₦airaland Forum

seye4nii:
@,Pappilo and Obiak4?/ thank u very much for the advise unfortunately i will be in nija on the 18th November but i have money in my acct already can i call my bank manager or wait till 4 of December next auction and how long will it take to process it coz my return is 7th of December once again thanks.

You can do TBills from wherever u are. You need to fill and sign an Indemnity form doh from ur bank authorising dem to tk it up from there.

I use saving account. Can I buy from my banks.?

just2endowed:
I use saving account. Can I buy from my banks.?

Yes you can.

What's the going rate for TBills these days? Haven't bought in awhile but intend to buy soon.

Phema:
What's the going rate for TBills these days? Haven't bought in awhile but intend to buy soon.

9-10. I got 9.45 from my bank

princeuk21:
9-10. I got 9.45 from my bank

Thanks. The rate has dropped a bit. Was about 10.25 last time i bought.

Does your Bank always bid for you or you bid yourself?

Hi folks.

Anybody out there receiving USD/GBP/EUR inflows to Nigeria?
Please how much do you get charged per receipt?
Please indicate your bank.

I used Diamond Bank for many years and my money was always short an additional $40 - $50 after the sender/bank takes $25 off for fees to total $60-$70 charges anytime I received USD.

I switched to GTB last year. Now my total fees are flat $50, $25 by (Unknown), $25 by the sender/bank.

This not include the 0.5% fee when I withdraw either.
...Diamond Bank used to charge me 1% on withdrawals.


When I inquire about who has taken this extra charge, nobody knows. The sender/bank does not know, GTB/DiamondBank staff can't give me details of what was received. Seems rather ridiculous to me.


Please share you experience; these fees add up and I need to find the best option yet still. I have always felt I ought to be charged just a single $25 charge, and nothing more.


Thanks.

coderXO:
Hi folks.

Anybody out there receiving USD/GBP/EUR inflows to Nigeria?
Please how much do you get charged per receipt?
Please indicate your bank.

I used Diamond Bank for many years and my money was always short an additional $40 - $50 after the sender/bank takes $25 off for fees to total $60-$70 charges anytime I received USD.

I switched to GTB last year. Now my total fees are flat $50, $25 by (Unknown), $25 by the sender/bank.

This not include the 0.5% fee when I withdraw either.
...Diamond Bank used to charge me 1% on withdrawals.


When I inquire about who has taken this extra charge, nobody knows. The sender/bank does not know, GTB/DiamondBank staff can't give me details of what was received. Seems rather ridiculous to me.


Please share you experience; these fees add up and I need to find the best option yet still. I have always felt I ought to be charged just a single $25 charge, and nothing more.


Thanks.

The problem is the sender of the money....He or She must have paid only bank transfer charges which is not the end because offshore charges of about 45euros must be paid by the sender even though optional by the receiver which shall be deducted from the money.....This charges has something to do with correspondence bank......Either way one side must pay it.....

Phema:
Thanks. The rate has dropped a bit. Was about 10.25 last time i bought.

Does your Bank always bid for you or you bid yourself?

i tell them to do the bidding but i can bid myself if i choose to

princeuk21:
i tell them to do the bidding but i can bid myself if i choose to

I usually don't bid myself. I let the bank bid for me.

Any advantage of bidding personally?

What's d procedure for bidding personally

just2endowed:
What's d procedure for bidding personally

just write a letter to your account officer indicating the following tenor stop rate(that is the rate you wish to invest),acct. Number
but bear in mind if your stop rate is higher than cbn rate you lose your bid,and if you bid less that what the bank will give you instead of the cbn rate.
If u r a newbie i will advice you go with your bank rate it just 0.3-0.7 difference with cbn stop rate
people who bid and are succesful are either very experience with tbill or very lucky
my 50kobo advice z find the bank with the highest rate and invest using d bank rate i would go for diamond bk they offer great rate #FROMEXPERIENCE#

Phema:
I usually don't bid myself. I let the bank bid for me.

