Treasury Bills Yields Rise 0.14% on Selling Pressure
https://businesspost.ng/2019/01/29/treasury-bills-yields-rise-0-14-on-selling-pressure/

nice, what will today secondary market rate look like?

purityval:
...overtime I haven’t seen anyone investing with zenith bank or talking about their rates.

Is it that Zenith doesn’t perform...

Doubt not...considering secondary market, we know on 23rd Jan Zenith had tenures and rates pretty close to the last primary auction stop rates for 91 days (11%) and 182 days (13.1%), including:

92 days: 11.5%
176 or 190 days: 13%

You might find better for those tenors, but these are competitive!

amjustme2:
FBN will not fail so amaze me any day.
Dropped an application yesterday for Wednesday's auction.
I was debited almost immediately, while I was still in the bank premises.

Chai! They must be Nostradamus. They're that sure of a successful bid at a particular rate.

Hello everyone,job well done to everyone who had been contributing to this thread.I just want to get more knowledge about Nigeria Money market as am offshore.I have just athourized my acct officer(gtbank) to bid 1m for T'bill for me.am also biding for 364 days.
My question now is,which one is advisable,91,182 or 364 days.Secondly,I need an advice on dormicillary acct.Whenever I want to do anything in Naija,I usually by naira from wordremit,and am now contemplating maybe I should go ahead an open a dorky acct with my bank .also those it really worth it having a dormy acct for someone in diaspora.Concise answer will be appreciated .

are there no lower days or duration

CompareDBest:
Doubt not...considering secondary market, we know on 23rd Jan Zenith had tenures and rates pretty close to the last primary auction stop rates for 91 days (11%) and 182 days (13.1%), including:

92 days: 11.5%
176 or 190 days: 13%

You might find better for those tenors, but these are competitive!

Interesting. Let's see what this translates to when bid result is out tomorrow. I forsee 16% for 364 days

dipoolowoo:
Treasury Bills Yields Rise 0.14% on Selling Pressure
https://businesspost.ng/2019/01/29/treasury-bills-yields-rise-0-14-on-selling-pressure/

Pascopele:
are there no lower days or duration

On that day (last Wednesday, 23rd), tenures were as low as 50 days @ 11%p.a.

Stanbic today

Teejah80:
...which one is advisable,91,182 or 364 days...Whenever I want to do anything in Naija,I usually buy naira from wordremit...

2 things:

1. Rates for 364 days are typically the highest. Considering you get the interest upfront, you can compound your reward and get the true yield by choosing to reinvest the interest. Plus, you only get charged certain transaction/processing fees 1nce a year, as opposed to 4times with 91 days and 2wice with 182. So, if you are sure you do not need the funds for that long, 364 days is best for earnings.

2. Compare exchange rates you will get from https://azimo.com/en/ to your usual worldremit on your next transfer.

CompareDBest:



2. Compare exchange rates you will get from https://azimo.com/en/ to your usual worldremit on your next transfer.

Doesn't work for Canada. I also use world remit. Right now it's going for 265 to 1 CAD

CompareDBest:
2 things:

1. Rates for 364 days are typically the highest. Considering you get the interest upfront, you can compound your reward and get the true yield by choosing to reinvest the interest. Plus, you only get charged certain transaction/processing fees 1nce a year, as opposed to 4times with 91 days and 2wice with 182. So, if you are sure you do not need the funds for that long, 364 days is best for earnings.

2. Compare exchange rates you will get from https://azimo.com/en/ to your usual worldremit on your next transfer.

Azimo? I find them disgusting. Their documents verification sucks and their rate isn't even competitive enough. Try exchange4free instead. Thank me later.

Nnamz:


Doesn't work for Canada. I also use world remit. Right now it's going for 265 to 1 CAD

Thanks Nnamz...I should have noted it was built for Europe. Considering the rate you mentioned, you can compare their offer to the following:

1. https://www.transfast.com/
2. https://www.ping-express.com/send-to

Unfortunately, we have no experience with the above, but believe they were on the approved CBN list years past now: [url]https://www.cbn.gov.ng/Out/2016/CCD/Press%20Release%20on%20Illegal%20IMTSOs.pdf[/url].

234ng44uk:


Azimo? I find them disgusting. Their documents verification sucks and their rate isn't even competitive enough. Try exchange4free instead. Thank me later.

Thanks 234ng44uk ...Our money fell for Exchange4free first, and we cannot complain; we have had good service experiences with both. But, speaking only of rates, Azimo currently has the Abokifx touch. There is also https://aftabcurrency.net, #1 on that aging CBN list: [url]https://www.cbn.gov.ng/Out/2016/CCD/Press%20Release%20on%20Illegal%20IMTSOs.pdf[/url], but we have no experience with it.

