Fact: 24.8 % of total deposits in Nigerian banks are in US dollars.

Opinion: Nigerians don't seem to trust the Naira enough,everyone has a domiciliary account.

Charlesnerd: Fact: 24.8 % of total deposits in Nigerian banks are in US dollars.

Opinion: Nigerians don't seem to trust the Naira enough,everyone has a domiciliary account.

Opinion: If you add the Euro and GBP , the figures could rise to 26-27 %. Who are these depositors?

Fact: 24.8 % of total deposits in Nigerian banks are in US dollars.

Opinion: Nigerians don't seem to trust the Naira enough,everyone has a domiciliary account.

The problem is from the general interpretation of the bolded.

There's a set of men who have come to appreciate themselves as citizens of the world and only use the concept of a country to push forward their motives and personal interests. In essence, the idea of a country as a clear geographical boundary and a region of peeps with some kinda shared commonwealth has been completely discounted from their mental faculties.

Dexterax:

There's a set of men who have come to appreciate themselves as citizens of the world and only use the concept of a country to push forward their motives and personal interests. In essence, the idea of a country as a clear geographical boundary and a region of peeps with some kinda shared commonwealth has been completely discounted from mental faculties.

Egbon, please summarize this, you want to kill us with Grammar?

Dexterax:
The problem is from the general interpretation of the bolded.

There's a set of men who have come to appreciate themselves as citizens of the world and only use the concept of a country to push forward their motives and personal interests. In essence, the idea of a country as a clear geographical boundary and a region of peeps with some kinda shared commonwealth has been completely discounted from mental faculties.

The bolded is a cultural fact.

Economically speaking, are you saying the the high volumes of savings in foreign currency can be explained largely by cultural tendencies? Or do you believe that could be a subtle indication of low confidence by the elites on the economy and by extension the Naira?.

SKYQUEST: what is the explanation for this kind of trade, please biko, explain.

For what its worth, just before the market closed today, some units of Access Bank shares traded well above the days average price.
However, if there is a pattern, methinks there is something going on. In the past month, this particular stock trades low through the day and just before the market closes, enough volume exchanges hands to bring the closing price up. The closing price of a stock has an influence on the opening price of the stock. And erm this stock may be doing a rights issue soon also .

Charlesnerd:

The bolded is a cultural fact.

Economically speaking, are you saying the the high volumes of savings in foreign currency can be explained largely by cultural tendencies? Or do you believe that could be a subtle indication of low confidence by the elites on the economy and by extension the Naira?

75% (estimating conservatively) of the results we were taught in economics classes are produced outside of standard economics my oga.

Economics in trying to achieve the precision of the sciences assumes that the selfish activities of human beings can be mathematically modeled.

Smh.

nitrogen:

Egbon, please summarize this, you want to kill us with Grammar?

No vex bruv. It just slipped.

.

@nitrogen: I would think you understand Dexter's post because you have never appeared as a learner. IMO, this is the least of Dexter's wordsmithery...even the most purblind shouldn't be clueless.

For the benefit of doubt, he [Dex] has extended his Cowboyism hypothesis to 'retail' banking. And he can't be more correct!

@Charlesnerd: 'Nigerians' as you used it, doesn't necessarily imply your next door neighbour. For all you care, the real Nigerians (quoted by UN Dollar/day ranking) would hardly consider a dom. account. Abraham Marslow's pyramid gives a clearer picture.

I'm still at a loss to the cultural aspects of this phenomenon. It is basically 21st century capitalism fuelled by globalisation. #shikena

Moneysage...

Can't thank you enough really...

for FTNCOCOA lovers, pls read this link http://www.proshareng.com/news/24372/FTNCOCOA-Snapshot-on-TRANSMAR-deal

Dexterax:

75% (estimating conservatively) of the results we were taught in economics classes are produced outside of standard economics my oga.

Economics in trying to achieve the precision of the sciences assumes that the selfish activities of human beings can be mathematically modeled.

Smh.

In essence,the tendency cannot be explained within the mere construct of standard economics.

But bros,your phraseology is next to none..

Moneysage: @nitrogen: I would think you understand Dexter's post because you have never appeared as a learner. IMO, this is the least of Dexter's wordsmithery...even the most purblind shouldn't be clueless.

For the benefit of doubt, he [Dex] has extended his Cowboyism hypothesis to 'retail' banking. And he can't be more correct!

@Charlesnerd: 'Nigerians' as you used it, doesn't necessarily imply your next door neighbour. For all you care, the real Nigerians (quoted by UN Dollar/day ranking) would hardly consider a dom. account. Abraham Marslow's pyramid gives a clearer picture.

I'm still at a loss to the cultural aspects of this phenomenon. It is basically 21st century capitalism fuelled by globalisation. #shikena

Oga sir,it depends on your definition of "real" Nigerians. Virtually every Nigerian businessman I know has a dorm account,not excluding the importers at Alaba,Onistha,Aba etc who keep a stock of foreign currency to fund their imports.They buy during off peak periods as figures have shown that dollar rates hike during mid-year and towards year end.