Any advantage of bidding personally?

no much advantage, if you bid above the prevailin bid rate you'll have to use the secondary market so if you ask me i'll say allow your bank to do the bidding but you can bid if you are good at it.

obiak4:
just write a letter to your account officer indicating the following tenor stop rate(that is the rate you wish to invest),acct. Number
but bear in mind if your stop rate is higher than cbn rate you lose your bid,and if you bid less that what the bank will give you instead of the cbn rate.
If u r a newbie i will advice you go with your bank rate it just 0.3-0.7 difference with cbn stop rate
people who bid and are succesful are either very experience with tbill or very lucky
my 50kobo advice z find the bank with the highest rate and invest using d bank rate i would go for diamond bk they offer great rate #FROMEXPERIENCE#

Oh oh! Didn't know different banks had different rates. I thought there is usually a standard CBN rate that cuts accross all banks. Have always used Zenithbank. Will try Diamond as you advised.

obiak4:
just write a letter to your account officer indicating the following tenor stop rate(that is the rate you wish to invest),acct. Number
but bear in mind if your stop rate is higher than cbn rate you lose your bid,and if you bid less that what the bank will give you instead of the cbn rate.
If u r a newbie i will advice you go with your bank rate it just 0.3-0.7 difference with cbn stop rate
people who bid and are succesful are either very experience with tbill or very lucky
my 50kobo advice z find the bank with the highest rate and invest using d bank rate i would go for diamond bk they offer great rate #FROMEXPERIENCE#

Thanks, I use gtb and eco

princeuk21:
no much advantage, if you bid above the prevailin bid rate you'll have to use the secondary market so if you ask me i'll say allow your bank to do the bidding but you can bid if you are good at it.

Thanks bro. I think I will just save myself from the secondary market wahala and continue with the Bank's bidding rate.

Better safe than sorry.

Anyone got the rates from the last auction on Wed 19?

CBN last updated the treasury bill page on their website in September. What a shame. Giant of Africa.

pappilo:
Anyone got the rates from the last auction on Wed 19?

CBN last updated the treasury bill page on their website in September. What a shame. Giant of Africa.

Dear XXXXXX,

The Treasury Bills auction held yesterday and we give below the outcome:

PRIMARY AUCTION RESULTS

TENOR STOP RATES

91 9.998%

182 10.80%

364 12.485%



Please note that bidders either won or lost at their own quotes. Therefore, quotes higher than CBN stop rates were not successful:

Phema:
Oh oh! Didn't know different banks had different rates. I thought there is usually a standard CBN rate that cuts accross all banks. Have always used Zenithbank. Will try Diamond as you advised.

Phema:
Oh oh! Didn't know different banks had different rates. I thought there is usually a standard CBN rate that cuts accross all banks. Have always used Zenithbank. Will try Diamond as you advised.

There is usually a stop rate at the end of every auction. Bids that are less than or equal to the CBN's stop rate will be successful. Banks will usually sell to you from their successful bid(s) and they use their discretion to decide the interest rate to give you depending on their successful bid. For example:

Bank ABC bid @9.8% and won
Bank XYZ bid @9.4% and won
CBN stop rate is @9.9%

Considering the above example, you will likely get a better interest rate from bank ABC. Bank XYZ will definitely not give you anything close to or more than 9.4% because they have to make profit from the sale. So it actually depends on the banks. Some may be better than others in terms of their abilities to forecast and therefore their customers get better rates. Greed may be another factor. Some banks are too selfish and will cheat you while some are more considerate.

Elai147:
There is usually a stop rate at the end of every auction. Bids that are less than or equal to the CBN's stop rate will be successful. Banks will usually sell to you from their successful bid(s) and they use their discretion to decide the interest rate to give you depending on their successful bid. For example:

Bank ABC bid @9.8% and won
Bank XYZ bid @9.4% and won
CBN stop rate is @9.9%

Considering the above example, you will likely get a better interest rate from bank ABC. Bank XYZ will definitely not give you anything close to or more than 9.4% because they have to make profit from the sale. So it actually depends on the banks. Some may be better than others in terms of their abilities to forecast and therefore their customers get better rates. Greed may be another factor. Some banks are too selfish and will cheat you while some are more considerate.

Wow! That was some breaking down! Thanks awhoie lot. I've learnt something new today.

Which banks, other than Diamond, do you advise?

Phema:
Wow! That was some breaking down! Thanks awhoie lot. I've learnt something new today.

Which banks, other than Diamond, do you advise?