I want to bid for the next primary market (364 days tenor) happening tomorrow. I have about 30min to send my instructions to my account officer before the bank closes. Any suggestion on appropriate rate to bid for?

of January 2019?

CompareDBest:
On that day (last Wednesday, 23rd), tenures were as low as 50 days @ 11%p.a.

has Stanbic deducted from anyone's account for tomorrow PMA?

Pascopele:
of January 2019?

Yes, 23/01/19

Cation:
has Stanbic deducted from anyone's account for tomorrow PMA?

Stanbic only deducts your money after a successful bid. So, expect your money to be deducted on Thursday.

Thanks a lot for this timely answer

Grupo:


Stanbic only deducts your money after a successful bid. So, expect your money to be deducted on Thursday.

Sorry for the late response however ask any info here. Its open discussion.

Pascopele:
Please, can I have you email

2. Compare exchange rates you will get from https://azimo.com/en/ to your worldremit on your next trans.
Azimo doesn't work for us in Australia.

CompareDBest:
Thanks Nnamz...I should have noted it was built for Europe. Considering the rate you mentioned, you can compare their offer to the following:

1. https://www.transfast.com/
2. https://www.ping-express.com/send-to

Unfortunately, we have no experience with the above, but believe they were on the approved CBN list years past now: [url]https://www.cbn.gov.ng/Out/2016/CCD/Press%20Release%20on%20Illegal%20IMTSOs.pdf[/url].

Okay no 2 is really good for sending money from Canada to Nigeria cause of its low fees and higher rates, however, you cannot send more than 900 Canadian Dollars. With world remit, you can send up to 40,000 dollars for a charge of 1 cent (you get charged 1 cent between 2000.01 and 40,000), however if you wanted to send amount lower than 2000.01 CAD you would be charged between 1.99 and 24.99. Long story short: if you are sending less than 900 dollars, use no. 2 ^^ (ping express) (they charge like 8.99 dollars for sending 900 dollars whereas world remit would charge you 21.99 as shown in my picture below, just to send 900 dollars). If you're sending 2000.01 or more dollars, use world remit. Sorry for long post lol.

Nnamz:


...sorry for long post lol.

No shortcuts in proper analysis. Thanks for the comparison!

Please, I went to stanbic bank yesterday to apply for TB, my account officer told me I have to come back middle of February.
I thought I can do treasury bill anytime.
Or is it TB being done bi monthly?

elegungun:
Please, I went to stanbic bank yesterday to apply for TB, my account officer told me I have to come back middle of February.
I thought I can do treasury bill anytime.
Or is it TB being done bi monthly?

Maybe you went to Stanbic bank yesterday, after the closure time for submission of primary market Treasury bills application (I think 1 or 2pm on the Tuesday preceding the auction date). You were asked to come back next month as the next primary market TB auction date is 13 February. Yes, primary TB market is usually every 2 weeks. You can ask for the secondary market however (which is usually available everyday) if you have up to 500K naira; which I think is the minimum amount required to buy in the secondary market)

elegungun:
Please, I went to stanbic bank yesterday to apply for TB, my account officer told me I have to come back middle of February.
I thought I can do treasury bill anytime.
Or is it TB being done bi monthly?

He probably thought you meant primary market

dejiotus:


Maybe you went to Stanbic bank yesterday, after the closure time for submission of primary market Treasury bills application (I think 2pm on the Tuesday preceding the auction date). You were asked to come back next month as the next primary market TB auction date is 13 February. Yes, primary TB market is usually every 2 weeks. You can ask for the secondary market however (which is usually available everyday) if you have up to 500K naira; which I think is the minimum amount required to buy in the secondary market)

You don't need 500k for secondary market. Minimum should be 100k

dammy222:

You don't need 500k for secondary market. Minimum should be 100k

Maybe your bank accepts 100K for secondary market. Unless this has changed recently, my account officer in Stanbic informed me. that 500K is the minimum that Stanbic bank accepts for the secondary market. Anyways some account officers can be economically with the truth at times because of personal agenda. Anyone with a more recent info on Stanbic minimum amount for the secondary market can update the house. I am aware also that the minimum amount varies from bank to bank

But I submitted my form around some minutes past 3 pm yesterday at Stanbic bank and the customer care guy said he was going to help me process it. Well, let me wait till tomorrow to confirm if it was successful

dejiotus:


Maybe you went to Stanbic bank yesterday, after the closure time for submission of primary market Treasury bills application (I think 1 or 2pm on the Tuesday preceding the auction date). You were asked to come back next month as the next primary market TB auction date is 13 February. Yes, primary TB market is usually every 2 weeks. You can ask for the secondary market however (which is usually available everyday) if you have up to 500K naira; which I think is the minimum amount required to buy in the secondary market)

yes, I went there in the afternoon. If primary interest rate will be higher, I will wait till 13 February.