awesomeJ:

I think is available. For institutional investors at least.

But there needs to be derivatives like "call" and "put" options as well as margin leverage to really make it worthwhile.

Check:

https://ngxgroup.com/ngx-download/ngx-securities-lending-report-for-april-2/

This one wan show say he dey do CFA level 1. Yeye dey smell. No be only derivatives na yamaratives. Hiss 😔

oluayebenz:


Mr Card... is changing the narrative.

Honestly things are falling back to places.

With the look of things, naira will continue to gain massively.

Will quote you when it gets to 700

I will be waiting. I need that N700/$1 more than anyone else.

egojeny1:

Swears. He's very optimistic. Even when people disagreed with him he refused to succumb. I like his positive mindset. I just pray dollar will continue to fall so our country will be great again.

I know right..

freeman67:


Ehen.... That rental payment date fell on a Saturday so I thought the payment will just be done today but nothing has been done so far.

The sukuk rental just dropped this morning. As we complain when we never see. Make we clear the air say we don see.

freeman67:


The sukuk rental just dropped this morning. As we complain when we never see. Make we clear the air say we don see.

FGN saving bonds also dropped yesterday and this morning too.

My brother especially the food inflation in the country,I went to buy beans at beans village in Nasarawa very close to Abuja. My customer was begging me to bring money for us to store beans in Large quantity and she gave me an example on how one madam in their market bought beans worth more than 100million naira and stored. Shockingly,she bought it at 18k in November last year.

When the price rose to 45k,they called her to come and sell,the woman refused saying she needs more time to trade it at a higher cost.

This is in agreement to what u said earlier.

The inflation is as a result of greed and manipulation in the market.

Timmi:


The inflation rate in Nigeria is artificial and it is a reflection of the greed in human nature - Man's inhumanity to man. Initially it was exchange rate, now that the rate has come down, you will expect cost of goods to follow suit, but no. Fuel will soon be trending down, Diesel already started the downward trend. Naturally, the cost of goods should follow this trend, but Nigeria don't follow economic logic simply because of the sabotage in the system.

Timmi:


The inflation rate in Nigeria is artificial and it is a reflection of the greed in human nature - Man's inhumanity to man. Initially it was exchange rate, now that the rate has come down, you will expect cost of goods to follow suit, but no. Fuel will soon be trending down, Diesel already started the downward trend. Naturally, the cost of goods should follow this trend, but Nigeria don't follow economic logic simply because of the sabotage in the system.

I've followed the current inflation curve and rather than blame the everyday Nigerian/akara seller chasing survival, those in charge of macroeconomic policies should be held to account. A single round-trip under PMB and Emefiele would have had more effect on the naira than 10,000 akara sellers increasing the price of their items.

Truth is that inflation once entrenched is sticky and takes alot of fight to stabilise and then drive down. Few years back, there used to be an upto 3 month lag between devaluation and widespread rise of goods. People were largely forced to as price of everything else had increased. As the govt continued with senseless economic policies and further devaluation, that interval became shorter as people got wiser. It's the last person that increases that's burnt the most.

Inflation should drop in coming months- An increase in bank account savings rate should help. Things like electronics should drop first. Food and rent tend to be the most sticky. But also remember that a drop in inflation does not mean a drop in prices but that the rate at which they're going up is reducing.

freeman67:


The sukuk rental just dropped this morning. As we complain when we never see. Make we clear the air say we don see.

I received mine this morning, it's a kinda loss investment considering the current rates and ten years no be beans.

freeman67:


The sukuk rental just dropped this morning. As we complain when we never see. Make we clear the air say we don see.

received mine this morning. I'll reinvest it in the ngx.

Foodempire:


I received mine this morning, it's a kinda loss investment considering the current rates and ten years no be beans.

Pls what's the rate of this your particular SUKUK ??

Akerewe:


Pls what's the rate of this your particular SUKUK ??

15.75 I think. I regret the investment considering the amount involved.

Foodempire:


15.75 I think. I regret the investment considering the amount involved.

Don't be, I also have 11.2% sukuk III nd d sum is a bit huge.

Sukuk is not that liquid like other investment

Abeg when tbills auction go happen nah

Since Monday last week , no show.

