₦airaland Forum

and so it ended.

nduchucks:
eeyah, how sad. pele o



Lookup the meaning of red herring.

Almajiri, waiting for SAI Daura Dulllllard Chants

Nigerian stocks fell to a three-month low and the naira hit a new record low on the parallel market on Wednesday, as investors who were worried about a shortage of dollars on the currency market sold shares, traders said.

The Nigeria Stock Exchange (NSE), which has the second-biggest weighting after Kuwait on the MSCI frontier market index, dropped for the sixth consecutive day as investors pulled out of equities to short-dated Treasury bills in search of yield.

Investors had hoped for a sustained rally after smooth elections in March. But markets have taken a hit from worries over the continued slide in the naira and the impact of persistently low oil prices on government finances.

“We believe the uncertainties within the forex market may have triggered further sell-offs by foreign portfolio investors,” said Ayodeji Ebo, head of research at Afrinvest.

“The persistent pressure and increased (dollar) demand suggest a devaluation of the naira is imminent,” he added.

The central bank, worried about rising inflation, has said it is in no mood to devalue the naira again, after it tightened access to hard currency for the import of a wide range of goods.

Since the central bank measures, the naira has weakened steadily on the parallel market, hitting a new record low of 233.50 to the dollar on Wednesday.

On the interbank market, it traded near the central bank’s pegged rate of 196.95 naira. Investors questioned how long the bank’s rate could hold there, when the currency was trading further and further away on the parallel market.

DOLLAR SHORTAGE

People were buying dollars to protect themselves against further naira weakness, said Aminu Gwadabe, president of Nigeria’s Bureau de Change association.

Analysts say naira weakness would hurt consumer good firms who rely on imports of raw materials. Ebo said investors had priced in lower profits as a result.

The all-share index shed 1.19 percent on Wednesday, 10.4 percent lower than its 2015 peak, which it hit on April 2 after Muhammadu Buhari won a closely fought presidential election.

But Sub-Saharan Africa’s second biggest stock market has drifted lower since as investors wait for policy direction on issues such as the naira and petroleum investment.

The index of Nigeria’s top five oil stocks declined 2.65 percent on Wednesday, weighing on the all-share index. The top two decliners were Oando and UBA, each down more than 5.5 percent.

The most liquid 5-year bond yield rose to 15.01 percent on Wednesday, up from 14.20 percent two weeks ago, when the central bank introduced new rules and close to its pre-election quote of 15.5 percent in March.

http://businessdayonline.com/2015/07/stocks-fall-to-3-mth-low-as-naira-weakness-persists

Central Bank of Nigeria Governor Godwin Emefiele reiterated on Wednesday that foreign exchange controls were helping to stabilize the naira and replenish reserves, amid criticism the measures are harming the economy.
“These policies have led to a significant stabilization in the exchange rate and an improvement in market sentiments,” Emefiele said in a speech to Nigeria’s Senate in the capital, Abuja. The measures, coupled with efforts by the five-week old administration of President Muhammadu Buhari to cut wasted spending “have seen our foreign exchange reserves begin a gradual recovery,” he said.
The central bank started restricting currency trading in December in a bid to stem the fall of the naira as the price of oil, Nigeria’s main export and source of two-thirds of government revenue, plunged. Last month, the central bank banned importers of about 40 items including toothpicks, private jets and wheelbarrows from using official foreign-exchange markets.
Emefiele said Nigeria’s foreign-exchange reserves have risen to $31.9 billion on Tuesday, more than the figure of $29.6 billion from the central bank’s data for the same day. Reserves fell 23 percent to $29 billion in the year to the end of June. Ibrahim Mu’azu, a spokesman for the regulator in Abuja, didn’t immediately respond to an e-mail asking for an explanation of the discrepancy.

‘Zero Tolerance’

The central bank has “zero tolerance for speculators,” Emefiele said in the speech. “Nigeria’s foreign reserves remain our common wealth and we must all strive to work together to protect it and prevent speculators and rent seekers from plundering it.”
While the measures have stabilized the naira at an average of 199.03 per dollar since the start of March, they have left it overvalued and caused investors including BlackRock Inc. and Aberdeen Asset Management Plc to shun local bonds and stocks until there’s a devaluation. Naira forwards indicate the currency will depreciate to 248.50 per dollar in a year, while the black market rate fell to 230 last week.
Nigeria needs to let the naira devalue as the restrictions are starting to harm growth in Africa’s largest economy, Bisi Onasanya, the chief executive officer of the country’s biggest lender by assets, First Bank of Nigeria, said in an interview with Bloomberg last month.
Emefiele said the curbs on importers were necessary to boost Nigerian manufacturing.
“At the heart of the issues that currently confront our nation is the need for us to diversify the structure of our economy from being import dependent to being an economy that produces what she consumes,” he said.

http://www.bloomberg.com/news/articles/2015-07-08/nigeria-s-emfiele-stands-firm-on-foreign-exchange-trade-controls

Never thought things would turn so sour so soon, but many of the southerners who voted Buhari, will live to regret everyday of it. The game play is the same, just as it was in the 80s. This time there will be no IBB, we will have to take matters into our own hands.

