Batman2412:
I'm with them. They are hopeless

Very very hopeless.

oluayebenz:


1k most likely.

Does the CBN have forex to defend that rate?

Fixing is easy, defending it is the hard bit.

Look at the recent loan by Nigeria facilitated through AFREXIM that was used to 'defend the naira'

The details are bothersome.

We borrowed $3.3B at an exorbitant interest rate of almost 12%. The collateral was pledging 90,000 bpd of our crude at a suspect price. This is just free stvpid money being given to the western banks behind this loan.

So for future generations, part of the crude the nation would be producing would already had been sold before they were born. Given the hesitance of IMF to lend us money and our eurobond debacle, it wouldn't surprise the country rushes to borrow more this way.

So we are done selling and squandering the crude we produce, we are now doing that for future generations. Like a son taking a loan using his living fathers property as collateral cos he believes one day the dad would die.

Whats more surprising is that some folks praised this deal here. Nigeria is borrowing against our oil reserves they said.

donshady:
Is anyone using Investnow here? I'm sick of those people.

Yes, I used it. What's the matter? What's 'sicking' you about them?

freeman67:


Yes, I used it. What's the matter? What's 'sicking' you about them?

Thier mutual fund seems to be the worst of Thier investment. They hardly improve on Thier rates, customer care services is zero.

donshady:


Thier mutual fund seems to be the worst of Thier investment. They hardly improve on Thier rates, customer care services is zero.

Their mutual fund is NET now.

donshady:


Thier mutual fund seems to be the worst of Thier investment. They hardly improve on Thier rates, customer care services is zero.

For customer service, I only mail or chat them on WhatsApp if I need them and they respond. As for rate it's been a while I have checked any rate sha.

Just checked now and saw that it's about 10.59% which is poor compared to what Stanbic posted yesterday. I just hope they do better soon.

freeman67:


For customer service, I only mail or chat them on WhatsApp if I need them and they respond. As for rate it's been a while I have checked any rate sha.

Just checked now and saw that it's about 10.59% which is poor compared to what Stanbic posted yesterday. I just hope they do better soon.

What did Stanbic post? Axa mansard is also doing 11.59 at a time when fixed deposits have gone to 13%

Seriously considering moving my funds away if the rates don't improve.

Good morning house. Please, when is the next treasury bill coming up?

jedisco:
Look at the recent loan by Nigeria facilitated through AFREXIM that was used to 'defend the naira'

The details are bothersome.

We borrowed $3.3B at an exorbitant interest rate of almost 12%. The collateral was forward selling 90,000 bpd of our crude at a suspect price. This is just free stvpid money being given to the western banks behind this loan.

So for future generations, part of the crude the nation would be producing would already had been sold before they were born. Given the hesitance of IMF to lend us money and our eurobond debacle, it wouldn't surprise the country rushes to borrow more this way.

So we are done selling and squandering the crude we produce, we are now doing that for future generations. Like a son taking a loan using his living fathers property as collateral cos he believes one day the dad would die.

Whats more surprising is that some folks praised this deal here. Nigeria is borrowing against our oil reserves they said.

That's a very sick decision

Suppose the country breaks up, Will the debt from this sick move, still be bored by the emerging country or countries?

Itsrm:


What did Stanbic post? Axa mansard is also doing 11.59 at a time when fixed deposits have gone to 13%

Seriously considering moving my funds away if the rates don't improve.

Stanbic posted 11.73%

enque:


Stanbic posted 11.73%

Unacceptable.

Itsrm:


Unacceptable.

SFS is around11

enque:


Stanbic posted 11.73%

11.89% today. It's getting better

Itsrm:


What did Stanbic post? Axa mansard is also doing 11.59 at a time when fixed deposits have gone to 13%

Seriously considering moving my funds away if the rates don't improve.

In which bank and at what amount?.

NL1960:


In which bank and at what amount?.

100k-50m 12%
50m-200m 13%
200m-1bn 14%
>1bn 15%

First bank, 1 year Tenor.

Wotowotoman:


SFS is around11

Poor as well. Expecting upwards of 15% at this time.

Itsrm:


100k-50m 12%
50m-200m 13%
200m-1bn 14%
>1bn 15%

First bank, 1 year Tenor.

I knew that the amount will be very high if it is a commercial bank. How many people have 50m-200m to keep in the bank?. N50m can get you a Microfinance Bank license that will be returned to you after approval. The same N50m can get you a Super Agent PSS license which will equally be returned after approval.

I even doubt 100k will get you 12%. It will be graduated.

Itsrm:


100k-50m 12%
50m-200m 13%
200m-1bn 14%
>1bn 15%

First bank, 1 year Tenor.

