit at call .
Our economy is still in transition and developing at we progress economically people tend to keep fund in long term in the bank making them loan to business at affordable rate going forward .bank are rational

Considering their footprint, the banks are not doing enough. I'd expect that to be the next direction of drive for the CBN. Banks cannot be reporting record sums in profit without tangible support for the local economy.
I remember a video from Tinubu in 2021 advocating cheaper lending rates to boost growth.
Introducing widely available lending rates of under 10% and widening our mortgage system with rates sub 10% would get us to a $1 Trillion economy in no time. All that wouldn't happen overnight but it's high time the CBN steps in.

jedisco:
Considering their footprint, the banks are not doing enough. I'd expect that to be the next direction of drive for the CBN. Banks cannot be reporting record sums in profit without tangible support for the local economy.
I remember a video from Tinubu in 2021 advocating cheaper lending rates to boost growth.
Introducing widely available lending rates of under 10% and widening our mortgage system with rates sub 10% would get us to a $1 Trillion economy in no time. All that wouldn't happen overnight but it's high time the CBN steps in.

how do you achieve that ?when the basic infrastructure for economic prosperity is unavailable.
Electricity, security and roads
a under 10 percent loan offer by bank of industry is prone to round Tripping back into Fixed income securities at 20
CBN intervention on how bank loan out money is anti capitalism .
Bank are rational investor and the operate and put funds where return is high and short term
They are not emotional and political beings.
Nigerians got loans from Covid funds at zero
They Majorly refuse to pay back

Operating in hostile Red ocean fill with Vampires and sharks ( Nigeria citizens) need Dracula's banking skills to deliver deviden to shareholders.

Educationalserv:
how do you achieve that ?when the basic infrastructure for economic prosperity is unavailable.
Electricity, security and roads
a under 10 percent loan offer by bank of industry is prone to round Tripping back into Fixed income securities at 20
CBN intervention on how bank loan out money is anti capitalism .
Bank are rational investor and the operate and put funds where return is high and short term
They are not emotional and political beings.
Nigerians got loans from Covid funds at zero
They Majorly refuse to pay back

Operating in hostile Red ocean fill with Vampires and sharks ( Nigeria citizens) need Dracula's banking skills to deliver deviden to shareholders.

It wouldn't happen overnight but the direction of travel should be clear. Same way inflation didn't drop from 30% to 15% in a day. Same also with government interest rates.
The CBN is not going to wake one morning and mandate all banks to lend at x%. They'd communicate clearly where they want things to go and use avenues like cash reserves, what percentage of loans have to be at a rate not exceeding x% of TB rates, limiting how much TBs or bonds banks can have on their balance sheet e.t.c. There are ample means to achive this - it's not hard. Other countries have and continue to do so. It goes without saying that the CBN TB rates form the bedrock of borrowing and banks should hardly go below that.


Yes, we have our issues- all other countries do.
I am a capitalist and there is no such thing as 100% capitalism. Governments exist to protect and provide guard rails for the better good without being unduly intrusive.
What I'm highlighting isn't rocket science. Many countries including developing ones have done or are doing it. The reason they succeed is not because their citizens have 4 heads but cos they built the system. Nobody likes paying back loans or tax but they do when there are repercussions.


To be clear, I am not simply blaming individual banks. They should seek the best returns for their shareholders. Most of the fault falls with the CBN/government. Building a strong middle class benefits all including the banks.
If we can't build a proper financial system, then we have no business using fiat- we should go back to using cowries. The birth of the mortgage system and widespread business and consumer credit was what turbocharged and still supports most western nations. There is virtually no poor country with those and every rich nation has them.

Any body with first bank secondary market rate

drealj:
Any body with first bank secondary market rate

Best is reach out to first bank

The large amount of failed subscription bids of yesterday's Bond Auction results (shown below) suggests the CBN is actively seeking to drive down the cost of borrowing and at the same time also reducing the amounts offered for subscription

jedisco:
It wouldn't happen overnight but the direction of travel should be clear. Same way inflation didn't drop from 30% to 15% in a day. Same also with government interest rates.
The CBN is not going to wake one morning and mandate all banks to lend at x%. They'd communicate clearly where they want things to go and use avenues like cash reserves, what percentage of loans have to be at a rate not exceeding x% of TB rates, limiting how much TBs or bonds banks can have on their balance sheet e.t.c. There are ample means to achive this - it's not hard. Other countries have and continue to do so. It goes without saying that the CBN TB rates form the bedrock of borrowing and banks should hardly go below that.


Yes, we have our issues- all other countries do.
I am a capitalist and there is no such thing as 100% capitalism. Governments exist to protect and provide guard rails for the better good without being unduly intrusive.
What I'm highlighting isn't rocket science. Many countries including developing ones have done or are doing it. The reason they succeed is not because their citizens have 4 heads but cos they built the system. Nobody likes paying back loans or tax but they do when there are repercussions.


