All these talk talk over what? How much do you have in your foreign reserve?

Funny how it took CBN a whole week to counter JP Morgan’s claim. They had to first process the damage. Pls, which foreign investors would bring money into an economy that lies.
Mr. President, make una lead us well.

EmperorCaesar:
Obidients will come here to call it a "Propaganda Government"

Their outmost joy is to see foreign bodies giving out negative stats about the government

Wehn it turns out to be positive, then its paid/sponsored


How logically deficient can one be?

jp morgan is a foreign bank that holds reserves of third world countries. Agbadorians you guys are just despicable

Mark to Market

Mark to market (MTM) is a method of measuring the fair value of accounts that can fluctuate over time, such as assets and liabilities. Mark to market aims to provide a realistic appraisal of an institution's or company's current financial situation based on current market conditions.

https://www.investopedia.com/terms/m/marktomarket.asp

Will I trust the reputable bank or one aboki's bureau de change?

So in short, the CBN acknowledges that figure, meaning it wasn't a farce. Therefore, all the CBN can do now is what they are doing ie. trying to water it down to bamboozle people to believe it is a normal thing for the figure to fluctuate.

Fluctuate is very different from PLUMMET. Awon oloshi. Lol

Realtord43:
CBN should know propaganda cant work outside Nigeria

JP is reputable and cant lie against the CBN

Arinya ... Since na oyinbo talk am your brain don fly off... Who get propaganda... Afofun

EmperorCaesar:
Obidients will come here to call it a "Propaganda Government"

Their outmost joy is to see foreign bodies giving out negative stats about the government

Wehn it turns out to be positive, then its paid/sponsored


How logically deficient can one be?

People wey no get sense

I normally don't like to side with oyinbo outsiders, but if I was to choose between whose numbers were more accurate, I would choose JP Morgan.

And look at this gem of tongue twisting:

“I can have $20 million in my account and I am owing someone maybe $13 million that is supposed to be paid in 2027; you can’t come in 2023 and say if I remove that $13 million, your money is $7 million or you are having $7 million.

“Now, I am not having $7 million, I am having $20 million. Because before I took a facility of $13 million, I know in the next three years, I will get $17 million so I can pay you back.

“But for you to come and tell me that no, your balance is $7 million and you can’t pay back in three years; it’s just putting it out of context.

If I have 20M in my account and am owing someone 13M, even if payable in a few years, I will still keep in mind that I have 13M outstanding. Even on a simple accounting balance sheet the 13M will show as a liability (not an asset). If I use 13M loan to build a business, then I count that business as asset, which balances out the 13M. If I just keep the 13M as case in my bank as asset, it still cancels out the liability.

Either way boo, I have 7M net assets today. My hope is that the 13M asset will grow enough or give off enough cashflow to make the loan worth it.

Unless the dear governor is implying that the person with 20M and no loan, is at the same balance as the person with 20M and 13M loan.

CBN is clearly running out of excuses...!

ijustdey:


https://www.thecable.ng/cbn-counters-jp-morgan-says-estimate-of-nigerias-net-fx-reserves-misleading/amp

SMH. The CBN....'has tried as much as possible to be transparent..'

Can you imagine such talk.
This is the root of the CBN's problem. It's activities are shrouded in secrecy, muddled in politics and compromised by vested interests.

It is more of a personal piggy bank for the privileged than an institution of national economic regulation.

It has a long way, a very long way to go even with a renewed management and noble intentions.

Nigerians must wake up and start to advocate for the total, the absolute independence of the Central Bank of Nigeria particularly from ALL political interference.

It is not a parastatal of government and should not be in cahoots with government on monetary matters. It is a regulator, not a player.

It should regain the respect like its contemporaries the world over, not seen, hardly heard, but who's effect is felt.

you are right $13 million is a liability, so you have $7 million.

N2B2:


No, sir. You have $7 million, not $13 million. The $13 million is an accrued liability, not an asset. An honest person will move the $13 million to the right side of their balance sheet because it's a liability. Only criminals will claim it as part of their assets.

You either know nothing about accounting or intend to mislead the uneducated who put you in power. Fortunately, JPM is an international conglomerate that won't partake in your propaganda.

Realtord43:
CBN should know propaganda cant work outside Nigeria

JP is reputable and cant lie against the CBN

You need to queue behind your country.

.

mayorall:



You need to queue behind your country. The West are chronic liars.

The west your useless leaders run to collect billions dollars loan and if the west give you visa you go run leave this shithole smh....

Exactly what we expected 🤣

EmperorCaesar:
Obidients will come here to call it a "Propaganda Government"

Their outmost joy is to see foreign bodies giving out negative stats about the government

Wehn it turns out to be positive, then its paid/sponsored


How logically deficient can one be?

Just the way your glorious government drop unemployment from 33% to 4.1% within 3 months, with initiating a single project or making any progressive policy.


Ya, we should believe such government, than that of a foreign one. 🙄

Dem think Jp Morgan na Keystone bank sha

mayorall:



You need to queue behind your country. The West are chronic liars.

where is d lie here first

Simply out, how much is there as we speak.....
Trust Bubu, he for dey ask whether them go fit give am loan......?!