TDs do not compound. The only way it can compound like Stanbic MMF monthly compounding is if the tenor is 30days with automatic rollover. The bank will discount for such.

NL1960:


I knew that the amount will be very high if it is a commercial bank. How many people have 50m-200m to keep in the bank?. N50m can get you a Microfinance Bank license that will be returned to you after approval. The same N50m can get you a Super Agent PSS license which will equally be returned after approval.

I even doubt 100k will get you 12%. It will be graduated.

You don't get the point I was making. The FD rates were previously 3-6% and has now gone up to 12-15%.

I'm expecting considerable increase in mfs rates as well seeing as the underlying assets have all witnessed increased rates in recent times.

And yes, 100k will get you 12%. I don't want to post the evidence here so I don't get into trouble. You can confirm independently.

Itsrm:


100k-50m 12%
50m-200m 13%
200m-1bn 14%
>1bn 15%

First bank, 1 year Tenor.

Minus 10% WHT from the interest.

Itsrm:


You don't get the point I was making. The FD rates were previously 3-6% and has now gone up to 12-15%.

I'm expecting considerable increase in mfs rates as well seeing as the underlying assets have all witnessed increased rates in recent times.

And yes, 100k will get you 12%. I don't want to post the evidence here so I don't get into trouble. You can confirm independently.

I get it now.

There is now competition with many people now being aware of MMF and the ease of operation. With many people now moving their funds from FDs to MMFs, the banks have to match MMF rates in order to retain customers. You break FD before maturity, you pay a penalty. There is nothing like penalty in MMF after 30days.

Itsrm:


You don't get the point I was making. The FD rates were previously 3-6% and has now gone up to 12-15%.

I'm expecting considerable increase in mfs rates as well seeing as the underlying assets have all witnessed increased rates in recent times.

And yes, 100k will get you 12%. I don't want to post the evidence here so I don't get into trouble. You can confirm independently.

This bold means the banks are in desperate mode to retain customers.

Itsrm:


Poor as well. Expecting upwards of 15% at this time.

Increased rates will affect MMF and Fixed income positively but it's not automatic. In most cases, it takes effect gradually once the funds are revalued to match the current realities. Fund managers also tend to rely more on MPR than Tbills rates. By next week when the MPC meets it will be clearer the direction the rate will go.

Itsrm:


What did Stanbic post? Axa mansard is also doing 11.59 at a time when fixed deposits have gone to 13%

Seriously considering moving my funds away if the rates don't improve.

Don't make that mistake. Fixed deposits can never be better than MMF. Why do you think banks don't like investors, look well before you leap.
Don't use a sledgehammer to kill mosquitoes.

thebargainhunte:
Good morning house. Please, when is the next treasury bill coming up?

Next week Wednesday 21st Feb, 2024, If you wish to participate you must get to your bank on or before 10am on Tuesday 20th Feb. 2024 to apply.

emmasoft:


Don't make that mistake. Fixed deposits can never be better than MMF. Why do you think banks don't like investors, look well before you leap.
Don't use a sledgehammer to kill mosquitoes.

No, I'm definitely not moving it to FD.

emmasoft:


Next week Wednesday 21st Feb, 2024, If you wish to participate you must get to your bank on or before 10am on Tuesday 20th Feb. 2024 to apply.

Thank you sir.

VeeVeeMyLuv:


That's a very sick decision

Suppose the country breaks up, Will the debt from this sick move, still be bored by the emerging country or countries?

The lenders would have good legal teams that would have factored in certain eventualities in the terms and conditions. There is of course market risk but without access to such documents, we can only guesstimate.

In such event, the newly born nations or whatever nation that retains the NNPC might bear the liability. They could also put a lieu on or ringfence part of our foreign reserve. JP morgan did something similar recently by asking the CBN to deposit some of our reserves with them before they could access a loan.
Ultimately, if the lenders stand to lose out completely, then you'd expect them to be heavily involved in the war or sell the debt to those who'd do the dirty job.

This is less of my concern though. What worries me is that just like with eurobonds, as we've unlocked this kind of borrowing wouldn't surprise me if the FG keeps going and pledging more crude until there's none left to pledge. Another is that much of it would be looted back to europe without any benefit for the common man

freeman67:


For customer service, I only mail or chat them on WhatsApp if I need them and they respond. As for rate it's been a while I have checked any rate sha.

Just checked now and saw that it's about 10.59% which is poor compared to what Stanbic posted yesterday. I just hope they do better soon.

Please how do I reach them on WhatsApp? I need their contact

donshady:


Please how do I reach them on WhatsApp? I need their contact

When you open your investnow app, click on that picture side and scroll down down, you will see the 'Contact Us' line. Click on it and it will display all their contacts including their WhatsApp.

When filling the TB form is it better to state your preferred interest rate or go with bank rate?