Treasury Bills In Nigeria - Investment (219)

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Treasury Bills In Nigeria - Investment (219) - Nairaland

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Re: Treasury Bills In Nigeria by ihedioramma: 7:44am On Sep 30, 2016

Ugmama:

my sister, i am short of words. dont know whether to go ahead or not

What happen with ecobank on your tb? let us no more? .

Re: Treasury Bills In Nigeria by ukay2: 8:25am On Sep 30, 2016

Ugmama:

Does GTB accept less than 1M?

Yes ooo

Friend did N500, 000 with them (GTB ) last bidding

Re: Treasury Bills In Nigeria by Ugmama(m): 12:20pm On Sep 30, 2016

ukay2:

Yes ooo
Friend did N500, 000 with them (GTB ) last bidding

How is their commission? please paste it here

Re: Treasury Bills In Nigeria by Chukzyfcb(m): 7:17pm On Sep 30, 2016

contrary to what most persons has posted here about first bank not accepting ones own rate, my case seems different. first bank permits that I could state the rate I want rather than go with the banks rate.
and pls when is the next auction date?
could 13.5% be suitable for 91days?

Re: Treasury Bills In Nigeria by ukay2: 7:49pm On Sep 30, 2016

Ugmama:

How is their commission? please paste it here

I think it's 0.125% of interest value and N300 commission

Re: Treasury Bills In Nigeria by tziz(m): 8:15pm On Sep 30, 2016

Ugmama:

Oct 5, 2016

Thanks.

Re: Treasury Bills In Nigeria by Matcruz(m): 8:53pm On Sep 30, 2016

Pls I need clarification, I was at first bank today for TBills, I told them to bid 1M for me...i was told the next auction date is October 5th, ...but my account was debited some hours later today.... Pls is that how it's being done ? feelamong

Re: Treasury Bills In Nigeria by ukay2: 8:59pm On Sep 30, 2016

Matcruz:
Pls I need clarification, I was at first bank today for TBills, I told them to bid 1M for me...i was told the next auction date is October 5th, ...but my account was debited some hours later today.... Pls is that how it's being done ? feelamong

Yes ooo

Re: Treasury Bills In Nigeria by Matcruz(m): 9:16pm On Sep 30, 2016

ukay2:

Yes ooo

Pls does that guarantee that the bid is successful ? or I still have to wait till Sept 5th to know the outcome

Re: Treasury Bills In Nigeria by ukay2: 9:32pm On Sep 30, 2016

Matcruz:

Pls does that guarantee that the bid is successful ? or I still have to wait till Sept 5th to know the outcome

Your have to wait till 5th October to know if your video was successful

Re: Treasury Bills In Nigeria by Matcruz(m): 9:47pm On Sep 30, 2016

ukay2:

Your have to wait till 5th October to know if your video was successful

I pray it should be successful, but if not, what will happen? is the money gonna be reversed into my account or I'll still have to wait till another auction date with another bid

Re: Treasury Bills In Nigeria by Missiniubs(f): 10:37pm On Sep 30, 2016

Please I need suggestions on the rate to bid with for 364 days

Re: Treasury Bills In Nigeria by Sanchase: 11:10pm On Sep 30, 2016

They will turnover interest on ur N1m for the next five days lol, Nigerian banks always debiting earlier than expected for their own interest.

Anyway, the auction is in a few days and if unsuccessful they will credit you back.

Matcruz:
Pls I need clarification, I was at first bank today for TBills, I told them to bid 1M for me...i was told the next auction date is October 5th, ...but my account was debited some hours later today.... Pls is that how it's being done ? feelamong

Re: Treasury Bills In Nigeria by Matcruz(m): 12:31am On Oct 01, 2016

Sanchase:

They will turnover interest on ur N1m for the next five days lol, Nigerian banks always debiting earlier than expected for their own interest.

Anyway, the auction is in a few days and if unsuccessful they will credit you back.

thank you bro

Re: Treasury Bills In Nigeria by gory24: 9:06am On Oct 01, 2016

ukay2:

I think it's 0.125% of interest value and N300 commission

..0.125% of interest value!!! That's robbery o..I doubt if it's that much..

Re: Treasury Bills In Nigeria by ukay2: 9:03pm On Oct 01, 2016

Sanchase:

They will turnover interest on ur N1m for the next five days lol, Nigerian banks always debiting earlier than expected for their own interest.

Anyway, the auction is in a few days and if unsuccessful they will credit you back.

That's exactly why I don't use FBN rather use stanbic ibtc bank....usually debit me on Fridays or Thursdays after the auction on wednesdays....your money is only on hold on Wednesday morning. ... not fbn that will debit me on Friday before the bidding date...very dubious shadding things...making money from your funds..

Pls note that am just enjoying stanbic ibtc bank services and want people to enjoy it too....

2 Likes

Re: Treasury Bills In Nigeria by yak(m): 10:55pm On Oct 01, 2016

ukay2:

That's exactly why I don't use FBN rather use stanbic ibtc bank....usually debit me on Fridays or Thursdays after the auction on wednesdays....your money is only on hold on Wednesday morning. ... not fbn that will debit me on Friday before the bidding date...very dubious shadding things...making money from your funds..

Pls note that am just enjoying stanbic ibtc bank services and want people to enjoy it too....

wats the minimum amount in StanbicIBTC?

Re: Treasury Bills In Nigeria by ukay2: 5:09am On Oct 02, 2016

yak:

wats the minimum amount in StanbicIBTC?

From the form you will fill for NTB in stanbic ibtc bank, the minimum amount stated is N100,000. Though I haven't done NTB with less than 1M with them.

Re: Treasury Bills In Nigeria by unite4real: 2:12pm On Oct 02, 2016

gory24:
..0.125% of interest value!!! That's robbery o..I doubt if it's that much..

