To be fair OasisX, CBN is simply deferring the dooms day forward which is why there still needs to be a long term strategy in play. Remember that at maturity these FPI's will be needing their expensive dollars back

But so far, they have handled the short term really well and confidence in the fx market is largely returning .

raumdeuter:


Dangote is buying crude at normal price other refineries elsewhere in the world are buying

He is spending the same amount to refine

The only difference is cost of shipping

Unless the FG can give him crude at discounted prices there is no way he can sell at significantly less without making a loss

The use of the refinery is the job and value chain he creates in the economy which foreign refiners economy have been enjoying

I think if there would be any petroleum subsidy, I'ld rather the government deals directly and only with Dangote than any of those other refineries they claim to be refurbishing all the time.

For transparency purposes given that his books will be open and any form of corruption/fraud with subsidies will be minimal

BlueRayDick:


He died by dashing his head on the rock when he slipped in a pond/mini jacuzzi. He wanted to kill his father's half-brother who had betrayed the father and was to take the father to the capital to surrender.

The good side of his death is the father will become more ruthless in his scheming's now that he doesn't have the burden of a weak-ass son to carry anymore

Despite all the hype and build up around Toronaga since the first episode, there's no ruthlessness about him. He's just been pushed around and bowing the knee at every turn.

User09:


There's no proof of this, or I have not seen any at least

Most intervention by the CBN currently are based on rates that are market determined and at low volumes too

As an example, the N1251 that was sold to BDC was based on the "low" on the previous day

I will not entertain willful ignorance.

Nothing about the reserves declining by $400m in 8 days signals "low volume".
https://www.cbn.gov.ng/IntOps/Reserve.asp

The circular for the last BDC intervention was dated March 25. That's a Monday.
https://nairametrics.com/2024/03/25/cbn-sells-forex-to-bdcs-n1251-1/
The previous trading day was Friday, March 22.
The intra-day low on Friday, March 22 was 1301.
https://businessday.ng/news/article/naira-shows-strength-as-fx-trading-week-ends/

Don't come at me with "alternative facts".
I expect you to have your ducks in a row before you dispatch a rejoinder.

-Lord

iamoyindamola:
Seun it's high time we decide who moderate us here especially
If not that ban that took nairaland for days will repeat itself
One lowlife lunatic can't be here derailing, throwing stupid attention tantrums and we continue ignoring it

Better still allocate a reasonable mods here
Seun I am saying it now

Swun we choose us a mod like when the Israelites went to Samuel and told him we want a king

now appoint a king to lead[b] us, such as all the other nations have.”

6 But when they said, “Give us a king to lead us,” this displeased Samuel; so he prayed to the Lord. 7 And the Lord told him: “Listen to all that the people are saying to you; it is not you they have rejected, but they have rejected me as their king. 8 As they have done from the day I brought them up out of Egypt until this day, forsaking me and serving other gods, so they are doing to you. 9 Now listen to them; but warn them solemnly and let them know what the king who will reign over them will claim as his rights.”

10 Samuel told all the words of the Lord to the people who were asking him for a king. 11 He said, “This is what the king who will reign over you will claim as his rights: He will take your sons and make them serve with his chariots and horses, and they will run in front of his chariots. 12 Some he will assign to be commanders of thousands and commanders of fifties, and others to plow his ground and reap his harvest, and still others to make weapons of war and equipment for his chariots. 13 He will take your daughters to be perfumers and cooks and bakers. 14 He will take the best of your fields and vineyards and olive groves and give them to his attendants. 15 He will take a tenth of your grain and of your vintage and give it to his officials and attendants. 16 Your male and female servants and the best of your cattle[c] and donkeys he will take for his own use. 17 He will take a tenth of your flocks, and you yourselves will become his slaves. 18 When that day comes, you will cry out for relief from the king you have chosen, but the Lord will not answer you in that day.”

19 But the people refused to listen to Samuel. “No!” they said. “We want a king over us. 20 Then we will be like all the other nations, with a king to lead us and to go out before us and fight our battles.”

21 When Samuel heard all that the people said, he repeated it before the Lord. 22 The Lord answered, “Listen to them and give them a king.”

iamoyindamola:
Ibime
Who will replace mukina2

I nominate sod09 to be our mod

Yay or Nay?

The Yays have it

Ellexy:
Despite all the hype and build up around Toronaga since the first episode, there's no ruthlessness about him. He's just been pushed around and bowing the knee at every turn.

Toronaga is a cunning tactician and not a brute. If he was known for his brute force he would've lost his head since. He's walked himself out of near death situations.