Na wa o

Nakedman:
Todays Auction

Phewwww close shave....20.7% nice!

Thanks for this

chukzyfcbb:
Abeg when tbills auction go happen nah

Since Monday last week , no show.

Na wa o

There was a PMA last Friday. There should be another one next week Wednesday 24th.

Acidosis:



I will be waiting. I need that N700/$1 more than anyone else.

No need stressing over these things. Macroeconomic capabilities are not rocket science.

CBN threw loads at to defend the naira at 1500. This was well predictable a few werks back. I remember stating that.

Ultimately I think 1k would be a tough nut to crack. We might get a few dips below but finally settle above.
Just like with mose previous rounds of devaluation and CBN intervention where wide irrational swings are followed by a period of calm in which underlying market drivers then determine the next move.

In the coming months, I expect the currency to stabilise above 1k (happy to be proved wrong). What happens next would not be based on emotions but underlying market principles. If the government has got it right with the economy, the currency would reflect that.

I for one would be quite glad if local growth in our economy can lead to either rapid wage rise or a drop in exchange as people have had less and lesss in real terms over the last decade.

jedisco:


No need stressing over these things. Macroeconomic capabilities are not rocket science.

CBN threw loads at to defend the naira at 1500. This was well predictable a few werks back. I remember stating that.

Ultimately I think 1k would be a tough nut to crack. We might get a few dips below but finally settle above.
Just like with mose previous rounds of devaluation and CBN intervention where wide irrational swings are followed by a period of calm in which underlying market drivers then determine the next move.

In the coming months, I expect the currency to stabilise above 1k (happy to be proved wrong). What happens next would not be based on emotions but underlying market principles. If the government has got it right with the economy, the currency would reflect that.

I for one would be quite glad if local growth in our economy can lead to either rapid wage rise or a drop in exchange as people have had less and lesss in real terms over the last decade.

I spoke with a banker friend of mine, who told me that it was Binance that was manipulating the naira rate.

That because a lot of unofficial transactions were going through Binance, Binance was able to influence the exchange rate.

Now that Binance is banned the CBN became the biggest supplier of forex.

So lets watch by how much, the CBN can control the market.

I have to give them kudos for having the balls to take on Binance.

Akerewe:


Don't be, I also have 11.2% sukuk III nd d sum is a bit huge.

Sukuk is not that liquid like other investment

Me too. You can't be an investor and not be ready to loose some money. There has to be a balance.

Dum20:


I spoke with a banker friend of mine, who told me that it was Binance that was manipulating the naira rate.

That because a lot of unofficial transactions were going through Binance, Binance was able to influence the exchange rate.

Now that Binance is banned the CBN became the biggest supplier of forex.

So lets watch by how much, the CBN can control the market.

I have to give them kudos for having the balls to take on Binance.

It's not that clearcut though.

A few years back it was Abokifx that was blamed. Now Binance.

Binance was a fringe player initially when BDCs were still active. When the CBN started all the rigmarole and naira4dollar scheme e.t.c looking to force remittances through a lower than market rate, Binance traffic grew and it became the defacto source of matket rates.

You know soon enough, the Binance traffic would move elsewhere (it's already moving). Binance was easier to take down as they had local offices. Most other crypt0 exchanges do not have local offices.
Right now, there is good supply and the exchange is based on the interbank rate and rate at which CBN supplies BDCs. If that changes, the market would sense it.

Banks also played a role. Why is difficult for banks to set up remittance platforms or make paying in forex straightforward? The last time they did, they stashed the forex oversees and didn't repatriate them.

Nakedman:


Me too. You can't be an investor and not be ready to loose some money. There has to be a balance.

Na so!

@jedisco,
Your points are valid.
However I object in these regards:
1. Saying the CBN has used billions to defend the naira: True the reserves have dipped by $2bn maybe even more, but it's wrong to assume the dip was due to naira defence. From what I know only $64m was sold to BDCs at "defensive" rates, fear did the rest.

Last year, we heard that even though our gross reserves were about $33bn, the net was actually just about $3bn, cos Emefiele owed $7bn in backlogs, $7bn to jp morgan, and some other loans.