How did you calculate the figure to conclude its robbery.

Imagine TB of 1M @18% for 1 year. Interest is N180, 000. Now 0.125% of 180k is N225. This one no reach two bottles of Malt. How is this robbery Pls?

1 Like

Re: Treasury Bills In Nigeria by Abcruz(m): 2:26pm On Oct 02, 2016

unite4real:

How did you calculate the figure to conclude its robbery.

Imagine TB of 1M @18% for 1 year. Interest is N180, 000. Now 0.125% of 180k is N225. This one no reach two bottles of Malt. How is this robbery Pls?

Re: Treasury Bills In Nigeria by ihedioramma: 6:07pm On Oct 02, 2016

unite4real:

How did you calculate the figure to conclude its robbery.

Imagine TB of 1M @18% for 1 year. Interest is N180, 000. Now 0.125% of 180k is N225. This one no reach two bottles of Malt. How is this robbery Pls?

For the year(#225) is it first bank? .

Re: Treasury Bills In Nigeria by unite4real: 7:04pm On Oct 02, 2016

ihedioramma:
For the year(#225) is it first bank? .

The custody fee does not vary. The percentage is the same across all custodians(not so sure) . It's a CBN policy. You also need to understand that not all banks are custodians. The dealing banks also have their transactions fee which is the commission they get for helping you bid.

Re: Treasury Bills In Nigeria by ihedioramma: 7:14pm On Oct 02, 2016

unite4real:

The custody fee does not vary. The percentage is the same across all custodians. It's a CBN policy. You also need to understand that not all banks are custodians. The dealing banks also have their transactions fee which is the commission they get for helping you bid.

so they get commission from CBN ? .

Re: Treasury Bills In Nigeria by unite4real: 7:22pm On Oct 02, 2016

ihedioramma:
so they get commission from CBN ? .

No.

If you buy treasury bills through Ecobank for example. Ecobank will charge you certain commission for helping you to bid. Now if ecobank is not a licensed custodian, it means your money will be handled by a custodian which for example may be Gtbank. In this case, you pay custody fee which is separate from the commission fee. The custody fee has a vat on top of it. So it means there are 3 fees. Custody, vat (custody amount) and commission.

Re: Treasury Bills In Nigeria by Chukzyfcb(m): 7:29pm On Oct 02, 2016

unite4real:

How did you calculate the figure to conclude its robbery.

Imagine TB of 1M @18% for 1 year. Interest is N180, 000. Now 0.125% of 180k is N225. This one no reach two bottles of Malt. How is this robbery Pls?

hmmm this charge is quite high oh, by my calculation over here I will debited much bugger than 225. anyways unite4real, seeing that Monday is public holiday and Wednesday being the auction date. will it be possible for first bank to accept my bid by Tuesday?

Re: Treasury Bills In Nigeria by ernieboy(m): 7:56pm On Oct 02, 2016

guys thanks for all the info. please I have a few question:
1. to place a bid for purchase of tb does one need to go physically to the bank or it can be done online.
2.what's the min that Stanbic accepts for trading?

Re: Treasury Bills In Nigeria by unite4real: 8:03pm On Oct 02, 2016

Chukzyfcb:

hmmm this charge is quite high oh, by my calculation over here I will debited much bugger than 225. anyways unite4real, seeing that Monday is public holiday and Wednesday being the auction date. will it be possible for first bank to accept my bid by Tuesday?

Yes. Ensure your instructions get there before 12 noon on Tuesday. If you have the time, follow up your document until it's sent to treasury department in Lagos. These bankers can be funny at times. It will profit them when you are not successful by either a failed bid or your seemingly late arrival of your instructions. Before 12 noon on Tuesday is still within acceptable window.

My 1 Naira advice is for you to complete your process before 10am. Don't give them reason to present excuses. If you target 12 noon, your bid may not go through by reason of lateness

Re: Treasury Bills In Nigeria by ihedioramma: 5:38am On Oct 03, 2016

unite4real:

No.

If you buy treasury bills through Ecobank for example. Ecobank will charge you certain commission for helping you to bid. Now if ecobank is not a licensed custodian, it means your money will be handled by a custodian which for example may be Gtbank. In this case, you pay custody fee which is separate from the commission fee. The custody fee has a vat on top of it. So it means there are 3 fees. Custody, vat (custody amount) and commission.

the three fees that i am to pay will be like how much total? .

Re: Treasury Bills In Nigeria by Annalise(f): 8:27am On Oct 03, 2016

Please advise how much should I bid for oooo (364 days)

Re: Treasury Bills In Nigeria by gory24: 8:55am On Oct 03, 2016

unite4real:

How did you calculate the figure to conclude its robbery.

Imagine TB of 1M @18% for 1 year. Interest is N180, 000. Now 0.125% of 180k is N225. This one no reach two bottles of Malt. How is this robbery Pls?

..
Okay nice explanation you did there grin

..Your right,I thought it's was 0.125% of your capital..Tanks for the brkdown..Cheers

Re: Treasury Bills In Nigeria by Chukzyfcb(m): 9:16am On Oct 03, 2016

unite4real:

Yes. Ensure your instructions get there before 12 noon on Tuesday. If you have the time, follow up your document until it's sent to treasury department in Lagos. These bankers can be funny at times. It will profit them when you are not successful by either a failed bid or your seemingly late arrival of your instructions. Before 12 noon on Tuesday is still within acceptable window.

My 1 Naira advice is for you to complete your process before 10am. Don't give them reason to present excuses. If you target 12 noon, your bid may not go through by reason of lateness

okay thanks as early as 8am, I will be there tomorrow. I have the form filled already

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