To be clear, I am not simply blaming individual banks. They should seek the best returns for their shareholders. Most of the fault falls with the CBN/government. Building a strong middle class benefits all including the banks.
If we can't build a proper financial system, then we have no business using fiat- we should go back to using cowries. The birth of the mortgage system and widespread business and consumer credit was what turbocharged and still supports most western nations. There is virtually no poor country with those and every rich nation has them.

Rate cut

skydiver01:
The large amount of failed subscription bids of yesterday's Bond Auction results (shown below) suggests the CBN is actively seeking to drive down the cost of borrowing and at the same time also reducing the amounts offered for subscription

Can you explain in lay terms how this marginal rate works out for common man should I have invested? (The reopening rate was around 19% for February 2034 bond. Please use example 1million naira in your explanation for the cupoun payment to get)

Lastly, if dollar rates crashes further to 1000 naira per dollar and someone invest in bonds, do the person get more returns compared to when it was high dollar rate and original coupon rate offer for first bond subscription?

This reopening bond investment gives me confusion because I don't know if they will pay you with original rate or the new rate as indicated in that picture m...the so called marginal rate )

DAramis:
Can you explain in lay terms how this marginal rate works out for common man should I have invested? (The reopening rate was around 19% for February 2034 bond. Please use example 1million naira in your explanation for the cupoun payment to get)

Lastly, if dollar rates crashes further to 1000 naira per dollar and someone invest in bonds, do the person get more returns compared to when it was high dollar rate and original coupon rate offer for first bond subscription?

This reopening bond investment gives me confusion because I don't know if they will pay you with original rate or the new rate as indicated in that picture m...the so called marginal rate )

The term marginal rate is merely descriptive - it implies that a small change has taken place compared to the last time.

If you invest, you're going to get what is quoted in the marginal rate, not the 19% you see at the top.

Firstly, the decision to invest is a function of whether the bond and it accompanying 'yield' (more on that below) meets one's cashflow objectives.

Secondly, the Feb 2034 bond is a 10 year bond originally issued 2 years ago at 19%. The 19% was reflective of rates in secondary market two years ago. When existing bonds that are trading on the secondary market get re-issued, they are auctioned and the rate that clears the auction becomes 'marginal rate'. This marginal rate is usually reflective of current rates in the market and also determines the price you pay at the new auction.

Using the N1m as an example.

If you bought this bond two year ago, it would be at N100 per unit and you get N19 interest per per unit per annum being N190k in coupon interest received.

At yesterdays auction, the rate that cleared the auction was 15.5% including accrued interest (N.B: in the this auction, accrued interest is very negligible because the last coupon payment was 21 Feb and the auction was 23 Feb).

So the price per unit would be 19/15.5*100 = N122.58 per unit. So, a N1m bid would buy N815,793 worth of bonds at the auction. This is the face value of the quantity bought.

However, the interest paid would be the original bond coupon rate of 19% on N815,793 which would be N155,000 per annum.

FGN Bond prices have gone up over the last two years just as in this example, which brings one nicely onto 'yield'. Now the 'yield' is simply the amount received in coupon payment over the amount paid. So two years ago the coupon and yield was 19%. Today, whilst the bond coupon is unchanged, the yield is lower at 15.5% because the price of the bond is up c22.5%, i.e. N122.58

Note also that, even though N1m was invested in buying the bond, N815,793 is paid at maturity because that is the face value purchased at the current price.

Finally, your question about the USD:Naira exchange rate. This is a normal exchange rate risk bond investors are exposed to. It can go either way. It could go to N1000:$1, N2000:$1 or any rate for that matter. If the Naira does rise to N1000:$1 as in your example, then it simply means that Naira bonds bought today and their corresponding coupons would be worth more in US dollars and vice-versa if Naira falls. The most important thing is to be sufficiently diversified for all outcomes.

Hope the above helps

DAramis:
Can you explain in lay terms how this marginal rate works out for common man should I have invested? (The reopening rate was around 19% for February 2034 bond. Please use example 1million naira in your explanation for the cupoun payment to get)

Lastly, if dollar rates crashes further to 1000 naira per dollar and someone invest in bonds, do the person get more returns compared to when it was high dollar rate and original coupon rate offer for first bond subscription?

This reopening bond investment gives me confusion because I don't know if they will pay you with original rate or the new rate as indicated in that picture m...the so called marginal rate )

Joyful365:
The term marginal rate is merely descriptive - it implies that a small change has taken place compared to the last time.

If you invest, you're going to get what is quoted in the marginal rate, not the 19% you see at the top.

Okay,thanks for the clarification. so I should look out for marginal rate quote and compare it with original bond offer. This shows the direction of the rate

skydiver01:
Firstly, the decision to invest is a function of whether the bond and it accompanying 'yield' (more on that below) meets one's cashflow objectives.