I can't really say. I use First bank and Keystone bank for my Tbills.

feelamong:
Dear XXXXXX,

The Treasury Bills auction held yesterday and we give below the outcome:

PRIMARY AUCTION RESULTS

TENOR STOP RATES

91 9.998%

182 10.80%

364 12.485%



Please note that bidders either won or lost at their own quotes. Therefore, quotes higher than CBN stop rates were not successful:

We are getting there, liquidity level as at today is less than 100 billion naira, though FAAC should come in later, interstingly, Nibor rates are above 18%, God dey.

We are heading towards 13%, Insha Allah.

Elai147:
I can't really say. I use First bank and Keystone bank for my Tbills.

Thanks again.

nitrogen:
We are getting there, liquidity level as at today is less than 100 billion naira, though FAAC should come in later, interstingly, Nibor rates are above 18%, God dey.

We are heading towards 13%, Insha Allah.

My bills mature soon and I'll be putting in a bid at 12.25% on 4 Dec.

I would have gone a bit higher, say 13% but I need to be successful otherwise Xmas go dull.

Thanks to Feelamong for opening this thread and to the others for their contributions. This thread has financially blessed me and has helped me to learn to save money.

I would have used the money I invested in Tbills to buy a new car which I didnt need and it would have lost half its value by now. Instead this thread prompted me to do something different. I took the plunge and went to Naija and I have not one regret. I have made just short of N1 million over the past 18 months and my capital still dey kankpe (subject to no civil war)

I still get that itch for a new car but my money being tied down and so far away means na for dream and picture I go dey drive that new car.

nitrogen:
We are getting there, liquidity level as at today is less than 100 billion naira, though FAAC should come in later, interstingly, Nibor rates are above 18%, God dey.

We are heading towards 13%, Insha Allah.

I joined the TBill bandwagon a bit late. It'll be nice to see 13%, especially with weak Naira.

nitrogen:
We are getting there, liquidity level as at today is less than 100 billion naira, though FAAC should come in later, interstingly, Nibor rates are above 18%, God dey.

We are heading towards 13%, Insha Allah.

@nitrogen bt u knw nibor is a minimum of 2-4yrs so it not that interesting ooo i will prefare tbill 3month o what ur take my 1kobo tot oo

pappilo:
My bills mature soon and I'll be putting in a bid at 12.25% on 4 Dec.

I would have gone a bit higher, say 13% but I need to be successful otherwise Xmas go dull.

Thanks to Feelamong for opening this thread and to the others for their contributions. This thread has financially blessed me and has helped me to learn to save money.

I would have used the money I invested in Tbills to buy a new car which I didnt need and it would have lost half its value by now. Instead this thread prompted me to do something different. I took the plunge and went to Naija and I have not one regret. I have made just short of N1 million over the past 18 months and my capital still dey kankpe (subject to no civil war)

I still get that itch for a new car but my money being tied down and so far away means na for dream and picture I go dey drive that new car.

papillo no cause for alarm no civil war it just normal thing 4 politicians to jaw jaw and tak tough bt all of them apart frm GEJ na pretender we nova c any candidate, i must tell u 12.28 too high o bro 4 nw it just 9.98 so think abt d margin 2 wide my 2naira esusu

obiak4:
@nitrogen bt u knw nibor is a minimum of 2-4yrs so it not that interesting ooo i will prefare tbill 3month o what ur take my 1kobo tot oo

Hi, NIBOR (Nigeria InterBank Offered Rate) is a lending rate between banks, there are Overnight rate, one-month rate, etc, I just used it to buttress the fact that liquidity was seriously low yesterday, citeris paribus, there is always an inverse relationship between the level of liquidity in the system, and NIBOR.

Sovereign risk is increasing, so, if you are not strong, 3-months Tbill will do, otherwise, enjoy!

nitrogen:
Hi, NIBOR (Nigeria InterBank Offered Rate) is a lending rate between banks, there are Overnight rate, one-month rate, etc, I just used it to buttress the fact that liquidity was seriously low yesterday, citeris paribus, there is always an inverse relationship between the level of liquidity in the system, and NIBOR.

Sovereign risk is increasing, so, if you are not strong, 3-months Tbill will do, otherwise, enjoy!

thanks bro for the lecture did't knw about d short term NIBOR,

Elai147:
I can't really say. I use First bank and Keystone bank for my Tbills.

what is the rate first bank is offering for 91 days on t-bills?

Can anyone drop the rate banks in nigeria gives for easy comparison.