Macktaob:

It’s scary how someone can still be considering converting their funds to dollar at this rate. But who am I to have a voice in the monetary value of this country today when I could have sworn by late last year that Nigerian government would never look on while dollar gets to 1k but here we at @1850…a friend sister’s converted all to dollar last 2 weeks at 1520, dollar reversed to 1300 but today she has over 300 Naira interest on each unit of the dollar bought.

Hmmnn...part of my fear too...what if dollar slides down after purchasing at this price..

kristien4:
Hmmnn...part of my fear too...what if dollar slides down after purchasing at this price..

dollar will definitely retrace back to 1k or there about.
but in long-term, you can never loose saving in dollar if you didn't sell when dollar falls.
in the next few years, u will definitely make more profit and beat inflation and devaluation

descarado:

Angel, how u dey?

U see, I have to be rational. What is happening to Nigeria is expected. Tinubu will not rest until he recoup all the dollars he shared to Nigerians during election. Some people can't open their mouth cos they are guilty . These people rejected naira. You have to buy them over using dollars. It was the biggest dollar politics of all times. Them don chop their own, its time for tinubu and his men to chop. This is Nigerian politics. Even small boys were demanding for money to do what they are paid for.

l dey jare, longest timeeeeeee? Nice to hear from you,

Acidosis:


He's the unofficial spokesperson to the presidency on Hamas and Israeli crisis. 99% of his tweets in the last 2-3 months have been about the war.

BAT may have failed, but I respect him for putting those disloyal food mongers (Reno, FFK, and Bwala) in their rightful places.

Hahaha, lol, you cracked me up with this response, Spokesperson of Hamas, una go kill person with laugh for nairaland

Acidosis:


Right, probably an unwritten law.

The trend will continue for as long as Nigerians refuse to act. Amaechi once said that they steal because Nigerians do absolutely NOTHING in return.

By the time the hunger in the land gets more severe, Ikorodu boys and One Million boys will be out again to torment the ordinary people in Agege and Ifako while an unbothered and boastful Wike continues to move from one church to another to talk about 2027 elections.

LoL at ikorudu boy's, Buhahaha, falls from Mount Everest with my cup of hot tea because of your comment

kristien4:
Hmmnn...part of my fear too...what if dollar slides down after purchasing at this price..

The exact fear that got most of us here lamenting. I earn in dollar but kept converting, now all my Naira devalued 2-3 times. Only my January’s so far still remains in dollar and the universe willing, the entire year’s would be.

Basically, the state we at now; I doubt anyone is gon advise you whether to convert or not coz all of us are united in FEAR of the next day’s market open hour, how far further Naira prolly would plunge which is the most likelihood now. Regardless there’s still the other side, the little warning system in us asking “if things haven’t gone too far already?!”

Ibk2020:

well I have a dorm account but I can never trust it same way I stop trusting TB. Thank God I took that bold Step and stop TB early 2019.
government may convert all dorm account to Naira in future at Cbn rate if the scarcity continue.
as for why I don't trust TB. there are many countries that default TB payment, pls research and don't ask me which countries. Akanbi can default TB payment

Nothing is impossible but speculating about domicilliary account conversion to naira is ridiculous (even during the worst period of the nation under military regime, they know better than do that becuase of the ramification). We all have opinions but let this be based on facts. Be mindful because loads of people are scrolling through this thread for "information" . SHalom!!

Hogwarthtrades:

Nothing is impossible but speculating about domicilliary account conversion to naira is ridiculous (even during the worst period of the nation under military regime, they know better than do that becuase of the ramification). We all have opinions but let this be based on facts. Be mindful because loads of people are scrolling through this thread for "information" . SHalom!!

it's not ridiculous and I am not speculating.
if you are current, you will know this is old news.
Cbn and debuke it many times, once again, let wait and see.

Hogwarthtrades:

Nothing is impossible but speculating about domicilliary account conversion to naira is ridiculous (even during the worst period of the nation under military regime, they know better than do that becuase of the ramification). We all have opinions but let this be based on facts. Be mindful because loads of people are scrolling through this thread for "information" . SHalom!!

A similar idea came up in Lebanon. It can happen here or anywhere.