Secondly, the Feb 2034 bond is a 10 year bond originally issued 2 years ago at 19%. The 19% was reflective of rates in secondary market two years ago. When existing bonds that are trading on the secondary market get re-issued, they are auctioned and the rate that clears the auction becomes 'marginal rate'. This marginal rate is usually reflective of current rates in the market and also determines the price you pay at the new auction.

Using the N1m as an example.

If you bought this bond two year ago, it would be at N100 per unit and you get N19 interest per per unit per annum being N190k in coupon interest received.

At yesterdays auction, the rate that cleared the auction was 15.5% including accrued interest (N.B: in the this auction, accrued interest is very negligible because the last coupon payment was 21 Feb and the auction was 23 Feb).

So the price per unit would be 19/15.5*100 = N122.58 per unit. So, a N1m bid would buy N815,793 worth of bonds at the auction. This is the face value of the quantity bought.

However, the interest paid would be the original bond coupon rate of 19% on N815,793 which would be N155,000 per annum.

FGN Bond prices have gone up over the last two years just as in this example, which brings one nicely onto 'yield'. Now the 'yield' is simply the amount received in coupon payment over the amount paid. So two years ago the coupon and yield was 19%. Today, whilst the bond coupon is unchanged, the yield is lower at 15.5% because the price of the bond is up c22.5%, i.e. N122.58

Note also that, even though N1m was invested in buying the bond, N815,793 is paid at maturity because that is the face value purchased at the current price.

Finally, your question about the USD:Naira exchange rate. This is a normal exchange rate risk bond investors are exposed to. It can go either way. It could go to N1000:$1, N2000:$1 or any rate for that matter. If the Naira does rise to N1000:$1 as in your example, then it simply means that Naira bonds bought today and their corresponding coupons would be worth more in US dollars and vice-versa if Naira to falls. The most important thing is to be sufficiently diversified for all outcomes.

Hope the above helps

it helps greatly. it shows that the lower the marginal rate, the poorer the face value you get when purchasing the re-issue bond. So it would be better if the marginal rate is closer to/ above the original bond rate when it got originally first issued.

Also, buying a new bond as first issue is the best. For the dollar fluctuations, I guess it is a little tricky to figure out, but generally find it that the better the rates of dollar, the better it is possible to get returns for investment in bond

That's correct

DAramis:
Okay,thanks for the clarification. so I should look out for marginal rate quote and compare it with original bond offer. This shows the direction of the rate

skydiver01:
That's correct

Okay. makes perfect sense now. Going based on that, 15 percent is really a terrible rate to tie your money down for long term.

It would be better if it is Treasury bill purchase that was made hoping for opening of better rates for future investment.

Investment is not for the faint-hearted 😥

15% is not necessarily a terrible rate. Bond prices are not static and do change during the course of their tenors. These yields have ranged from 6% to 24% depending on the stability of a host of factors e.g., economy, exchange rates, growth rates etc at the time. As the economy improves, interest rates could come down further and Naira may continue to appreciate. If that occurs, typically yields would fall and bond prices would rise as they have been doing. It may or may not continue . Time will tell

DAramis:
Okay. makes perfect sense now. Going based on that, 15 percent is really a terrible rate to tie your money down for long term.

It would be better if it is Treasury bill purchase that was made hoping for opening of better rates for future investment.

Investment is not for the faint-hearted 😥

Correct 👍✅

Joyful365:
The term marginal rate is merely descriptive - it implies that a small change has taken place compared to the last time.

If you invest, you're going to get what is quoted in the marginal rate, not the 19% you see at the top.

DAramis:
Okay. makes perfect sense now. Going based on that, 15 percent is really a terrible rate to tie your money down for long term.

It would be better if it is Treasury bill purchase that was made hoping for opening of better rates for future investment.

Investment is not for the faint-hearted 😥

Non really so .most people that got capital and choose other scheme have their hand Burt . Some don't have time to Manage business or are not business inclined.
Imagine all those monies lost in MMM ,MBA ,CBEX and NGX .
70 percent of new business fail in Nigeria

jedisco:
Considering their footprint, the banks are not doing enough. I'd expect that to be the next direction of drive for the CBN. Banks cannot be reporting record sums in profit without tangible support for the local economy.
I remember a video from Tinubu in 2021 advocating cheaper lending rates to boost growth.
Introducing widely available lending rates of under 10% and widening our mortgage system with rates sub 10% would get us to a $1 Trillion economy in no time. All that wouldn't happen overnight but it's high time the CBN steps in.

I woke up with this mortgage idea and lending system in my mind,and through out the day I have been having This idea that has potentials but our banks and lending rates comes to play,what you just said is the truth if the administration can look into this aspects our economy will boost in no time..

Feb 2031 & Feb 2034 FGN Bond coupon payments received

skydiver01:
Feb 2031 & Feb 2034 FGN Bond coupon payments received

Agba enjoy your money