KPboy:


Kindly whatsapp me on 08066109307. I feel I was ripped off. Eco Bank gave me 11.5% for 360 days. Does it depend on the amount? Is yours above 10million please
Regards.

ecobanks are thieve before.......thats how they do on their TB. i remember last year when TB 365 was 18%. That crook bank gave me 17.5%. since then, i jejely move everything i have on that bank.

NL1960:


Speak with me ke?. For phone?. Speak to me here o. You know whether i be Dangote?.

First, it seems some banks allow people under 50m to bid primary.. Secondly, the difference in secondary rates obtained vary significantly. I need to become radical, this community is exposed and vibrant. Cheers.

BTW, lemme not talk much! I blasted my Eco Bank manager on reading stuff here...they're many big shots that'll emanate from this thread. All the Best

KPboy:

First, it seems some banks allow people under 50m to bid primary.. Secondly, the difference in secondary rates obtained vary significantly. I need to become radical, this community is exposed and vibrant. Cheers.

BTW, lemme not talk much! I blasted my Eco Bank manager on reading stuff here...they're many big shots that'll emanate from this thread. All the Best

(1) CBN came up with the 50m rule last year. If you have 50m, you can specify your rate when bidding in the primary market. If you do not have 50m, you have to follow the bank's rate. The banks pool funds of those with less than 50m and bid on their behalf with their rate and then allocate to them. I normally follow bank's rate as i no get 50m.

(2) Secondary market rates vary from bank to bank and it depends on availability and tenor. Even primary market rate also vary from bank to bank because it is a bid. If a bank specifies a rate lower than the CBN spot rate, such a bank is given at the lower rate specified and if a bank specifies above the spot rate, nothing for such a bank the bank lost the bid. Some banks bid low just to be on the safe side.

NL1960:


(1) CBN came up with the 50m rule last year. If you have 50m, you can specify your rate when bidding in the primary market. If you do not have 50m, you have to follow the bank's rate. The banks pool funds of those with less than 50m and bid on their behalf with their rate and then allocate to them. I normally follow bank's rate as i no get 50m.

(2) Secondary market rates vary from bank to bank and it depends on availability and tenor. Even primary market rate also vary from bank to bank because it is a bid. If a bank specifies a rate lower than the CBN spot rate, such a bank is given at the lower rate specified and if a bank specifies above the spot rate, nothing for such a bank the bank lost the bid. Some banks bid low just to be on the safe side.

Thanks, you gave great Explanations! It got me confused earlier!! So essentially some banks can get very high bids.. .especially if I insist on them pooling for primary using a 'smart' rate. Eco Bank like someone said above, they smashed me giving the high amount I'm doing, almost 10m. I'm considering other options & he's giving me excuse on cancelling it (that there's a possibility of losing my principal). That once I request, they'll confirm the condition of liquidation & get me to confirm before proceeding. I'm touched by the exposure on this forum. Regards

From my research, these are the top 3 banks when it comes to Tbills.... Stanbic, GTB or FBN ?

Which would you recommend and why? Thanks

KPboy:


Thanks, you gave great Explanations! It got me confused earlier!! So essentially some banks can get very high bids.. .especially if I insist on them pooling for primary using a 'smart' rate. Eco Bank like someone said above, they smashed me giving the high amount I'm doing, almost 10m. I'm considering other options & he's giving me excuse on cancelling it (that there's a possibility of losing my principal). That once I request, they'll confirm the condition of liquidation & get me to confirm before proceeding. I'm touched by the exposure on this forum. Regards

You cannot insist if you do not have 50m. Even if you have 49.999999999m, you must follow the bank rate. When the bank is pooling, they determine the rate and not you.

Let us look at it this way:

(1) You have 50m and you fill a primary market form and choose 14% as rate

(2) The Bank will take your bid to the auction with that your rate of 14% for that 50m amount

(3) The bank now pools funds from small small boys like us and bid 13% for us.

