Thanks to Seun and others for this enlightenment about FGN Treasury bills, my only regret is that I was'nt in the know before I invested 1.2 million naira in a fixed deposit account with GTbank at 7.25% interest rate though my happiness is that it has a short tenor of 30 days with agreement to be rolling it over subsequent months. Now i'm counting days to its expiry date. So my question now is how do I convert this 1.2 million naira to treasury bills and what is the current interest rate TB? Thanks in advance!

Hello house..any info on todays bid

laceonline02: Hello house..any info on todays bid

Today is for submission of Bids..

Expect the result by Thursday evening or Friday morning..

Me i still dey NSE dey take risk for now..

You can get the stop rates for Tbills auctions from FMDA's website fmda.gov.ng. They also do monthly market summary so our investment savvy friends could read that too.

pappilo: I was successful. I had given my banker a rate of 11.5% but I chickened out at the last minute and told him to go with the bank's rate which turned out to be 10.9

Not a bad result for my first go. My trip has been successful but very stressful. GT Bank is by miles the best bank in Nigeria and their staff among the best. I have exceeded my targets both in the exchange and discount rate and will be popping a bottle of Nectar Moet tonight to celebrate.

For anyone still with doubts, all I can say is go for it. I doubt if there is any better risk free 'investment' with such high returns out there.

hello,sir,asides the commission charge, does GTB take COT when my savings account get debited for this transaction? Are there any other charges apart from the commission when I transact from a savings account?

dan_dollar: hello,sir,asides the commission charge, does GTB take COT when my savings account get debited for this transaction? Are there any other charges apart from the commission when I transact from a savings account?

When you use a savings account, you do not pay COT. No other charge apart from the commission of 0.125%. I use a savings account with FBN plc. All the best in you bid.

[quote author=dan_dollar] hello,sir,asides the commission charge, does GTB take COT when my savings account get debited for this transaction? Are there any other charges apart from the commission when I transact from a savings account?[/quote

Get more info from your bank.

Sir,

Kindly inform us if there's starter pack with a tenor 30 days ?

Thanks
Sam

Desanta:

When you use a savings account, you do not pay COT. No other charge apart from the commission of 0.125%. I use a savings account with FBN plc. All the best in you bid.

This looks to be correct. I havent been charged yet I beleive. And I used a savings account too. I am waiting till the end of the month to see if/what I'll be charged. Not sure if GT took their charges when they debited my account.

I was furious First Bank only offered 91 day bills and when I complained that their COT charges will be prohibitive if I kept rolling over 91 day bills, my friend who works there explained that COT wasnt charged on money leaving your account to buy securities, fixed deposit e.t.c.

sammiewayo: Sir,

Kindly inform us if there's starter pack with a tenor 30 days ?

Thanks
Sam

No mate. 91 days minimum tenor for TB.

pappilo: I was furious First Bank only offered 91 day bills and when I complained that their COT charges will be prohibitive if I kept rolling over 91 day bills, my friend who works there explained that COT wasnt charged on money leaving your account to buy securities, fixed deposit e.t.c.

Your friend is mistaken. COT isn't charged on money used to buy fixed deposit because the money doesn't actually leave the bank, but it's charged for tbills because the money leaves the bank.

[quote
author=feelamong]

Officially you can invest as little as N1000. But because of the paper
work involved and for the fact that the fees u pay to them is very low,
most banks and discount houses insist on a min of 100k to N1M.

If you are interested send me a mail to feelamong@gmail.com ..I will
introduce you to a friend in a discount house.[/quote]

mr feelamong, i live in abuja, can u as well introduce me to where i can buy tbill? my e-mail is alakhume2003@yahoo.com
i have long been following this thread and i also have a clue about tbill since 2004, but i do not really know how to start dealing. i need reply pls

Seun:
Your friend is mistaken. COT isn't charged on money used to buy fixed deposit because the money doesn't actually leave the bank, but it's charged for tbills because the money leaves the bank.

Why dont people just use their savings account then? No COT is charged on that.

Biafra diplomat: Thanks to Seun and others for this enlightenment about FGN Treasury bills, my only regret is that I was'nt in the know before I invested 1.2 million naira in a fixed deposit account with GTbank at 7.25% interest rate though my happiness is that it has a short tenor of 30 days with agreement to be rolling it over subsequent months. Now i'm counting days to its expiry date. So my question now is how do I convert this 1.2 million naira to treasury bills and what is the current interest rate TB? Thanks in advance!

............just tell your acc.officer to help you buy T.bills at d bank's bid......current bid is 10.35

imolore:

mr feelamong, i live in abuja, can u as well introduce me to where i can buy tbill? my e-mail is alakhume2003@yahoo.com
i have long been following this thread and i also have a clue about tbill since 2004, but i do not really know how to start dealing. i need reply pls

Contact your bank, they will direct you on what to do.

It has just occurred to me that buying TBills is compliant with Islamic banking. When you buy TBills, you are not paid interest instead you are sold an instrument at a discounted rate for maturity at a future date.

I may be wrong but this is the way I interpret it. So any Muslim brothers or sisters in the house can also partake in buying TBills without contravening Islamic laws that forbid earning interest.

laceonline02: Hello house..any info on todays bid

STOP RATE FOR 22/05/2013

91 days ------10.99%

182 days ------ 11.77%

364 days -------11.97%

happy investing!!

I will like to know which is the best discount house to use for tbills,anyone have experience with meritrade and are they really discount house. Most banks accept from 1m above for tbills and only discount houses accept lower.since the fall of nse,i am really scared to lose a penny from this hard earned bejanmins. Advice is needed pls.if you have used meritrade in the past,let us know.

