ihedioramma:
Thank's . 200000 at 18% for one year will be how much ?

use simple interest calculation.

Interest = (Principal X Rate X Time)/100

zamirikpo:


what i am trying to say is, at 18% interest rate which sterling bank gave me, i am at a loss to the tone of 75k. because if i was allowed to quote my rate which would have been 18.5% or even 18.4%, i would be up by an aditional 75k.

in summary, becos i wasnt allowed to quote my rate, i have lost 75k. which has entered the coffers of sterling bank. that is why i want to find a bank that would allow me quote my rate even with the present DMO rule. hope u get me....

Yes .Try FBNH .

unite4real:

use simple interest calculation.
Interest = (Principal X Rate X Time)/100

what i get is #45000

zamirikpo:


do u mean @ STANBIC IBTC......

I guess it will be for most banks. That is my experience with Stanbic, gt and Zenith. Some of the banks I have accounts with. Zenith rejected my bid of 18.25% for the primary auction on 15 March because of the new rule, (which would have been successful with the old rule), but later offered me 17.5% (less than the stop rate by more than 1%), which I rejected. I transfered my money to Stanbic, and watching Stanbic with an eagle eye this week to see what will happen. Impressed by Stanbic last week who offered 18.3% to their customers in my similar situations. I am also waiting for the rate GT bank will offer me this week as well. GT apparently offered 18% to their customers last week. All the tenor discussed above were all for 364

ihedioramma:
Yes .Try FBNH .

Are you very sure of this. And is FBNH the regular First bank?

dejiotus:

Are you very sure of this. And is FBNH the regular First bank?

Yes .

ihedioramma:
Thank's . 200000 at 18% for one year will be how much ?

unite4real:

use simple interest calculation.

Interest = (Principal X Rate X Time)/100

ihedioramma:
what i get is #45000

How?

Interest = (Principal X Rate X Time)/100 = (200,000 * 18 * 1)/100 = 3600000 / 100 = N36,000

ihedioramma:
Yes .

Many thanks. I will need to open an account with First bank if all these other banks are becoming too greedy by offering much lower rates than their successful bidding rates.
The dilemma is how to know the bank's successful bidding rates.

[quote author=dejiotus post=54869153]

Just received a phone call from one of my account officers claiming that cbn is frowning and could penalised banks, that are buying more treasury bills than required,with the intention to sell later to their customers with less than 50M.
I hope this is not a plot to bid down the rate she is going to offer me. I am still waiting for her offer.

zamirikpo:


18%..........from the amount i invested which we r adviced not to mention here, i am down by N75,000....going with the last auction rates at 18.69%

You invested around 19 mil in d last Tbill auction. Now we know, so what?

First bank did approximately 18.12℅ for 364 days.I got alert this morning.

ositadima1:
First bank did approximately 18.12℅ for 364 days.I got alert this morning.

Hmmm. Not too bad. Personally rate of 18% and above for 364 days is okay by me. Members should kindly update us on their offered rates. Still waiting for Stanbic and GT banks to tell me their rates.

ositadima1:


You invested around 19 mil in d last Tbill auction. Now we know, so what?

you must be very poor in Maths and English ur understanding and calculation is way off the mark.

dejiotus:


I guess it will be for most banks. That is my experience with Stanbic, gt and Zenith. Some of the banks I have accounts with. Zenith rejected my bid of 18.25% for the primary auction on 15 March because of the new rule, (which would have been successful with the old rule), but later offered me 17.5% (less than the stop rate by more than 1%), which I rejected. I transfered my money to Stanbic, and watching Stanbic with an eagle eye this week to see what will happen. Impressed by Stanbic last week who offered 18.3% to their customers in my similar situations. I am also waiting for the rate GT bank will offer me this week as well. GT apparently offered 18% to their customers last week. All the tenor discussed above were all for 364

thank u for this breakdown..

zamirikpo:


you must be very poor in Maths and English ur understanding and calculation is way off the mark.

U got 18% instead of expected 18.5% or so.
So, approximately, 0.5% of ur investment, X, is 75k.
Therefore, 0.5/100 of X is 75k.
X is 75k by 100/0.5
=15mil

Why are u vexing?

zamirikpo:



thank u for this breakdown..

You are very much welcome. Yawa dey for town o. No news yet from both my account officers in Stanbic and GT banks regarding the rates customers will be offered for the 364 day tenor

ositadima1:



U got 18% instead of expected 18.5% or so.
So, approximately, 0.5% of ur investment, X, is 75k.
Therefore, 0.5/100 of X is 75k.
X is 75k by 100/0.5
=15mil

Why are u vexing?

u r still very wrong.....very very wrong.......... ....i wish i could put u through but that would mean breaking rules

but why r u drinking panadol for another persons headache.........pls drop my case biko

dejiotus:


You are very much welcome. Yawa dey for town o. No news yet from both my account officers in Stanbic and GT banks regarding the rates customers will be offered for the 364 day tenor

I have just received a very good news from my Stanbic account officer. Although I am yet to be debited, these are the rates quoted for customers that submitted bids for the Treasury bills auction last Wednesday. 18.43% for 364 day; 17 % for 182 day and 13.45% for 91 day tenor. With the stop rate of 18.69%, the bank has justified my action of rejecting the bid from Zenith last week and transferring my funds to Stanbic.

dejiotus:


I have just received a very good news from my Stanbic account officer. Although I am yet to be debited, these are the rates quoted for customers that submitted bids for the Treasury bills auction last Wednesday. 18.43% for 364 day; 17 % for 182 day and 13.45% for 91 day tenor. With the stop rate of 18.66%, the bank has justified my action of rejecting the bid from Zenith last week and transferring my funds to Stanbic.

that means stanbic ibtc has the best rates so far..........from 18.38% to 18.43%..........thats nice, i will port to stanbic asap.

zamirikpo:



that means stanbic ibtc has the best rates so far..........from 18.38% to 18.43%..........thats nice, i will port to stanbic asap.