(4) Let us assume that at the auction, the CBN stop rate becomes 13.5%

(5) What this means is that the bid for the pool funds of small small boys like us will succeed because the 13% is lower than the CBN spot rate of 13.5% while your 50m bid of 14% will fail.

(6) If the CBN stop rate was 14.2%, your 50m bid will succeed and you get 14% while we get 13%.

(7) Prior to the 50m rule, i was not even specifying my own rate. I always tell the bank to use their rate as they are the expert in it and not me that hustling with looking for kobo kobo.

NL1960:


You cannot insist if you do not have 50m. Even if you have 49.999999999m, you must follow the bank rate. When the bank is pooling, they determine the rate and not you.

Let us look at it this way:

(1) You have 50m and you fill a primary market form and choose 14% as rate

(2) The Bank will take your bid to the auction with that your rate of 14% for that 50m amount

(3) The bank now pools funds from small small boys like us and bid 13% for us.

(4) Let us assume that at the auction, the CBN stop rate becomes 13.5%

(5) What this means is that the bid for the pool funds of small small boys like us will succeed because the 13% is lower than the CBN spot rate of 13.5% while your 50m bid of 14% will fail.

(6) If the CBN stop rate was 14.2%, your 50m bid will succeed and you get 14% while we get 13%.

(7) Prior to the 50m rule, i was not even specifying my own rate. I always tell the bank to use their rate as they are the expert in it and not me that hustling with looking for kobo kobo.

Thanks for this elaborate explanation. But some people keep referring to bidding on primary market. So I assumed the Bank advises like you said & puts the bid together for them & they get it if it succeeds. But it's possible that some will tell you secondary, & it means they've planned a very low rate of reselling what is gotten from the 'primary' bidding...I Called some persons & it seemed people can bid something tangible in a 'primary market'(as some nairalanders kept referring to) as opposed to peanuts Eco Bank offers in the secondary market. Many thanks
I called like 2 to 3 bankers & the difference in rate I got is much to feel something is up!

KPboy:


Kindly whatsapp me on 08066109307. I feel I was ripped off. Eco Bank gave me 11.5% for 360 days. Does it depend on the amount? Is yours above 10million please
Regards.

It does not depend on amount. Mine was 2.2M Actually, I went to my bank which is Firstbank on a Tuesday morning to fill the form for primary market 182days, they said it was late, and they tried to convince me to do fixed deposit, I asked for secondary market , they claimed none was available with their non chalant attitude, I quickly transferred my money to my stanbic account ,
At stanbic I filled the form for primary market for 182days, and left. But d money did not reflect until about 1pm( NB submission closes by 12noon)
So I received a call from stanbic on Wednesday asking me if I can buy from secondary market and the available rates and days. I gave a go ahead order and within minutes I got alert.
I must say the that there customer service is top notch.
And I got 12.3% for 148days while CBN stop rate was12.2% for 182days.

It's now official, I need a Stanbic IBTC bank account!

FBN is doing well, but the customer service in my new location isn't encouraging.

2019 polls: Foreign investors withdraw N435.41bn from stock market https://punchng.com/2019-polls-foreign-investors-withdraw-n435-41bn-from-stock-market/

Sorry not meant for this thread.

Infinitisi:
2019 polls: Foreign investors withdraw N435.41bn from stock market https://punchng.com/2019-polls-foreign-investors-withdraw-n435-41bn-from-stock-market/

Etfash:
It's now official, I need a Stanbic IBTC bank account!

FBN is doing well, but the customer service in my new location isn't encouraging.

The problem with First bank is the attitude of their staff especially the female ones. Although I still make use of First bank for my TB

T-Bills Market Trades Flat as Yields Slightly Rise to 13.11%
https://www.businesspost.ng/2018/09/25/t-bills-market-trades-flat-as-yields-slightly-rise-to-13-11/

The following are the available tenors at the secondary market as at today Tuesday, September 25, 2018 from First bank.
51 days 11%
65 days 11%
107 days 11.25%
128 days 11.25%
142 days 11.25%
177 days 11.20%
184 days 11.35%

zinaunreal:
I knew there was something very wrong with that skye bank when i transfered money to someone and he got credited 5 days later.