Of $104 billion of hard currency deposits, the plan foresees returning just $25 billion to savers in U.S. dollars, with most of what's left converted to (Lebanese) pounds at several exchange rates, including one that would wipe 75% off some deposits.

https://www.reuters.com/markets/rates-bonds/lebanon-plan-sees-93-currency-slide-turns-bulk-fx-deposits-pounds-2022-01-31/

People became paupers overnight. Dem no dey tell pesin oo.

The government divided the losses:

This time, the losses are divided out as follows: $38 billion by depositors; $13 billion through a reduction in the capital of banks' shareholders; $10 billion in a government perpetual bond; and $8 billion by the central bank.

An addition to my previous post. Some of B.A.T most influential advisors are from that country - Lebanon. Many must have heard or read about the Chagoury's. These are some of the international "best" brains surrounding B.A.T. People who couldn't save their own country.

Today, $1 is worth 15,031 Lebanese pounds and this is the official rate. Unofficial as I saw sometime ago was close to 100,000.

Acidosis:
An addition to my previous post. Some of B.A.T most influential advisors are from that country - Lebanon. Many must have heard or read about the Chagoury's. These are some of the international "best" brains surrounding B.A.T. People who couldn't save their own country.

Today, $1 is worth 15,031 Lebanese pounds and this is the official rate. Unofficial as I saw sometime ago was close to 100,000.

Make l.come back to Nigeria quickly to withdraw all my dollars , dig a hole ,on top Zuma Rock , go and hide it on top Zuma Rock Abuja ooo , Chai , nawao

Acidosis:


That's why Nigeria is a horrible place. It's by far the only country in the world where a current president will be scared to confront the atrocities of the past administrations.

In South Africa, Jacob Zuma was jailed and locked up in prison. Even in America, Trump has been in and out of the courts. But in Nigeria, someone will be scared to convict a common and pretentious criminal and his "means and ways" cronies.

I won't be surprised to read that the man in power has completely lost his cognition though. Na we just dey worry ourselves here listening and reading from his children and "gang of Lagos" boys. I know what I saw before the elections.

So Emefiele na wetin? A turkey?

Acidosis:
A similar idea came up in Lebanon. It can happen here or anywhere.

Possible not probable in this clime! Lebanons root cause different from what is going on... we shall all see as this Age like milk vs age like wine.

Result

descarado:

Angel, how u dey?

U see, I have to be rational. What is happening to Nigeria is expected. Tinubu will not rest until he recoup all the dollars he shared to Nigerians during election. Some people can't open their mouth cos they are guilty . These people rejected naira. You have to buy them over using dollars. It was the biggest dollar politics of all times. Them don chop their own, its time for tinubu and his men to chop. This is Nigerian politics. Even small boys were demanding for money to do what they are paid for.

You are a wise man.

I have told people that Tinubu knows what to do to stabilise USD but will never do it because it won't serve his interest. More reason he believes in getting loan to stabilise USD. He is currently planning to get 10 billion USD to loot Abi stabilise naira. Those expecting USD to crash are naive and don't understand what is happening.

They are benefitting massively from this USD crisis because it makes them borrow to loot in the name of stabilising USD.

Before this week ends USD will hit 2k certainly.

Shalom428:
Result

race for yield 1yr higher than 7 and 10 yr yield. will be interesting to see what next auction post MPC meeting will give. Shalom!!

Hogwarthtrades:

race for yield 1yr higher than 7 and 10 yr yield. will be interesting to see what next auction post MPC meeting will give. Shalom!!

Interesting days ahead. Right now , Cash is King.

Meerahbel:
Oh boy you still dey Nigeria ?

Yes o. New moniker?

Acidosis:


A similar idea came up in Lebanon. It can happen here or anywhere.

https://www.reuters.com/markets/rates-bonds/lebanon-plan-sees-93-currency-slide-turns-bulk-fx-deposits-pounds-2022-01-31/

People became paupers overnight. Dem no dey tell pesin oo.

The prevailing thought is always "it can't happen here" until it happens.

Don't let Nigeria happen to you.
Average Nigerians who are unlettered in economic matters will cheer the move and start complaining when it backfires in a month's time.
Meanwhile, a part of your wealth has been eviscerated. And the connected have leveraged exemptions to escape the hammer.

