C505:


That's actually my device method to pull out funds for my rent and life assurance policy.

2 different target savings from my take home and whatever I acquire outside my take home goes straight for my investment plans

Kindly note UBA target account is above 4.5.

Now cbn has ‘marginally’ devalued the naira, isn’t it time to review rates of tbills to reflect inflation rate?
Emefiele don tire person

IamR:

N380 and not N360

But it is #360 on CBN website, cbn.gov.ng. CBN sell it at #360 to BDCs, and BDCs add a few naira to sell to the public at around #365 just like before.

Are BDCs no longer regulated or am I missing something?

ositadima1:


But it is #360 on CBN website, cbn.gov.ng. CBN sell it at #360 to BDCs, and BDCs add a few naira to sell to the public at around #365 just like before.

Are BDCs no longer regulated or am I missing something?

Maybe this will help.

Ugmama:


Lies 60 and 90 ain't 1% in UBA bro

Are you okay? I was given that rate by the two marketing officers I met in the bank. I was surprised myself so I had to go with the target savings so don't confront me, go to the bank to confront them. Generally, fixed deposit rates are not encouraging unless there are new changes. Let's be guided, please.

IamR:

Maybe this will help.

You are correct. But a 6% increase shouldn't wipe out 2 years profit.

ositadima1:


You are correct. But a 6% increase shouldn't wipe out 2 years profit.

Of course, it can not. This looks like the first phase of Naira devaluation.

bmarketing:


Are you okay? I was given that rate by the two marketing officers I met in the bank. I was surprised myself so I had to go with the target savings so don't confront me, go to the bank to confront them. Generally, fixed deposit rates are not encouraging unless there are new changes. Let's be guided, please.

Good Morning, please can you give more details about the Target savings for UBA, like the interest,tenure, amount limit, conditions if any or any important details about it? I'm looking at where to lay my egg early April... Thanks

tipzy001:
Good Morning, please can you give more details about the Target savings for UBA, like the interest,tenure, amount limit, conditions if any or any important details about it? I'm looking at where to lay my egg early April... Thanks

Target savings is just like a normal savings account but with better interest rates. They will set up the account for you just go with your ID and utility bill. And you can fund it instantly. The amount you fund determines the rate you will get from 4% to 5% or so. Their rate is better than access high yield account when I did mine. I got 4.45% rate at access while UBA offered 4.5% but maybe access rate has changed now. So visit the bank and inquire more cos I feel the rate fluctuates.

bmarketing:


Are you okay? I was given that rate by the two marketing officers I met in the bank. I was surprised myself so I had to go with the target savings so don't confront me, go to the bank to confront them. Generally, fixed deposit rates are not encouraging unless there are new changes. Let's be guided, please.

It's a wrong rate sir. I am an account manager myself

DaBogu:
Dr. Tayo Oyedeji
@tayooye
Personal finance in the times of coronavirus.

1/ Times are tough and they will get tougher in the short term.

Here's why:

A supply-fueled recession is relatively easy to resolve. Just produce more stuff.

A demand-fueled recession is tougher: people are just not buying stuff.

We are in a demand-fueled recession.
People are not buying stuff because there is so much uncertainty in the air.

That means non-essential product manufacturers and service providers are not selling.

They will have to lay off their staff (no sales) and the ripple effect will make things worse.

How then should you react?

1. Embrace minimalism.
2. Think liquidity
3. Think necessities.

Let's unpack these items.

Embrace minimalism: buy just what you need and save like crazy.

Should I buy a new car? NO
Should I buy a new house? NO
Should I buy a new (insert anything discretionary)? NO

Just save and wait.

Things will get much cheaper around August so you want to have cash in Q3.

Liquidity: cash is king.

I already alluded to this earlier - hold on to your cash or invest in liquid assets.

I bought a property for $XYZ,Bleep in 2009 (during the recession) and sold it for an 85% profit margin in 2011.

Recessions are great opportunities for people who save.

Think necessities.
You want to start a new fashion line: NO
You want to start a new ad agency: NO
You want to start a new event planning biz: NO

Think necessities
You want to build a farm: YES
You want to start a new school: YES
You want to start a new hospital: YES

Think necessities:

Your new business planning model should answer just one key question in 2020, what do people NEED?

Just like they did in 2008, people will prioritize NEEDS and skimp on WANTS.

Don't get stuck with high fashion products in 2020. You may NOT be able to sell it

Here are the 3 key items again.

1. Embrace minimalism.
2. Think liquidity
3. Think necessities.

We will be alright. The economy will pick up again later in the year.

Just stay safe and socially distant from other people.

All the best. BTW, my recommended liquid asset is
@Overwoodng
. It is safe and highly accessible.

Apt tips

DaBogu:
Dr. Tayo Oyedeji
@tayooye
Personal finance in the times of coronavirus.