While I agree that globalisation has played a huge part,the figures are quite scary and could be a case study on the merits or demerits of globalisation on developing economies.

Oga mi Charles, you may kindly substitute "majority of" for "real" in my last post. I also included an elaboration in the bracket .

And your reply raises the questions: How many businessmen are you talking about? Knowing they can't possibly account for your quoted figure, could there be other players?

#Cowboyism is real...
#playing forex with a dom. acc.

http://web.nairametrics.com/forte-oil-buys-100-trucks-worth-n2-5billion-to-boost-operations/
Forte oil buys 200 trucks.

Moneysage: Oga mi Charles, you may kindly substitute "majority of" for "real" in my last post. I also included an elaboration in the bracket .

And your reply raises the questions: How many businessmen are you talking about? Knowing they can't possibly account for your quoted figure, could there be other players?

#Cowboyism is real...
#playing forex with a dom. acc.

Most Nigerian businesses/businessmen who depend on imported stuffs for business continuity keep a healthy reserve of forex in their coffers, they even consider forex volatility a high risk item. Contracts in the multibillion dollar Nigerian oil industry is awarded in dollars and payment is made in the ratio of 60% dollar and 40 % naira. Even for upwardly mobile Nigerians,it has become fashionable to save some bucks in foreign currency and you can never go wrong - the Naira will always loose ground year on year to the dollar and other major currencies.

Go through the CBN WDAS/RDAS auction list then you'd appreciate the amount of dollars businessmen/businesses control in the economy.

passwelle:
For what its worth, just before the market closed today, some units of Access Bank shares traded well above the days average price.
However, if there is a pattern, methinks there is something going on. In the past month, this particular stock trades low through the day and just before the market closes, enough volume exchanges hands to bring the closing price up. The closing price of a stock has an influence on the opening price of the stock. And erm this stock may be doing a rights issue soon also .

Bless you boss.
In other words, some people are helping the stock price rather than let the market naturally do its job. Could this be the market makers or just some 'well wishers'? Anyway, I llkeep my eyes wide open!

Moneysage:

... you fit dey wire me funds na make i dey do the needful. Disclosure: I have NEVER scammed nor have I been scammed.

wiring funds! lol... onye isi, you just went straight for the monkey jugular??! This scamming levels na sublime o.

myjoy08:


Mission to somewhere profitable and positive!

@Oga myjoy08: Time remains a factor...WT and co has only succeeded in complicating issues the more, tossing the cards as they so desire!

i won't bet on Oando with the way these guys roll over things...

Nexth11:

@Oga myjoy08: Time remains a factor...WT and co has only succeeded in complicating issues the more, tossing the cards as they so desire!

i won't bet on Oando with the way these guys roll over things...

Sir, stock market has been a catalyst of knowing and understanding individual perspectives when it comes to how emotions run our investment believes particularly as it concerns our returns on investment. I'm not here to defend WT or Oando not releasing results but u really need to understand that it is not the way we think or assume (assumptions is not d best way to determine business or investment success...but assurance). Sir, certainty, the result will be release for sure. Well if retail or local investors are not buying Oando shares right now, certainly the institutional investors are mopping presently at a faster rate! My little advice...

myjoy08: Well if retail or local investors are not buying Oando shares right now, certainly the institutional investors are mopping presently at a faster rate! My little advice...

Picture of institutional investors mopping up or idontbelieveit.

[/b]

mercylicious: http://web.nairametrics.com/forte-oil-buys-100-trucks-worth-n2-5billion-to-boost-operations/
Forte oil buys trucks.

[b]

mercylicious: http://web.nairametrics.com/forte-oil-buys-100-trucks-worth-n2-5billion-to-boost-operations/
Forte oil buys trucks.

mercylicious: http://web.nairametrics.com/forte-oil-buys-100-trucks-worth-n2-5billion-to-boost-operations/
Forte oil buys 200 trucks.

200 or 100 trucks?

soloniger: [b][/b][b][/b]200 or 100 trucks?

Money hunting noni.

What else do I need to do for Morgan Capital to credit my account? I have called several times and even email but all to no avail. Since Monday!!!

Please house what is d minimum amount to start trading with MorganCAPITAL.
Thanks

Pls House what's d current situation with UNITY BANK PLC? One thinks the bank should have resume normalcy.......how can it be dormant in transactions and yet still a safe bank?.

In a bid to maintain my intellectual humility and if it means anything to some folks here, please note that Dexter has liquidated 100% of his oxygen holdings, for a 59% profit.

The liquidation exercise was carried out in late afternoon trading yesterday.

makashava: Pls House what's d current situation with UNITY BANK PLC? One thinks the bank should have resume normalcy.......how can it be dormant in transactions and yet still a safe bank?.

Sir it is NOT dormant in transactions. Many are still buying, holding and mopping up on a daily basis. It even recently concluded a rights offer and declared c. 7bn PAT for H1. If I recall correctly this was released in the first few days of July. We expect to see the Q3 results early on the 1st of Oct.

I do not hold positions in Unity Bank.