Domiciliary account balance rises to $29bn amid weaker naira

The foreign currency deposits, a chunk of which are in dollars, stood at N17.65 trillion in June, up from N10.72 trillion in May, according to the CBN data. When converted to the greenback, it rose by 21 percent to $28.92 billion (using the average exchange rate of N610.17/$ in June) from $23.20 billion; the naira averaged 462.01/$ before the devaluation in mid-June.

A further breakdown of the data also showed that the increase was driven by more deposits and devaluation, which boosted the naira value of the foreign currencies in the domiciliary accounts.

The naira has plunged to record lows across markets since the central bank allowed it to weaken by as much as 40 percent against the dollar in June.

Adeola Adenikinju, a professor of economics and president of the Nigerian Economic Society, said the boost in the naira value of deposits in domiciliary accounts was the major factor driving banks’ deposit growth.

Domiciliary accounts constitute more than a third of deposits in the banking sector and a large portion is sitting idle, according to him.

The country’s external reserves stood at $33.41 billion as of November 7, down from $37.08 billion at the end of last year, according to the CBN.

Adenikinju disagreed with the suggestion in some quarters that the government should convert the money in domiciliary accounts to naira. “I think that will do a lot more damage to the economy because it will just hamper the free flow of dollars.”

emmanuelewumi:




500k is meagre for one to use the returns to augment monthly expenses. You can't get more than N5000 monthly return. It will be better if you compound the return and also have a regular top up



Reason why I advised you to do business with your 500k

bro please how much can my 1.9 million get me every month on tbill if it is 10k every month i do not mind as long there no hidden risk at all. I have been jobless since febuary and this money have been in the bank since last year abeg help me hungry want finis me

Godspeed0:
bro please how much can my 1.9 million get me every month on tbill if it is 10k every month i do not mind as long there no hidden risk at all. I have been jobless since febuary and this money have been in the bank since last year abeg help me hungry want finis me

Divide into 2, buy March and June bonds.


It will pay about 75k March, 75k in June, 75k in September and 75k in December


Or better still do business with the fund

emmanuelewumi:



Dividend into 2, buy Match and June bonds.


It will pay about 150k in March, 150k in June, 150k in September and 150k in December


Or better still do business with the fund

bro this your language no understand me ooo we are in november and you are mentioning march, june, september and please i need something that is risk free i though bond is risky

I still think dollar will go to 1500 by feb

Godspeed0:
bro please how much can my 1.9 million get me every month on tbill if it is 10k every month i do not mind as long there no hidden risk at all. I have been jobless since febuary and this money have been in the bank since last year abeg help me hungry want finis me

At current rate, N25,000 every month for 1 year.

But it doesn't work like that, you will get the lump sum interest (N302,100) upfront at the very beginning. While the capital will be returned to you after one calender year!

Godspeed0:
bro this your language no understand me ooo we are in november and you are mentioning march, june, september and please i need something that is risk free i though bond is risky

Treasury Bill does not pay every month. I told you to buy bonds so that you can get income twice in a year, 2 tranches of bond investment will give you income 4 times in a year, 3 tranches of bond will give you income 6 times in a year


You can buy Money Market Fund and get your dividends every quarter, March, June, September and December

VeeVeeMyLuv:

At current rate, N25,000 every month for 1 year.

But it doesn't work like that, you will get the lump sum interest (N302,100) upfront at the very beginning. While the capital will be returned to you after one calender year!

if i get you clearly you mean i would leave the money for 1 year 1 year is a long of time i though is somethig i can do every month and reinvest next month if i wish

emmanuelewumi:



Treasury Bill does not pay every month. I told you to buy bonds so that you can get income twice in a year, 2 tranches of bond investment will give you income 4 times in a year, 3 tranches of bond will give you income 6 times in a year


You can buy Money Market Fund and get your dividends every quarter, March, June, September and December

i hope there is no risk getting bond and would they pay me the money once

Godspeed0:
if i get you clearly you mean i would leave the money for 1 year 1 year is a long of time i though is somethig i can do every month and reinvest next month if i wish

Yes u will forfeit it for one solid calendar year after which it will be returned to you.

But you get your interest N302,100 within the first week unfailingly if your bid for the treasury bill scale through.

The last one for the year might probably be in November 22nd. After that till next year. Be on the watch out.

Godspeed0:
i hope there is no risk getting bond and would they pay me the money once

no, they won't pay you immediately. They pay you in tranches after 6months and subsequently after another 6 months (in the 12th month).

They will tie your money down for extended periods of time, like minimum 5years,

emmanuelewumi:



Treasury Bill does not pay every month. I told you to buy bonds so that you can get income twice in a year, 2 tranches of bond investment will give you income 4 times in a year, 3 tranches of bond will give you income 6 times in a year


You can buy Money Market Fund and get your dividends every quarter, March, June, September and December

StabicIBTC MMF pays every month. So he can withdraw the interedt every month.

Hello all... Please from experience, between First bank and GT bank...who offer better Tbill rates?

NL1960:


StabicIBTC MMF pays every month. So he can withdraw the interedt every month.

With that there cheap rate(below 10%)

Tohmey:

With that there cheap rate(below 10%)

That is why it is every month. Check the power of compounding. Others pay every quarter.