The politicians buying foreign currency and stacking it in tanks or transferring them abroad are not f**ls.

We're going to 3000 this year.
One should be concerned about what braindead moves they make and how immune you are if you have significant FX holdings.
Because they'll come for it. If there's hunger in the land and you have a warehouse full of food, it'll be looted. It is human nature.

The Nigerian government will steal from you and Nigerians will tell you you deserved it.

-Lord

LordAdam16:
.....
The Nigerian government will steal from you and Nigerians will tell you you deserved it.

-Lord

🤣🤣🤣

Shalom428:
Result

Pls. can someone help explain how the true yeild is calculated

1800/$ LIFE COMES AT US REALLY FAST. ALL THE LONG TERM INVESTMENT MIGHT GO TO ZERO!

LordAdam16:


The prevailing thought is always "it can't happen here" until it happens.

Don't let Nigeria happen to you.
Average Nigerians who are unlettered in economic matters will cheer the move and start complaining when it backfires in a month's time.
Meanwhile, a part of your wealth has been eviscerated. And the connected have leveraged exemptions to escape the hammer.

The politicians buying foreign currency and stacking it in tanks or transferring them abroad are not f**ls.

We're going to 3000 this year.
One should be concerned about what braindead moves they make and how immune you are if you have significant FX holdings.
Because they'll come for it. If there's hunger in the land and you have a warehouse full of food, it'll be looted. It is human nature.

The Nigerian government will steal from you and Nigerians will tell you you deserved it.

-Lord

I am looking for that guy that was saying Naira will go back to N750 to a Dollar.

The sad thing about all this is that it seems the guys running the economy do not know how to solve the problem.

Why would they say that people hoarding food are the ones causing inflation?

Just a pity.

Nakedman:
1800/$ LIFE COMES AT US REALLY FAST. ALL THE LONG TERM INVESTMENT MIGHT GO TO ZERO!

is this the current rate?

Acidosis:
An addition to my previous post. Some of B.A.T most influential advisors are from that country - Lebanon. Many must have heard or read about the Chagoury's. These are some of the international "best" brains surrounding B.A.T. People who couldn't save their own country.

Today, $1 is worth 15,031 Lebanese pounds and this is the official rate. Unofficial as I saw sometime ago was close to 100,000.

Jesus Christ of Nazareth

Please house, what bank currently offer the highest rate for TB?
I see 16.75% from GTB for 1 year but just thinking there could be a higher rate. Thanks

Please when is the next primary market for TBill and which is the best bank to invest

gare2510:


Pls. can someone help explain how the true yeild is calculated

I follow dey ask o. Pls folks help us abeg

[quote author=egojeny1 post=128611551]
I follow dey ask o. Pls folks help

I read it up

If the stop rate for 365 days is 19% and you invested 1000000

Interest =19/100 × 1000000 =190000

The bank will take (1000000 -190000) = 810000 from the money you planned to invest and leave your interest (190000).

So the real amount you part with to earn the interest is 810000

True yeild = 190000/810000 × 100/1 = 23.456%
I think the difference in the decimals may be charges

Another way to understand it is this. If you keep reinvesting your interest at the same rate, you end up with 23%pa rather than the original 19%.

Let's say you invest 100,000. You earn an upfront interest of 19,000. You reinvest the 19,000 at the same 19%, you get 3610. Reinvest 3610, you get 685 naira. Reinvest 685 and you get 130 naira. Reinvest 130 naira and you'll get 24 naira.

At the end of one year, you get 100,000+19,000+3610+685+130=N123,425

This represents 23.425% increase on your initial 100k.

The true yield is simply the discount rate applied to the actual amount invested. An example is below:

If you purchase N10m of one year TBills at a discount rate of 18%, the amount invested/debited from your account will be cN8.2m because you get N10m at maturity. Then your true yield is N1.8m interest divided by N8.2m which is 21.95%. Your true yield is therefore your actual return on your investment being cN8.2m

Hope you find the above explanation and example helpful

gare2510:


Pls. can someone help explain how the true yeild is calculated