Now that the $7bn backlog are cleared what we should have is $26bn, but we still have $32bn.

Who's to say that the $2bn used wasn't to clear backlog or service a loan obligation?

2. I don't think we should be making reference to policies like naira4dollar and other inefficiencies that Emefiele had going as though he's still the one there. Was it not under him that banks were hoarding $7bn, hasn't Cardoso changed that, was it not under him that corporates were using $10bn as collateral for naira loans, is that still happening? How about the fact that people could sell at 750 on the streets, and Emefiele wanted them to sell at 460, is that the case now? Today street traders are buying at 980, banks are buying at 1030? Isn't that a complete different situation?

3. As of today at least 10% of our forex demands have been wiped off, cos diesel is now sourced locally. The drop in demand could reach 30% when PMS shipments start too, and could exceed 50% when you consider that more people(Nigerians and foreigners )are now confident in holding naira assets as opposed to the "save in dollars" campaign that sold last year. I do think you should factor this in as well.

awesomeJ:
@jedisco,
Your points are valid.
However I object in these regards:
1. Saying the CBN has used billions to defend the naira: True the reserves have dipped by $2bn maybe even more, but it's wrong to assume the dip was due to naira defence. From what I know only $64m was sold to BDCs at "defensive" rates, fear did the rest.

Last year, we heard that even though our gross reserves were about $33bn, the net was actually just about $3bn, cos Emefiele owed $7bn in backlogs, $7bn to jp morgan, and some other loans.

Now that the $7bn backlog are cleared what we should have is $26bn, but we still have $32bn.

Who's to say that the $2bn used wasn't to clear backlog or service a loan obligation?

2. I don't think we should be making reference to policies like naira4dollar and other inefficiencies that Emefiele had going as though he's still the one there. Was it not under him that banks were hoarding $7bn, hasn't Cardoso changed that, was it not under him that corporates were using $10bn as collateral for naira loans, is that still happening? How about the fact that people could sell at 750 on the streets, and Emefiele wanted them to sell at 460, is that the case now? Today street traders are buying at 980, banks are buying at 1030? Isn't that a complete different situation?

3. As of today at least 10% of our forex demands have been wiped off, cos diesel is now sourced locally. The drop in demand could reach 30% when PMS shipments start too, and could exceed 50% when you consider that more people(Nigerians and foreigners )are now confident in holding naira assets as opposed to the "save in dollars" campaign that sold last year. I do think you should factor this in as well.

They don't realize that Nigeria is making more and saving more forex ever than before.

Soon importation of fuel will be gone forever and forex demand will be very low.

As at now, In-market rate for dollar exchange is 920.

I don't understand how people think CBN is defending the naira, if they are doing so, CBN will bring a fixed rate but it's totally opposite.
Fx is dropping seriously and that's the true meaning of floating a currency.

Infact it might drop to 600 anytime soon

oluayebenz:


They don't realize that Nigeria is making more and saving more forex ever than before.

Soon importation of fuel will be gone forever and forex demand will be very low.

As at now, In-market rate for dollar exchange is 920.

I don't understand how people think CBN is defending the naira, if they are doing so, CBN will bring a fixed rate but it's totally opposite.
Fx is dropping seriously and that's the true meaning of floating a currency.

Infact it might drop to 600 anytime soon

If I have to choose between 600 to USD on a $30bn reserves and 900 to USD with a $50bn reserves, I'd choose the latter.

I don't think the naira is worth up to 600 anymore given how much naira we've printed in recent years.

Imo, the CBN should start working on building a healthy level of reserves going forward.

While on the fiscal side,
1. They should start working on tackling this persistent decline in oil production. I read this morning that just cos of some people playing politics by stopping the deal that was to transfer MNPU's assets to SEPLAT, we're missing out on almost 500,000bpd capacity. I really don't see why that SEPLAT deal should not have been allowed to go through. NNPC claims they spend $48 to produce every barrel of oil, imagine that ineeficiency, meaning if oil dips to $50, our economy is in trouble but last I checked, SEPLAT was doing only about $12. Look at that massive difference. NNPC will have to sell oil at $130 to meet up.