Okay

I thought we operated a constitutional democracy, what is the Duara dullard attempting here

patrick89:
no one is saying that it's not a political zone, what I think the op is saying is losing identity which I think is correct because, I have seen many people saying I'm from south south, or I'm a "Niger deltan" can you imagine that insolence. it's very insulting to bear that name.

I use the term Nigerdeltan or deltan sometimes to indicate place not identity. The only people using it FOR tribal identity are the many impostors on these online forums.

But the constant nonstop bickering about the SS geo political zone is nauseating. If they had called it South central, many will still be opening threads and complaining today. SS is a Nigerian political lexicon, nothing more.

Southsouth is a Nigeria invented political zone, and we like it as is. No Nation in the SS zone calls it a tribe. People give it up, enough of this nonsense.

0lumide:
And the other title brought you hypocrites out of your caves! Just what I wanted to expose!!

If you didn't notice it, this was the original title!!!

You use words that only apply to yourself. "HYPOCRITE", please look in the mirror. You accused the PDP, the nations of the SS and the people of SE, for boko haram murders in the north. When you found out, you were getting nowhere with your bullsh1t, you edited your headline. Yet, you talk of hypocrisy? You are fasting and lying at the same time, is this what you call ramadam . Remember to pray for forgiveness, when you break your fast later today.

OP, keep your thread on the original topic and stop trying to mislead the forum. My comments were based on your original topic

These fools should stop making jackasses of themselves. Your published allocations from the ECA makes a mess of this story.

0lumide:
No sooner or later, you will understand that war in the north is war in the South.

Oil bunkering in the south affects both North, East, West, South!

Sooner or later you'll understand that as long as men like you support impunity and PDP that has destroyed Nigeria for 16 years, we are heading no where.

Oh no!! Sooner or later you will understand that Nigeria is no longer divisible for the selfish interest of losers!!

You people did not call for secession during GEJ's administration. You lot were expecting him to win because of "presidential might" which means nothing but impunity! I want Buhari to use that impunity to jail all corrupt politicians in Nigeria North East South West!!!!

you're remarkably inane, keep your united and better nation going. Just keep us informed on your body count.

0lumide:
Alatenuje!!!

Nigeria will be united and better with or without your kind!

Alatenuje

You are the one crying, sooner or later, you will understand the meaning of UNITY. Till then, keep on crying.

0lumide:
And that makes you happy?

People please look at the kind of minds supporting PDP O!!!!

Awon alatenuje!

What makes me happy is not your problem. Keep blaming your death on us, as long as you remain the one counting dead bodies.

The Dauara Dullard Press spokesman should ask lie mohmammed to withdraw his Press statement.

Blame it on PDP and the people of SS/SE till christ returns, that will not change the death and destruction in the North.

DropShot:
If you don't know that injecting abt 400bn naira into the economy is a huge positive boost, then you need to go back to basics of economy.

, we will all see your positive boost.

DropShot:
Whatever the states need to so, this current mess definitely needs to be cleared first and that is what the president has done reluctantly. Going forward, he has made it known that no state will ever be bailed out in this manner anymore. So, he has done well.

Done well you say The man just blew his entire savings in 30 days, and the problems heading his way have not even started. The states will be back in 90 days with the price of crude oil currently projected to remain under $60 in the next two quarters. Also, what are effects of this on the economy,the value of the Naira and inflation will not like this move.

DropShot:
Tell us what you would have advised.

The same thing you do in your household cut your coat according to your size. States need to reduce their workforce and reduce their wage bills. Nigeria will be back here in 90 days, what will be the solution then?

OP, I beg to disagree with you and John Perkins, when Nigerians are prepared to live as One Nation, prepared as a people to spend what they have and not their invisible wealth, prepared to live and let's live, nobody or any corporation will stand in their way. Perkins tells a good story for those ready to believe another person is remote controlling their lives. Unfortunately, that's not correct, nobody but yourself is remote controlling your life.

OP, keep dreaming.

SSS were doing their best stopping this madness via electronic/human intelligence, then our Duara dull ard saw it fit to declare war on the management of the SSS. BUhari, you will learn from experience. . Waiting for your almajiris to chant SAI

Ephemmm:
Did JOnathan inherite empty treasury? Why did he deplete our foreign reserves and still borrow to pay FG workers till the end of his tenure?

Please bear with me here, but you have to lift this conversation beyond beer palour talk.

Ephemmm:
If he spend it in an ordinate manner, what is the bigi? Has Jonathan not been borrowing to pay even FG workers before his tenure? Workers deserve their salary at the right time: absence of this is demotivational as it is obvious some states will not be able to come out of this salary mess till the end of their Governor's tenure.

God bless Nigeria.

The man said he met no money. So, accusing Jonathan of spending is mute, because your principal is spending monies he met in the treasury, that was supposedly empty. The money are going to states not federal employees, many by the way are financially bankrupt. Comparing this to Jonathan is apple and oranges, what are you going to do in 60 days, when these same states will not be able to pay?

What happens next month? States are suffering from a 50% reduction in their allocation because of crude oil prices? This is not a solution, because many states will be back here in 60 days. More spending and increased debt is not going to help. Paying off their past due only to start incurring more debt.