Bros you are "logically suffering from a deficiency of sense caused by the serious and steady munch of tribal corn

EmperorCaesar:
Obidients will come here to call it a "Propaganda Government"

Their outmost joy is to see foreign bodies giving out negative stats about the government

Wehn it turns out to be positive, then its paid/sponsored


How logically deficient can one be?

ijustdey:


https://www.thecable.ng/cbn-counters-jp-morgan-says-estimate-of-nigerias-net-fx-reserves-misleading/amp

Some of these in-house financial analysts of some major finance firms on Wall Street have been on record to have published very misleading info that caused people to lose millions of USD worth of investmentst in the period leading right up to the 2008/2009 global financial crises.

JP Morgan that is misinforming people by permutations..

nextstep:
I normally don't like to side with oyinbo outsiders, but if I was to choose between whose numbers were more accurate, I would choose JP Morgan.

And look at this gem of tongue twisting:


If I have 20M in my account and am owing someone 13M, even if payable in a few years, I will still keep in mind that I have 13M outstanding. Even on a simple accounting balance sheet the 13M will show as a liability (not an asset). If I use 13M loan to build a business, then I count that business as asset, which balances out the 13M. If I just keep the 13M as case in my bank as asset, it still cancels out the liability.

Either way boo, I have 7M net assets today. My hope is that the 13M asset will grow enough or give off enough cashflow to make the loan worth it.

Unless the dear governor is implying that the person with 20M and no loan, is at the same balance as the person with 20M and 13M loan.

He talked about getting a loan of 13M with the plan to earn 17M in 3 years and pay the loan back.

I'll have to search for the video interview online to get a hang of what really transpired with Nancy on her money and finance program.

mayorall:



I live in the West.

Why not come to defend Nigeria from Nigeria?

Make dem ask the last CBN governor wey the money go

Realtord43:
CBN should know propaganda cant work outside Nigeria

JP is reputable and cant lie against the CBN

I read CBN response despite the headline, that they countered JP’s assertions, they total agreed with them in the details that followed.

Powerexpert:

Why not come to defend Nigeria from Nigeria?

I have experienced both sides and told you what it is applicable on both sides.

XAUBulls:

He talked about getting a loan of 13M with the plan to earn 17M in 3 years and pay the loan back.

I'll have to search for the video interview online to get a hang of what really transpired with Nancy on her money and finance program.

Yes, if he can earn 17M, 3 years from now, he will have earned 4M (17-13). Unfortunately, the balance sheet, today, shows a net worth of 7M, which is what JPM was stating, and I agree.

Assuming there's no other assets, etc: if you take a 10M loan to buy a 10M business, what's your net worth? Zero. I really don't see why CBN is trying to cloud this basic answer with talk about future earnings.

Banks fail routinely because somebody was doing fancy accounting.

Realtord43:
CBN should know propaganda cant work outside Nigeria

JP is reputable and cant lie against the CBN

The same JP Morgan wey DaddyJP know?

You and your co-travellers really need to broaden your reading horizons.

J.P. Morgan Chase Agrees to Pay $135 Million to Settle SEC Allegations that It Helped Enron Commit Fraud
Washington, D.C., July 28, 2003 -- The Securities and Exchange Commission today instituted and settled enforcement proceedings against two major financial institutions, J.P. Morgan Chase & Co. and Citigroup, Inc., for their roles in Enron Corp.'s manipulation of its financial statements. Each institution helped Enron mislead its investors by characterizing what were essentially loan proceeds as cash from operating activities.

Source: https://www.sec.gov/news/press/2003-87.htm

J.P. Morgan Chase Settles WorldCom Suit for $2 Billion
J.P. Morgan Chase, which sold billions of dollars in WorldCom bonds to the public just about a year before the telecommunications giant filed for bankruptcy, agreed today to pay $2 billion to settle investors' claims that it did not conduct adequate investigation into the company's financial condition before the securities were sold.

Source: https://www.nytimes.com/2005/03/16/business/jp-morgan-chase-settles-worldcom-suit-for-2-billion.html

Enforcement Action: J.P. Morgan Administration Services (Ireland) Limited reprimanded and fined €1,600,000 by the Central Bank of Ireland for regulatory breaches relating to the outsourcing of fund administration activities
The Firm has admitted to three breaches of the Outsourcing Requirements contained in Annex II of Chapter 5 of the AIF Rulebook (the Outsourcing Requirements) and one breach of the Prudential Handbook for Investment Firms 2008 (the Handbook). The duration of the breaches varied between 7 months and 2 years and 11 months spanning the period from July 2013 to June 2016.

The Central Bank determined that the appropriate fine was €2,286,000, which was reduced by 30% in accordance with the settlement discount scheme provided for in the Central Bank’s Administrative Sanctions Procedure.

Source: https://www.centralbank.ie/news-media/press-releases/press-release-enforcement-action-jp-morgan-26-june-2019

JP Morgan faces fresh penalties for internal controls – bringing total fines paid in second half of 2020 to over $1 billion
Combined with a previous payment in September for a separate case – the bank will now have paid out $1.17 billion in penalties to US authorities in the second half of 2020.

Source: https://www.amlintelligence.com/2020/11/jp-morgan-faces-fresh-penalties-for-internal-controls