I believe we will see him in battle soon

User09:


I think if there would be any petroleum subsidy, I'ld rather the government deals directly and only with Dangote than any of those other refineries they claim to be refurbishing all the time.

For transparency purposes given that his books will be open and any form of corruption/fraud with subsidies will be minimal

All those NNPC scam refinery that we do yearly turnaround maintenance on should be sold

Let other private sector people too build refineries the more refineries, the more jobs less dependence on imported fuel

LordAdam16:


I will not entertain willful ignorance.

Nothing about the reserves declining by $400m in 8 days signals "low volume".
https://www.cbn.gov.ng/IntOps/Reserve.asp

The circular for the last BDC intervention was dated March 25. That's a Monday.
https://nairametrics.com/2024/03/25/cbn-sells-forex-to-bdcs-n1251-1/
The previous trading day was Friday, March 22.
The intra-day low on Friday, March 22 was 1301.
https://businessday.ng/news/article/naira-shows-strength-as-fx-trading-week-ends/

Don't come at me with "alternative facts".
I expect you to have your ducks in a row before you dispatch a rejoinder.

-Lord

There are no alternative facts.

A lot of what you seek is up there but you're just exhibiting confirmation bias

Case 1 - Why dont you define "low volume" while you're at it. What is the total market volume and what percentage is this so called intervention by CBN. Dont just throw accretion data around, some of us have access to this data and have a fair understanding as to what is driving it.

Man, you need to do your homework. Imagine showing me a net position and saying the only thing responsible for the movement is intervention in the fx market.

Case 2 - I would expect you to check with FMDQ rates rather than a news article, and BTW you have your dates mixed up. Maybe check the rates for that week and tell me if you do not see the N1251 there. CBN is not obliged to pick the previous day rates as long as the rates being chosen is market-determined. I suspect that the decision may have even been made before that circular went out, so the referenced dates may not count

izzou:
I never watch Shogun since Episode 4.

How is my Anjin and Mariko doing? Has she started feeling nauseous in the mornings?

The Rookie got me hooked for now.

the reality for ground now don big pass the two of them. If that happens they're dead

Ellexy:
Despite all the hype and build up around Toronaga since the first episode, there's no ruthlessness about him. He's just been pushed around and bowing the knee at every turn.

The former leader who Mariko's father betrayed was the ruthless one. Toranaga is a brilliant tactician on the battlefield and a cunning strategist in the political sphere. Being ruthless when your enemies are more powerful and far outnumber you, will only get you killed.

Eunoiaa:


Never had any interaction with you; never joined any business with you.

But I am Raum's baby sister who loves to cry LMAOOO. Again. Where else have you seen me crying before?


I know what you are

Oya sorry naaaa

User09:


Monetary tightening rewritten as naira defence...smh

Like most loud people, if you dig enough, the lack of substance or fundamental understanding will show.

CBN is simply mopping up liquidity like they have typically done, Will it have an effect on the currency dynamics , Maybe? Is that the purpose, No!

Far back in June 2023, Goldman Sachs demanded that interest rate be increased and backlogs cleared for liquidity to improve and unify the FX market rates. https://nairametrics.com/2023/06/15/fx-unification-goldman-sachs-urges-higher-interest-rates-and-clearing-fx-backlog/

Finally, in February 2024, Cardoso acquiesced. He increased interest rates, and more importantly, rate on short-term sovereign debt.
Like clockwork, FPI brought in their money.
https://www.reuters.com/markets/currencies/nigeria-sees-surge-forex-inflow-overseas-remittances-rise-2024-03-08
In total, the CBN has sold more than N5.6T worth of TBills in one quarter. That's more than the entire budget of the SW states. The circa N1T in interest due over the course of the year is the figure Nairametrics correctly quoted as an arguable cost of naira defense.
https://nairametrics.com/2024/04/02/naira-defence-to-cost-cbn-n1-01-trillion-in-interest-rates-from-q1-ntb-auctions/

Now, even when we're all witness to the rapid, verifiable effect of this policy in raising the naira's value; you're using the conditional "maybe" and making it seem like an unintended consequence.
Don't tell the CBN though. Just last Friday, Sidi-Ali could scarcely maintain her composure while informing the press that they had secured $1.5B in inflows following the latest rate hike to 24.75%. Further stating the inflows' essentiality in supporting the naira's rising value against the dollar.
https://guardian.ng/news/cbn-policies-rake-in-1-5-billion-in-march-naira-climbs-to-1285-to-dollar/

We're all going off whatever the CBN is putting out.
I highly recommend staying in the loop on this issue.