2. They should be more aggressive dealing with bandits in the north, so we can have better results from our agriculture. Imagine having trillions in defence budget, yet we're still hearing excuses. There are lots of well known bandit camps in the north, those camps can be left to exist even though their kingpins have taken out hundreds of our soldiers, yet we've besieging Okuama and ignomaturu?? Doesn't really make sense that they haven't leveled those bandits' camps.

3. One ton of Gold is about $80m, South Africa, despite several years of mining can still do 100 tons per month, why can't we who haven't been mining as much from our reserves target about 10tons per month and be earning $800m per month. I learnt there are places in Zamfara where just rainfall alone will expose some gold deposits. At 15 tons per month we could be getting $1.2bn into the economy and from that maybe $200m -$400m as taxes and royalties.

awesomeJ:
@jedisco,
Your points are valid.
However I object in these regards:
1. Saying the CBN has used billions to defend the naira: True the reserves have dipped by $2bn maybe even more, but it's wrong to assume the dip was due to naira defence. From what I know only $64m was sold to BDCs at "defensive" rates, fear did the rest.

Last year, we heard that even though our gross reserves were about $33bn, the net was actually just about $3bn, cos Emefiele owed $7bn in backlogs, $7bn to jp morgan, and some other loans.

Now that the $7bn backlog are cleared what we should have is $26bn, but we still have $32bn.

Who's to say that the $2bn used wasn't to clear backlog or service a loan obligation?

2. I don't think we should be making reference to policies like naira4dollar and other inefficiencies that Emefiele had going as though he's still the one there. Was it not under him that banks were hoarding $7bn, hasn't Cardoso changed that, was it not under him that corporates were using $10bn as collateral for naira loans, is that still happening? How about the fact that people could sell at 750 on the streets, and Emefiele wanted them to sell at 460, is that the case now? Today street traders are buying at 980, banks are buying at 1030? Isn't that a complete different situation?

3. As of today at least 10% of our forex demands have been wiped off, cos diesel is now sourced locally. The drop in demand could reach 30% when PMS shipments start too, and could exceed 50% when you consider that more people(Nigerians and foreigners )are now confident in holding naira assets as opposed to the "save in dollars" campaign that sold last year. I do think you should factor this in as well.

Guy leave people to be living in what ever conspiracy theories. At black market @750 before total floating. The cbn was not defending naira. The defence was cbn selling at 460.I wonder whr the logic to believe at 1000k now that cbn is defending naira instead to say cbn is even making money from us.It is when it is trading at #1900 and above that cbn will not be defending it.How did they determine the real value and no defence at thr own high cost.
They should tell us what has changed since last year at black market price of 750 and today. Infact it should be less than 750 as of today since the demand for dollars has dropped as per dangota refinery,UK policy for tertiary education and cleared backlog on forex.

This is why I don't equally believe the rubbish on subsidy on fuel has returned. Is government sourcing its dollars from black market or official window since it is only nnpc importing the fuel.Who can say the value attached to dollars for the importation of fuel..The true value of dollars should be below #750 black market price the government met it.At what price did banks reevaluate thr dollars .

freeman67:


The sukuk rental just dropped this morning. As we complain when we never see. Make we clear the air say we don see.

Saw it yesterday.

Foodempire:


15.75 I think. I regret the investment considering the amount involved.

Correct, 15.75%

Pls wat is the easiest way to terminate sukuk bond. Urgent pls

awesomeJ:
@jedisco,
Your points are valid...

.

No objections to the most part.

You mention policies- ultimately, its the past govts policies that led us here. Reason why I've hardly raised the current CBN gov yet. I have no reason to believe Cardoso has done badly given the stick he was dealt. The issue is those who defend these policies without cause. While Emefiele was reeling out his policies, lots even on this thread defended them. We were told it was 'smugglers' driving the exchange up while same person was boasting about how much his BDC friends were making from round-tripping. Even till date, many can't link the connection between the subsequent debacle and the actions of the previous govt.

I have held that as this govt has taken a different approach to the economy than the last then ultimately, I expect outcomes should be different.

