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Written by Oluwatoyin Adeleye

So Google says the Naira is the most researched subject on the search engine.

The Google boss, Sundar Pichai who is in Lagos State for the #GoogleForNigeria social media conference made this known at the event yesterday.

Well, keep searching guys, because there is so much that many don’t even know about the naira, except for the fact that as at today, the Naira has dropped to N365 per Dollar from the previous rate of N364.

Everybody is looking for money but people are not even looking in the right places or the right systems. Check these out:


Fact 1:

You can make money from Bonds. A bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds. When companies or other entities need to raise money to finance new projects, maintain ongoing operations, or refinance existing debts, they may issue bonds directly to investors instead of obtaining loans from a bank. The indebted entity (issuer) issues a bond that contractually states the interest rate (coupon) that will be paid and the time at which the loaned funds (bond principal) must be returned (maturity date).

The bond is a debt security, under which the issuer owes the holders a debt and (depending on the terms of the bond) is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity date. Thus a bond is a form of loan or IOU: the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor), and the coupon is the interest. Bonds provide the borrower with external funds to finance long-term investments, or, in the case of government bonds, to finance current expenditure. So if you are looking for money for your business, it’s not just loan you should be after. Go to Access Bank and ask about BONDS.

Fact 2:

You can make money from Treasury Bills. Investors looking for passive investment in the country can sit back and make their money work for them by investing in Treasury Bills. Treasury Bills(TBs) are a type of government securities issued on behalf of the Federal Government by the Central Bank of Nigeria(CBN) to control money supply in the economy. But unlike other government securities such as Federal Government of Nigeria (FGN) Bonds and Federal Government Development Stocks (FRNDS) which are long term in nature, TBs are short term securities issued at a discount for a tenor ranging from 91 to 364 days, and they don’t yield interest.

Here’s how they work: If you buy T-bills worth of N500,000 at 10 per cent discount rate, CBN will debit your account with N450,000, leaving a balance of N50,000. This means that your interest of N50,000 has been paid to you upfront.When your investment matures, you are still paid your N500,000.This shows that you were actually paid N550,000 for your investment of N500,000. Sweet!

Fact 3:

You can also make money from Federal Government Development Stocks (FRNDS). These are long-term interest bearing debt instruments issued by the government to finance its development projects. The stocks have tenors ranging from two to twenty five years. So you borrow the government money for a period of time, through the Central Bank of Nigeria and you get it back with interest.

Fact 4:

The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last country to abandon the £sd currency system. Now I see why we are still last in a lot of things.

Fact 5:

There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan was suspended. And for good reason!

Fact 6:

The Naira currency sign is U+20A6 ₦ Naira sign. Yeah, we don’t get that either, but it’s the truth.

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