1/ Times are tough and they will get tougher in the short term.

Here's why:

A supply-fueled recession is relatively easy to resolve. Just produce more stuff.

A demand-fueled recession is tougher: people are just not buying stuff.

We are in a demand-fueled recession.
People are not buying stuff because there is so much uncertainty in the air.

That means non-essential product manufacturers and service providers are not selling.

They will have to lay off their staff (no sales) and the ripple effect will make things worse.

How then should you react?

1. Embrace minimalism.
2. Think liquidity
3. Think necessities.

Let's unpack these items.

Embrace minimalism: buy just what you need and save like crazy.

Should I buy a new car? NO
Should I buy a new house? NO
Should I buy a new (insert anything discretionary)? NO

Just save and wait.

Things will get much cheaper around August so you want to have cash in Q3.

Liquidity: cash is king.

I already alluded to this earlier - hold on to your cash or invest in liquid assets.

I bought a property for $XYZ,Bleep in 2009 (during the recession) and sold it for an 85% profit margin in 2011.

Recessions are great opportunities for people who save.

Think necessities.
You want to start a new fashion line: NO
You want to start a new ad agency: NO
You want to start a new event planning biz: NO

Think necessities
You want to build a farm: YES
You want to start a new school: YES
You want to start a new hospital: YES

Think necessities:

Your new business planning model should answer just one key question in 2020, what do people NEED?

Just like they did in 2008, people will prioritize NEEDS and skimp on WANTS.

Don't get stuck with high fashion products in 2020. You may NOT be able to sell it

Here are the 3 key items again.

1. Embrace minimalism.
2. Think liquidity
3. Think necessities.

We will be alright. The economy will pick up again later in the year.

Just stay safe and socially distant from other people.

All the best. BTW, my recommended liquid asset is
@Overwoodng
. It is safe and highly accessible.

I guess I should start watching minimalist videos on YouTube

chigo4u:
What is the current interest rate for the stanbic dollar fund with this new memo

It's still at 5.8%... It should increase slightly now tho because the indicative Net Assets value increased from 1.17 to 1.18 yesterday.

Ugmama:


It's a wrong rate sir. I am an account manager myself

So it was obvious your colleagues at that branch lied to me right and you came after me. Anyways what’s your current FD rates?

bmarketing:


So it was obvious your colleagues at that branch lied to me right and you came after me. Anyways what’s your current FD rates.

30 days 1%
60days 2%
90 days 3%

Our UBA target account has better rate ranging from 4.05-5%

seunnuga:


It's still at 5.8%... It should increase slightly now tho because the indicative Net Assets value increased from 1.17 to 1.18 yesterday.

Spot on

bmarketing:


Are you okay? I was given that rate by the two marketing officers I met in the bank. I was surprised myself so I had to go with the target savings so don't confront me, go to the bank to confront them. Generally, fixed deposit rates are not encouraging unless there are new changes. Let's be guided, please.

No lies in this at all. Even Gtbank gave my friend 1% for 180days

Ugmama:


30 days 1%
60days 2%
90 days 3%

Our UBA target account has better rate ranging from 4.05-5%

Yeah that's more like it compared to the rate I got from other banks recently.

skyangel:


No lies in this at all. Even Gtbank gave my friend 1% for 180days

Exactly, that time it seemed the rate crashed. I was totally dumbstruck when they specifically told me all plans are 1%. I had no choice but to opt for the target savings. Guess the rates was revised thereafter.

bmarketing:


Yeah that's more like it compared to the rate I got from other banks recently.

Thank you for choosing UBA bro

Winks

Ugmama:


Thank you for choosing UBA bro

Winks

You're welcome

Ugmama:


30 days 1%
60days 2%
90 days 3%

Our UBA target account has better rate ranging from 4.05-5%

If in fixed deposit account it's a 3% profit isn't that better than an annual 5% profit for the target savings account?

chigo4u:
Now cbn has ‘marginally’ devalued the naira, isn’t it time to review rates of tbills to reflect inflation rate?
Emefiele don tire person

You kidding right? Government, even as irresponsible as this Govt is won't increase that rate, not now when oil prices are falling.

What do you then say they should do to the minimum wage? Because the devaluation is going to affect the average Nigerian disposable income.

I don't want to be the CBN Governor or Minister of Finance right now, too many problems to solve right now. TB are their least of priorities right now.

CsRockefeller:


You kidding right? Government, even as irresponsible as this Govt is won't increase that rate, not now when oil prices are falling.

What do you then say they should do to the minimum wage? Because the devaluation is going to affect the average Nigerian disposable income.

I don't want to be the CBN Governor or Minister of Finance right now, too many problems to solve right now. TB are their least of priorities right now.