I am yet to be debited o. But my account officer promised me I will be debited tomorrow. I will confirm to the house once I am debited

[quote author=dejiotus post=54882745]

I am yet to be debited o. But my account officer promised me I will be debited tomorrow. I will confirm to the house once I am debited [/quote

Very impressed with Stanbic. Debit alert received at 18.43% as promised by my account officer.
No update yet from my GT bank account officer.

dejiotus:


I have just received a very good news from my Stanbic account officer. Although I am yet to be debited, these are the rates quoted for customers that submitted bids for the Treasury bills auction last Wednesday. 18.43% for 364 day; 17 % for 182 day and 13.45% for 91 day tenor. With the stop rate of 18.69%, the bank has justified my action of rejecting the bid from Zenith last week and transferring my funds to Stanbic.

wait o, dnt knw how this treasury thing works bt why not go for d 90/180 days twice, instead of d 364days...because even 18% is a terribly small returns on investment for a whole year?!! haba

gagzee:

wait o, dnt knw how this treasury thing works bt why not go for d 90/180 days twice, instead of d 364days...because even 18% is a terribly small returns on investment for a whole year?!! haba

For an investment that is almost 100% risk free, stress free and for an idle cash, 18% is very good return on investment. Much better than fixed deposit or monthly interest on my saving's account.
I hope you are aware than all the rates for the 91, 182 and 364 day tenors are all per annum. Your return on investment will be less if you do 182 day tenor twice, than going for 364 day tenor.

I need clarification pls NTB auctions is 2weeks interval why was done on 15th and 22nd of March respectively. And who has the schedule for that of April?

Thanks in anticipation.

dejiotus:


You are very much welcome. Yawa dey for town o. No news yet from both my account officers in Stanbic and GT banks regarding the rates customers will be offered for the 364 day tenor

Gurus in the house should kindly update the house about the rates offered by banks for customers that submitted application for the auction on 22 March. I am particularly keen on the rates from GT, as I am still waiting for the rate I will be offered for the 364 day tenor

torres2:
I need clarification pls NTB auctions is 2weeks interval why was done on 15th and 22nd of March respectively. And who has the schedule for that of April?

Thanks in anticipation.

I guess it has to do with the previous festive Easter season.

dejiotus:


Gurus in the house should kindly update the house about the rates offered by banks for customers that submitted application for the auction on 22 March. I am particularly keen on the rates from GT, as I am still waiting for the rate I will be offered for the 364 day tenor

My friend was debited @17.999% for 364days NTB from GTB yesterday. ...also the commission alert debited from her was too much compared to what i was debit by stanbic ibtc....I told her to port to Stanbic ibtc bank but she is not willing due to absent of stanbic ibtc bank in her locality. ..I think IBTC means investment banking something. ....so they always offer better investment services than other banks. ..


One of my friends uses gtb for salary account and stanbic ibtc bank for investment. ....I think it's good. ..

dejiotus:


For an investment that is almost 100% risk free, stress free and for an idle cash, 18% is very good return on investment. Much better than fixed deposit or monthly interest on my saving's account.
I hope you are aware than all the rates for the 91, 182 and 364 day tenors are all per annum. Your return on investment will be less if you do 182 day tenor twice, than going for 364 day tenor.

oh, i thought the 91 and 182 tenors can be done twice a year....then i guess d 364 own is better, since its per annum...
well, like you said idle cash, true...
but really i dnt knw if i can have idle cash for awhole year, when there are so many opprtuinities to help me double or even tripple my money...
Its still a really good form of investment tho, especially for pensioners

dejiotus:

I guess it has to do with the previous festive Easter season.

now I got it so next auctiion will be 5th and 19th of April respectively?

dejiotus:


Gurus in the house should kindly update the house about the rates offered by banks for customers that submitted application for the auction on 22 March. I am particularly keen on the rates from GT, as I am still waiting for the rate I will be offered for the 364 day tenor

u r on point, this would guide potential investors on the next auction.

1. sterling ------- 18%
2. stanbic ibtc -----18.43%
3. Gtb -------17.99%

more update guyz........

zamirikpo:


u r on point, this would guide potential investors on the next auction.

1. sterling ------- 18%
2. stanbic ibtc -----18.43%
3. Gtb -------17.99%

more update guyz........

please how can I invest in treasury bill... some one should guide me, I'm willing to invest for 91 days.

dejiotus:


I guess it has to do with the previous festive Easter season.

Having NTB auctions on two consecutive weeks really isn't due to festivities. There are 13 weeks in every quarter with 7 scheduled T-bills auctions, so two of those auctions will always have to happen on successive Wednesdays. All things being equal, there'll always be auctions on weeks 1, 2, 4, 6, 8, 10, and 12 of every T-bills quarter.