-Lord

A part of Landmark is going down to pave way for the Coastal high recently announced.

izzou:
I never watch Shogun since Episode 4.

How is my Anjin and Mariko doing? Has she started feeling nauseous in the mornings?

The Rookie got me hooked for now.

That foolish son of Toranaga don die a foolish death.

Omokomo

LordAdam16:


Far back in June 2023, Goldman Sachs demanded that interest rate be increased and backlogs cleared for liquidity to improve and unify the FX market rates. https://nairametrics.com/2023/06/15/fx-unification-goldman-sachs-urges-higher-interest-rates-and-clearing-fx-backlog/

Finally, in February 2024, Cardoso acquiesced. He increased interest rates, and more importantly, rate on short-term sovereign debt.
Like clockwork, FPI brought in their money.
https://www.reuters.com/markets/currencies/nigeria-sees-surge-forex-inflow-overseas-remittances-rise-2024-03-08
In total, the CBN has sold more than N5.6T worth of TBills in one quarter. That's more than the entire budget of the SW states. The circa N1T in interest due over the course of the year is the figure Nairametrics correctly quoted as an arguable cost of naira defense.
https://nairametrics.com/2024/04/02/naira-defence-to-cost-cbn-n1-01-trillion-in-interest-rates-from-q1-ntb-auctions/

Now, even when we're all witness to the rapid, verifiable effect of this policy in raising the naira's value; you're using the conditional "maybe" and making it seem like an unintended consequence.
Don't tell the CBN though. Just last Friday, Sidi-Ali could scarcely maintain her composure while informing the press that they had secured $1.5B in inflows following the latest rate hike to 24.75%. Further stating the inflows' essentiality in supporting the naira's rising value against the dollar.
https://guardian.ng/news/cbn-policies-rake-in-1-5-billion-in-march-naira-climbs-to-1285-to-dollar/

We're all going off whatever the CBN is putting out.
I highly recommend staying in the loop on this issue.

-Lord

Again, the bolded is false.

Quantitative tightening is no currency defense. Can Naira defend the Naira or are the instruments not being issued in Naira?

Trade-offs are a common consequence of any economic action/cost. Naira strengthening is a consequence, not the reason. Monetary economics says inflation is more likely a reason for this.

The only argument here is the alternative use of this money. Maybe an injection to the real sector but who knows? and it also comes at a price. The fixation on the dollar is not the only headache of the CBN

User09:


There are no alternative facts.

A lot of what you seek is up there but youre just exhibiting confirmation bias

Case 1 - Why dont you define "low volume" while you're at it. What is the total market volume and what is the percentage of the so called intervention by CBN. Dont just throw accretion data around, some of us have access to this data and have a fair understanding as to what is driving it.

Man, you need to do your homework. Imagine showing me a net position and saying the only thing responsible for the movement is intervention in the fx market.

Case 2 - I would expect you to check with FMDQ rates rather than a news article, and BTW you have your dates mixed up. Maybe check the rates for that week and tell me if you do not see the N1251 there. CBN is not obliged to pick the previous day rates as long as the rates being chosen is market-determined. I suspect that the decision may have even been made before that circular went out, so the referenced dates may not count

I'm getting the distinct impression this will be a colossal waste of my time if I press on.

In February, while the CBN was clearing the last $2B in valid backlogs, reserves rose by $1B.
Then interventions resume in Mid March, CBN announced backlogs were cleared, reserves fell by $0.4B and you want us to start fishing for an excuse for the massive drop.

I will not dignify your last paragraph with a proper response.

You said and I quote

As an example, the N1251 that was sold to BDC was based on the "low" on the previous day

Then when I point out you're wrong.

You somehow spouted this:

CBN is not obliged to pick the previous day rates as long as the rates being chosen is market-determined

You know what?! I can't.
Mea culpa. It was my error to obliquely assume you were making fact-based assertions.
I should have known better.

Cheers!

-Lord

raumdeuter:
Swun we choose us a mod like when the Israelites went to Samuel and told him we want a king

How did quoting the whole passage add to your point now?


Hian.

BlueRayDick:


He died by dashing his head on the rock when he slipped in a pond/mini jacuzzi. He wanted to kill his father's half-brother who had betrayed the father and was to take the father to the capital to surrender.

The good side of his death is the father will become more ruthless in his scheming's now that he doesn't have the burden of a weak-ass son to carry anymore

The annoying part was when Toranaga half brother wanted to give that useless son the order to commit seppuku and the werey stretch hand wan collect ham.