When I say defend, its not just about money. Yes, money was spent but alot of macroeconomic policy changes were made when the naira crossed 1500. The result has been felt. The exchange rate means little what's more important is a stable rate and low inflation.

Lastly, people keep mentioning diesel like its a silver bullet. Yes, its very important but in 2024 moreso with our population growth, refining oil we produce and stopping there is hardly going to put us on the world stage. We need same self sufficiency in agriculture, textile, basic tech, transport all occuring at same time

Streetinvestor2:


Guy leave people to be living in what ever conspiracy theories.


They should tell us what has changed since last year at black market price of 750 and today. Infact it should be less than 750 as of today since the demand for dollars has dropped as per dangota refinery,UK policy for tertiary education and cleared backlog on forex.

This is why I don't equally believe the rubbish on subsidy on fuel has returned. Is government sourcing its dollars from black market or official window since it is only nnpc importing the fuel.Who can say the value attached to dollars for the importation of fuel..The true value of dollars should be below #750 black market price the government met it.At what price did banks reevaluate thr dollars .

You sound too emotional. I've learned that when I get too emotional in defending a viewpoint then I'm like missing something. Economic policies are not about emotion or what I want.

First the debacle with the naira was well set in stone 2-3 years ago. When you had people accessing usd at well below market rates and dumping them into the market, the outcome was clear.

Like I said above, against what many think, the actual exchange rate is less of our problem. What we need is a stable/fairly predictable rate and the right macroeconomic policies.

jedisco:


No objections to the most part.

You mention policies- ultimately, its the past govts policies that led us here. Reason why I've hardly raised the current CBN gov yet. I have no reason to believe Cardoso has done badly given the stick he was dealt. The issue is those who defend these policies without cause. While Emefiele was reeling out his policies, lots even on this thread defended them. We were told it was 'smugglers' driving the exchange up while same person was boasting about how much his BDC friends were making from round-tripping. Even till date, many can't link the connection between the subsequent debacle and the actions of the previous govt.

I have held that as this govt has taken a different approach to the economy than the last then ultimately, I expect outcomes should be different.

When I say defend, its not just about money. Yes, money was spent but alot of macroeconomic policy changes were made when the naira crossed 1500. The result has been felt. The exchange rate means little what's more important is a stable rate and low inflation.

Lastly, people keep mentioning diesel like its a silver bullet. Yes, its very important but in 2024 moreso with our population growth, refining oil we produce and stopping there is hardly going to put us on the world stage. We need same self sufficiency in agriculture, textile, basic tech, transport all occuring at same time

You're right boss.

jedisco:


You sound too emotional. I've learned that when I get too emotional in defending a viewpoint then I'm like missing something. Economic policies are not about emotion or what I want.

First the debacle with the naira was well set in stone 2-3 years ago. When you had people accessing usd at well below market rates and dumping them into the market, the outcome was clear.

Like I said above, against what many think, the actual exchange rate is less of our problem. [/b]What we need is a stable/fairly predictable rate and the right macroeconomic policies.

[b]

Exactly, quality health care, qaulity education. If you know the billions nigerians spend on foreign education, it is enough to make Dollar equal to N200.

The nigerian educational system is so bad, nigerians are going to countries like cyprus, turkey ghana, when we have UI, Unilag, OAU.

Foriegners are meant to be paying millions to school in naija.

Our politicians are busy chasing foreign investors when are universities can generate billions in foreign exchange

jedisco:


You sound too emotional. I've learned that when I get too emotional in defending a viewpoint then I'm like missing something. Economic policies are not about emotion or what I want.

First the debacle with the naira was well set in stone 2-3 years ago. When you had peopleaccessing usd at well below market rates and dumping them into the market, the outcome was clear.

Like I said above, against what many think, the actual exchange rate is less of our problem. What we need is a stable/fairly predictable rate and the right macroeconomic policies.

I don't know what you mean being emotional
All I said is simple,naira had no business going above #750 after the government floating because that was the fair/stable price and true market value because nothing changed in the economy. And if we look at it now because of less demand it should be less than #750.

Therfore I believe the government is reaping us off on anything above #750 black market price they met it

The government is doing the right thing even if thr approach could be better though I am not a fan of apc/tinubu