₦airaland Forum

awesomeJ:
Results for today's PMA have been published:
https://www.cbn.gov.ng/rates/govtsecurities.asp

discount rates at 10.0 10.5 and 10.7 respectively for the 3 tenors.

On the positive side though, oversubscriptions were mild.

Ugosample:
How's the equity market going bros

I'm thinking of pitching my tent there, as a new challenge, and yes, you can check for your MMF balance now, I just did that.

It seems that the rates have dropped this month tho, I could be wrong tho

cybertek:
Having same issue here.. will call them and update u

Update: called and they said its an issue with d web interface, that i should check back

sabanageorge:
Yes, capital is guaranteed. But here's why I got out at a loss:

Firstly, in order to transfer dollars to the fund of about $5k, you will pay almost 30k (~80dollars) NGN in fees. Then when your 5k dollars gets to first bank, not all the whole 5k will get there. Maybe 4.8k or 4.9 is what will get there. Then interest rate is only about 6%, not the regular ~15% you get with money market. So, if you get about 6% off $5k in one year, that's like 25dollars in a month. Let's round it up to 40$, let's just say the rate is better. That's not even up to the fees you paid in transferring the money. You see?
Then First Bank was not sending me regular updates on my investment. In addition there was no portal to view my balance like with money market (Stanbic, ARM, etc). That pretty much put paid to it for me, cos I didn't even know how much I was earning per month. So I decided to end it. Then they deducted fees off the little interest they had paid in the intervening months. Finally when they send the dollars to your account, charges are applied to your money before it lands in your domiciliary account. In the end, I think the whole 5k dollars reduced to about 4.5k. It was just a horrible experience for me.

In my estimation, it's better to do the standard money market, get your interests and convert it to dollars, then walk to the bank and deposit the dollars over the counter. That's the strategy I plan to apply now.

sabanageorge:
I got out of it already, at a loss. It wasn't a good experience for me.

haibe:
Thanks.

Can u explain this prices? How does it tell the current rate?

debostar:
Please ,has anybody experience or understand Stanbic mutual fund computations. They promised to post their interest daily. Some days ,they post some amount ,some days nothing at all.Its been really confusing. Some days the amount posted is a lot less than the 17.5%.PLease can somebody help me

Sach:
From my little experience, you can't tell until you get to the Bank. When I wanted to liquidate my tb from Stanbic bank, after about five days (91 days, 13%), I was told that the buy back rate was between 18.5/19% (which could have included some form of penalty). If I had gone for that, I would have lost all interest and principal would still have been greatly reduced. I am presently waiting for 30 days; which would see me have my full principal back and a very marginal (not up to 10%) portion of original interest. This is even assuming nothing has changed negatively (I.e buyback rate, because formula not clear) when I go back after the 30 days.

realjidejamal:
Here is the terms and conditions stated in the proof of payment given to me.

maryjay99:
Pls has anyone liquidate a Tb before the maturity date. How is the percentage of the interests that one will forfeit calculated & what is the penalty.

This is because I did a Tb of 2m for 180 days @ 13% rate & which is to mature on 3rd Nov but I liquidated on 24th Oct just 10 days remaining but 61k was deducted from the principal amt . I feel the deduction is too much or is it ok from anyone's experience.


Do you mean 61k was deducted from the 2m that was meant to be returned so instead of recieving 2m; you recieved 1,939,000?

joseph1013:
Idejo Branch, VI, Lagos.

joseph1013:
Stanbic secondary rates today

98 days - 16.5%
189 days - 16.55%
273 days - 15.4%

slegerman:
If I get you right, you are saying you have 20k on your mutual fund account on Friday and on Monday it increases to 22k? If this is what you are saying, then your calculation is wrong. you cannot earn an interest of 1k daily on your mutual fund with that amount.

Sach:
Hi all, first time terminating a tb beforehand. 91 days purchased at 13.25% October 5th. I am being told that the Tbill would be bought back at a whooping 18.5/19%(asked twice). Does anyone know the basic formula or pattern? Thanks!!