There is too much liquidity in the system caused by both devaluation and inflation.. A responsibile govt should increase rates to mop up cash from the system and help strengthen the naira too. That’s basic economics. Govt said they devalued the naira in order to increase naira oil revenue and finance budget so all these together with low rates will help render naira useless.. I guess you didn’t read the Bloomberg article that pegged the real exchange rate of naira to dollar at atleast N600!

chigo4u:

There is too much liquidity in the system caused by both devaluation and inflation.. A responsibile govt should increase rates to mop up cash from the system and help strengthen the naira too. That’s basic economics. Govt said they devalued the naira in order to increase naira oil revenue and finance budget so all these together with low rates will help render naira useless.. I guess you didn’t read the Bloomberg article that pegged the real exchange rate of naira to dollar at atleast N600!

There's nothing like excess liquidity right now, the devaluation is to protect the existing reserves as Govt still struggles to find buyers for its oil.

The idea is to make naira available for priority payments like salaries since revenue/sales is dwindling. Erstwhile, Govt could afford to print naira notes through its reserves but that would be a risky move now that there's a fall in demand.

TB when issued will still be subscribed with its low rates, how can Govt increase it when their debt profile is soaring vis a vis a drop in revenue, it's suicide mission na.

Like I said, the Economic team is racking their brains right now. The current suituation is like carrying out a surgical procedure on the brain, while trying to solve a problem, you must ensure that you don't create another one.

Just that in Economics it's impossible, so Govt goes with the option that has the least problems.

If there's any chance of excess liquidity occuring by redeeming it's coupon, that would be allayed by reissuing new coupons which would certainly be oversubscribed despite the low rates, because, that's your safest investment in an economy where the real sector is close to non-exsistence.

CsRockefeller:


There's nothing like excess liquidity right now, the devaluation is to protect the existing reserves as Govt still struggles to find buyers for its oil.

The idea is to make naira available for priority payments like salaries since revenue/sales is dwindling. Erstwhile, Govt could afford to print naira notes through its reserves but that would be a risky move now that there's a fall in demand.

TB when issued will still be subscribed with its low rates, how can Govt increase it when their debt profile is soaring vis a vis a drop in revenue, it's suicide mission na.

Like I said, the Economic team is racking their brains right now. The current suituation is like carrying out a surgical procedure on the brain, while trying to solve a problem, you must ensure that you don't create another one.

Just that in Economics it's impossible, so Govt goes with the option that has the least problems.

If there's any chance of excess liquidity occuring by redeeming it's coupon, that would be allayed by reissuing new coupons which would certainly be oversubscribed despite the low rates, because, that's your safest investment in an economy where the real sector is close to non-exsistence.

You say their is nothing like excess liquidity but inflation is currently over 12% and will even increase further with this devaluation... lol..

chigo4u:

You say their is nothing like excess liquidity but inflation is currently over 12% and will even increase further with this devaluation... lol..

Who told you excess liquidity is the only determinant of inflation?

Where is the too much money chasing few goods at?

CsRockefeller:


Who told you excess liquidity is the only determinant of inflation?

Where is the too much money chasing few goods at?

So what is the determinant of the current inflation levels?

chigo4u:

So what is the determinant of the current inflation levels?

We run an import driven consumption economy.

Almost everything we consume (consumer and industrial) are imported.

When you devalue your currency you have simply increased the prices of these goods simultaneously.

Unlike the PMS, it is falling in the international market hence a price adjustment downward but that can't be said for other goods.

There's no excess cash in the system, what Govt has simply done is to take N20 from every N380 you have, that leaves you with less not more.

CsRockefeller:


We run an import driven consumption economy.

Almost everything we consume (consumer and industrial) are imported.

When you devalue your currency you have simply increased the prices of these goods simultaneously.

Unlike the PMS, it is falling in the international market hence a price adjustment downward but that can't be said for other goods.

There's no excess cash in the system, what Govt has simply done is to take N20 from every N380 you have, that leaves you with less not more.

What do you mean there is no excess cash in the system, every devaluation leads to inflation, also the new minimum wage will also cause excess cash in the system, the CBN OMO bills was closed to local investors making them to divert to tbills causing the over subscriptions being recorded in tbills.
Now that OMO bills is receiving low subscriptions what will CBN do next? CBN said it devalued the naira to increase naira revenue and finance local spendings.. Budget is already running at deficit so they should get ready to print more naira..
You should know all these policies are making the naira lose more value.. Liquidity is very high and the dollar revenue is decreasing with the oil price fall.. Inflation is nearing 13% for Gods sake.. Looks like the current CBN don’t even care about the inflation numbers.

This is my safe haven. Love this place die.

Love the like minds found here.

Both arguments are correct, just that the cbn governor we have is one wack fellow and the finance minister is another unknown fellow that doesn't really talk economics and economy.