Will I still be able to use my SkyeBank atm card please?

[quote author=NobodyKnows post=71513107]Will I still be able to use my SkyeBank atm card please? [/quotpe]

No shaking guyz.....i had a huge sum with skybank/Polaris , after the news hit I go scared but as i type, all my funds have been transfered to stanbic in prep for the next TB. Am keenly waiting for uncle emefiele to announce a possible hike in interest rate by 2pm today.

Polaris is ppowered by Amcon and NDIC . Pretty stable now with the injection of 790b naira but I don't know abt the future of the bank but for today no wahala.

TB availability for today @ StanbicIbtc Bank:

23 days @10.05%

86 days@11.65%

177 days@11.75%

Nobody should try UBA oh.
I was offered 10.75% for 150 days last week. (Secondary market)

mosky47:
Nobody should try UBA oh. I was offered 10.75% for 150 days last week. (Secondary market)

God forbid!

[quote author=Etfash post=71492874]It's now official, I need a Stanbic IBTC bank account!

Me 3

DInkMan:
TB availability for today @ StanbicIbtc Bank:

23 days @10.05%

86 days@11.65%

177 days@11.75%

Oya straight to stanbic

Selloffs at T-Bills Market as Lending Rate Jump to 19.42%
https://www.businesspost.ng/2018/09/25/selloffs-at-t-bills-market-as-lending-rate-jump-to-19-42/

dipoolowoo:
Selloffs at T-Bills Market as Lending Rate Jump to 19.42%
https://www.businesspost.ng/2018/09/25/selloffs-at-t-bills-market-as-lending-rate-jump-to-19-42/

I'm still a novice in tbs. Does this mean rates would go up 19.42% at next week's auction?

Nnamz:


I'm still a novice in tbs. Does this mean rates would go up 19.42% at today's auction?

Lol

Nnamz:


I'm still a novice in tbs. Does this mean rates would go up 19.42% at today's auction?

I think what it meant is that a lot of people are selling off their TBs to invest in lending market. This will not lead to interest rate increase for TBs

vexing:

I think what it meant is that a lot of people are selling off their TBs to invest in lending market. This will not lead to interest rate increase for TBs

please, what is "lending market"?

pafra:


please, what is "lending market"?

I just coined the word "lending market". What I meant is that banks/individual sell of their TBs and invested the money in lending. They prefer to loan out their money since it has higher returns.

vexing:


I just coined the word "lending market". What I meant is that banks/individual sell of their TBs and invested the money in lending. They prefer to loan out their money since it has higher returns.

If you are not 101% sure of getting back your money don't lend to individuals. I just have my fingers burnt. He came for 1.5MN, gave him 1MN. A year plus now, no kobo has been returned despite the fact that he has been paid.
Everyday new story....never will I try it again.

Agbaletu:

If you are not 101% sure of getting back your money don't lend to individuals. I just have my fingers burnt. He came for 1.5MN, gave him 1MN. A year plus now, no kobo has been returned despite the fact that he has been paid.
Everyday new story....never will I try it again.

Mine is the same. 400k since January. Said he was going to pay back by ending of April. Up till today, stories upon stories. The worst case is that he is a close relative. So, i can't even take drastic actions against him. If it was an outsider, I would have devised means of collecting the money since.

Agbaletu:

If you are not 101% sure of getting back your money don't lend to individuals. I just have my fingers burnt. He came for 1.5MN, gave him 1MN. A year plus now, no kobo has been returned despite the fact that he has been paid.
Everyday new story....never will I try it again.

Only lend what you can give out and never give out always lend out, keep them defaulters indebted to your generation unborn. just gave out 250k to return 50k per month from salary till February ending. Fingers crossed. When I get home by next week, my wife and children will hear about it as my wife will be the one to collect all debts. So she has the reminder button.

MPR has been retained at 14%....
Tightening monetary policies .;says Emiefele,CBN.