The way Toranaga shout for him head ehn, e be like make I enter the film slap the idiot boy head.

Unfortunately the werey still died from his foolishness.

afrodoc2:


The former leader who Mariko's father betrayed was the ruthless one. Toranaga is a brilliant tactician on the battlefield and a cunning strategist in the political sphere. Being ruthless when your enemies are more powerful and far outnumber you, will only get you killed.

Where can I watch the series?

User09:
To be fair OasisX, CBN is simply deferring the dooms day forward which is why there still needs to be a long term strategy in play. Remember that at maturity these FPI's will be needing their expensive dollars back

But so far, they have handled the short term really well and confidence in the fx market is largely returning .

Yep. The medium to long term plan is the koko. The short term plan has worked well so far.

User09:


Again, the bolded is false.

Quantitative tightening is no currency defense. Can Naira defend the Naira or are the instruments not being issued in Naira?

Trade-offs are a common consequence of any economic action/cost. Naira strengthening is a consequence, not the reason. Monetary economics says inflation is more likely a reason for this.

The only argument here is the alternative use of this money. Maybe an injection to the real sector but who knows? and it also comes at a price. The fixation on the dollar is not the only headache of the CBN

How does your discussion relate to the fact that we do not really need a strong naira but a stable one.

Cc LordAdam16

raumdeuter:


All those NNPC scam refinery that we do yearly turnaround maintenance on should be sold

Let other private sector people too build refineries the more refineries, the more jobs less dependence on imported fuel

Yes, this.

Dangote needs to show the way so more private entities can be involved. Competition is the way forward

larride:


The annoying part was when Toranaga half brother wanted to give that useless son the order to commit seppuku and the werey stretch hand wan collect ham.

The way Toranaga shout for him head ehn, e be like make I enter the film slap the idiot boy head.

Unfortunate the werey still died from his foolishness.

He is just a fooolish son to a wise father

Spy360:

How does your discussion relate to the fact that we do not really need a strong naira but a stable one.

Cc LordAdam16

It is available on different platforms based on location. It is on Hulu in the US i believe but over here it is on Disney+. Izzou and Larride might be able to give you better info.

iamoyindamola:

Chic2pimp have finally succeeded
If ibkayee show now chic2pimp will follow, since you they youkay help me find chic2pimp at north london na there he they hide

Sod…so you too join people wey dey say I dey youkay. You and your uncle Raumdauter go gather money give me make I sort myself Biko. Meanwhile, I go pay chic2pimp visit this year make him explain wetin happen to we girlfriend.

afrodoc2:


It is available on different platforms based on location. It is on Hulu in the US i believe but over here it is on Disney+. Izzou and Larride might be able to give you better info.

Thanks chief

LordAdam16:


I'm getting the distinct impression this will be a colossal waste of my time if I press on.

In February, while the CBN was clearing the last $2B in valid backlogs, reserves rose by $1B.
Then interventions resume in Mid March, CBN announced backlogs were cleared, reserves fell by $0.4B and you want us to start fishing for an excuse for the massive drop.

I will not dignify your last paragraph with a proper response.

You said and I quote



Then when I point out you're wrong.

You somehow spouted this:



You know what?! I can't.
Mea culpa. It was my error to obliquely assume you were making fact-based assertions.
I should have known better.

Cheers!

-Lord

No dont run away. We are getting somewhere

If you were not fishing for the reasons, Why do you then assume all of it went into Naira defense?. Like I said, all confirmation bias from your end and nothing really substantial to justify your sentiments.

Again you keep using Net positions to make statements which reiterates my doubt as to your understanding of the accretion data

There's been a lot more disclosure and transparency from the CBN, so your rhetorics have no considerable backing

Two factual statements I have made and standby.

The N1251 is market determined. Maybe I mixed the date up by referencing the prior day which you assumed to be the circular date. Doesnt change the point I made

The article was wrong to call it Naira defense, it isnt. Any unbiased person who has an understanding of economics fundamentals sees it for what it is

Spy360:

How does your discussion relate to the fact that we do not really need a strong naira but a stable one.

Cc LordAdam16

Fair point.

But for that to happen, it needs to find its fair value or what we call the long term average.

afrodoc2:


It is available on different platforms based on location. It is on Hulu in the US i believe but over here it is on Disney+. Izzou and Larride might be able to give you better info.

I download from awafilm tv.

Valwezzy:


Might be a little too late for that, it’s no longer lucrative, AI has relegated many writers.

I never knew this. Writers still eat though. Maybe it is dependent on the genre.