Tassembly: I will like to know which is the best discount house to use for tbills,anyone have experience with meritrade and are they really discount house. Most banks accept from 1m above for tbills and only discount houses accept lower.since the fall of nse,i am really scared to lose a penny from this hard earned bejanmins. Advice is needed pls.if you have used meritrade in the past,let us know.

False. I bought Tbills worth N500,000 through GT Bank yesterday. Do not believe "dem say, dem say", go to your bank and tell them to give you more information about buying TBills. The more learned guys here have confirmed that banks will help buy TBills from N100,000 and above. It costs them nothing to help you buy as your application to buy will just form part of a combined bid. They will even make money off you, 0.125% + a possible 0.5% COT.

pappilo:

False. I bought Tbills worth N500,000 through GT Bank yesterday. Do not believe "dem say, dem say", go to your bank and tell them to give you more information about buying TBills. The more learned guys here have confirmed that banks will help buy TBills from N100,000 and above. It costs them nothing to help you buy as your application to buy will just form part of a combined bid. They will even make money off you, 0.125% + a possible 0.5% COT.

Very correct, but COT is now 0.3%.

I spoke to my acct officer (Fidelity bank) as regards buying T/bills he says for an individual with less than N2m they can only buy for the person at the secondary market and this will be at a lower rate of return. Is this so for other banks?

^^^^^^
tell that he is either not knowledgeable enough or he is just lieing to you!

I will advise that you take a walk from that branch or bank ASAP!

I use Fidelity Bank (Fidelity Securities) and I have never been told that one before!

pappilo:

False. I bought Tbills worth N500,000 through GT Bank yesterday. Do not believe "dem say, dem say", go to your bank and tell them to give you more information about buying TBills. The more learned guys here have confirmed that banks will help buy TBills from N100,000 and above. It costs them nothing to help you buy as your application to buy will just form part of a combined bid. They will even make money off you, 0.125% + a possible 0.5% COT.

In GTB, if the fund is coming from Savings account, they will NOT take COT.
In Zenith bank, if the fund is coming from Savings account, they will take COT. Greedy Zenith bank.
I will move my funds from zenith to GTB as soon as it matures.

When is the next Auction Please?

Subscribing

pappilo:

False. I bought Tbills worth N500,000 through GT Bank yesterday. Do not believe "dem say, dem say", go to your bank and tell them to give you more information about buying TBills. The more learned guys here have confirmed that banks will help buy TBills from N100,000 and above. It costs them nothing to help you buy as your application to buy will just form part of a combined bid. They will even make money off you, 0.125% + a possible 0.5% COT.

Last year,i went to my gtb branch oba akran to make this inquiry ,all they were saying is 1million for startup, this year again in april,i went to 2 gtbanks,at ikeja and secetariat,they told me the same thing,pls throw more light about how you get gtb to buy half a million for you.

Tassembly: Last year,i went to my gtb branch oba akran to make this inquiry ,all they were saying is 1million for startup, this year again in april,i went to 2 gtbanks,at ikeja and secetariat,they told me the same thing,pls throw more light about how you get gtb to buy half a million for you.

You should ask him which branch of GTBank he bought the tbills through. It's possible that some branches are simply more accommodating.

Tassembly:


Last year,i went to my gtb branch oba akran to make this inquiry ,all they were saying is 1million for startup, this year again in april,i went to 2 gtbanks,at ikeja and secetariat,they told me the same thing,pls throw more light about how you get gtb to buy half a million for you.

I'll be honest and admit I didnt go through the staff in my branch. I havent even had my GT account for up to 1 month so I guess I was lucky.

My sister told one of the GT corporate bankers from HQ that deals with the company she works for that she wanted to buy TBills and the chap just told us to send him an email with the request and that was it.

The N500k I bought 2 days ago was my second investment but the first through my own account. My initial investment 2 weeks ago was over N1M but was done through my sisters account in her name as my own GT account wasn't fully opened before the auction. So if I can do a first TBills transaction on a brand new account for half a million naira, I cant understand why they wont help you buy.

The guy even brought account opening forms to my house. I guess it is the Nigerian factor where HQ are willing to accept N500k investments yet a branch of the same bank refuses.

Nigerians must learn to complain. Send an email to their head office or phone their contact centre. Buying TBills shouldnt be reserved for the rich. I would have told you to try First Bank but those ones are useless. They only do 91 day bills

pappilo:

...Nigerians must learn to complain. Send an email to their head office or phone their contact centre. Buying TBills shouldnt be reserved for the rich...

Spot on... Nigerians must learn to complain.! Meanwhile, I've always used Diamond Bank and they have been okay. However, it was always 1M & above. I'll try and find out if they'll accept less than 1M and give a feedback on NL ASAP. God bless Nigeria.

mymadam:

Spot on... Nigerians must learn to complain.! Meanwhile, I've always used Diamond Bank and they have been okay. However, it was always 1M & above. I'll try and find out if they'll accept less than 1M and give a feedback on NL ASAP. God bless Nigeria.

This sounds interesting...pls tell me if I buy 1M worth of Tbills what will be my interest or profit?

@ mymadam please do let us know the outcome of your enquiry. @ feelamong please send me the name of your aCcount office and the bank you use. since you know more about treasury bond. I will like to invest in it too.

aderhayor: @ mymadam please do let us know the outcome of your enquiry...

Will do as soon as I am 100% sure. It appears that there're still conflicting signals right now. God bless Nigeria.