VeeVeeMyLuv:

Yes u will forfeit it for one solid calendar year after which it will be returned to you.

But you get your interest N302,100 within the first week unfailingly if your bid for the treasury bill scale through.

The last one for the year might probably be in November 22nd. After that till next year. Be on the watch out.

I used to do T-bills, but I haven't done so in a while. In 2017, the rate was over 18%, and it is possible that we may reach that rate again next year. In 2018, the rate fell sharply to 12%. I also remember that they used to pay interest (or what ever it is they call it) about three days after purchase.

ositadima1:


I used to do T-bills, but I haven't done so in a while. In 2017, the rate was over 18%, and it is possible that we may reach that rate again next year. In 2018, the rate fell sharply to 12%. I also remember that they used to pay interest (or what ever it is they call it) about three days after purchase.

Wow that was a massive cashout 👍

Godspeed0:
bro please how much can my 1.9 million get me every month on tbill if it is 10k every month i do not mind as long there no hidden risk at all. I have been jobless since febuary and this money have been in the bank since last year abeg help me hungry want finis me

I like the idea that you have decided to eat the income that your capital will bring and not eating away the capital itself.

In the meantime, please find something to do with the capital itself because with the rate the value of the Naira keeps eroding, sooner or later you are going to be eating the capital without you even realizing it.

narite:

I like the idea that you have decided to eat the income that your capital will bring and not eating away the capital itself.

In the meantime, please find something to do with the capital itself because with the rate the value of the Naira keeps eroding, sooner or later you are going to be eating the capital without you even realizing it.

Boss am very grateful for this advice but matter goes like this. You know when we were in primary school there is a song we normally sing when it is breaktime some have food but can not eat some can eat but have no food. even thought the money is small in today world.I know the money is still enough to start from somewhere but my problem is i do not know what do with it i dont know where to start from i dont know the type of business to venture into and my greatest fear is losing the money to wrong business because of the way i get the money. I save through sweat and shame anytime i remember how my colleague that we do the same work normally buy cloth every sunday goes to club to enjoy thier life eat whatever they like why me i could not eat what i like and i could buy cloth on myself that people who be asking me no be same work you and this people dey work. I was just saving saving because of the poor background i came from i want to escape poverty from this my linage if you know any profitable business i can do boss abeg help me i know people who never leak thier business secreat make una help me befor inflation finish this money

H

Good morning

Please I was at FBN on Tuesday to invest in TB secondary market the fund has been with drawn from my account but up till now I have not been credited the interest.

Is there any cause for alarm. Thank you.

debbydee:
Good morning

Please I was at FBN on Tuesday to invest in TB secondary market the fund has been with drawn from my account but up till now I have not been credited the interest.

Is there any cause for alarm. Thank you.

Cause for alarm? None whatsoever 🤗

mymadam:

Cause for alarm? None whatsoever 🤗

But I have not gotten the interest yet.

debbydee:
Good morning

Please I was at FBN on Tuesday to invest in TB secondary market the fund has been with drawn from my account but up till now I have not been credited the interest.

Is there any cause for alarm. Thank you.

No issues the money has been taken into custody. If successful next week, your interest will be paid back to the account and your principal will be refunded at maturity. However, if unsuccessful, the whole amount will be refunded to your account afterwards. So nothing to worry about.

freeman67:


No issues the money has been taken into custody. If successful next week, your interest will be paid back to the account and your principal will be refunded at maturity. However, if unsuccessful, the whole amount will be refunded to your account afterwards. So nothing to worry about.

I noticed she mentioned TB secondary market. Isn't that done in 24hrs, as against primary market where one waits till the bank confirms their bid was successful

debbydee:
Good morning

Please I was at FBN on Tuesday to invest in TB secondary market the fund has been with drawn from my account but up till now I have not been credited the interest.

Is there any cause for alarm. Thank you.

Did you notify them that you wanted your interest upfront?

enque:


Did you notify them that you wanted your interest upfront?

Yes. I told the lady I met that the interest should be paid immediately the bid is successful.

Good day house. Seeking your opinion on an investment I made.
I did TB with zenith bank around Nov at 9.7% as I thought rate will nosedive below that by the end of the year. Now rate is around 16%. Is it wise to end the TB investment (Taking my loss) and reinvest it hoping rate will be around 16% or more. I've been calculating but the maths is just messing my head up.
Amount invested is XX,000,000

enque:


I noticed she mentioned TB secondary market. Isn't that done in 24hrs, as against primary market where one waits till the bank confirms their bid was successful

Ok, I didn't see the secondary market part ooo. It's usually credited after settlement, and might be longer.

Chikebrain:
Good day house. Seeking your opinion on an investment I made.
I did TB with zenith bank around Nov at 9.7% as I thought rate will nosedive below that by the end of the year. Now rate is around 16%. Is it wise to end the TB investment (Taking my loss) and reinvest it hoping rate will be around 16% or more. I've been calculating but the maths is just messing my head up.
Amount invested is XX,000,000

Around November last year? or earlier this month?
If it is last year, it should have matured so you get your money back

Chairman @emmasoft, I'm hearing 16.5-17% and want to buy fixed income. I opened an investment-one account (through your link) but the account is empty.

I have some naira and want fixed income. I need help with this investment one o. I sent them an email some days ago, no response.