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PoliticsRe: Breaking:- Investors Flee Nigeria - Bloomberg News!!! by atlwireles: 6:26pm On Sep 10, 2015
ISpiksDaTroof:
Relax, when GEJ and his cohorts are put on trial in the coming months you will fully understand why the rest of the world is angry.
How is the taxi driving business, your miserable life is still as is., now fuccck off.
PoliticsRe: Breaking:- Investors Flee Nigeria - Bloomberg News!!! by atlwireles: 6:18pm On Sep 10, 2015
Whynotthetruth:
Passingshot & co were celebrating this misfortune, because to them the warning was issued first in January which was under Jonathan cheesy While forgetting that uncertainties surrounding election ignited the initial misgiving back then; while ineptitude, ignorance, and lack of economic leadership nailed the coffin for Nigeria now undecided
according to the report Nigeria received two warnings, yet, the sai chanters were counting on body luggage.

"While many foreign bonds investors have exited the market since JP Morgan warned Nigeria in [b]January and again in June [/b]that it would get kicked out of the index unless conditions improved, stocks investors were now also pondering whether to stay"
PoliticsRe: Nigeria’s Daily Fuel Subsidy Drops To N1.07 Billion by atlwireles: 5:49pm On Sep 10, 2015
Did subsidy payments drop or the price of crude resulted in lower payments?
PoliticsRe: Breaking:- Investors Flee Nigeria - Bloomberg News!!! by atlwireles: 5:45pm On Sep 10, 2015
Anders Faergemann, senior sovereign portfolio manager at PineBridge Investments, said he was surprised that Buhari had not started tackling the country's economic problems more than three months into his tenure.

"As an investor it is flabbergasting that the Nigerian authorities have allowed themselves to be put in this situation," he said.
PoliticsRe: Amaechi Stole N53.930BN From Reserve Fund – Rivers Probe Commission by atlwireles: 5:38pm On Sep 10, 2015
Reading this leaves nothing but sadness.
PoliticsRe: DSS Raid On Akwa Ibom Govt House... The Inside Story!! by atlwireles: 2:33pm On Sep 10, 2015
[s]
kayjasper:
*Arms/cash stockpiling scandal:FG begins manhunt for Akpabio

...Withdraws diplomatic passport

...SSS discovers secret safe in Akpabio's room

...EFCC to take custody of stashed cash

The Federal Government might have begun a major manhunt for former Governor of Akwa Ibom State and embattled Senate Minority Leader, Chief Godswill Akpabio over allegation of stockpiling arms and ammunition at the presidential wing of the government lodge in Uyo where he (Akpabio)is currently occupying months after he left office as Governor of the state. During last weeks Thursdays invasion, two rooms staked to the roof with American dollars were discovered.

Other items discovered was a secret armoury with sophisticated guns, ammunition, bullet proof vests, explosives and a secret tower where highly sensitive and classified documents were hidden. The invasion by the Special Unit of the DSS who arrived Uyo from Abuja was carried out without the knowledge of the Akwa Ibom State Director of the SSS to avoid any leakage that would have compromised the operation.

During the operation, an extremely rattled Governor Udom Emmanuel who was not in at the Government House at the commencement of the raid hurriedly rushed back to meet the operation at an advanced stage. He was alleged to have put a call across to his predecessor who instructed the Governor not to allow the DSS agents conducting the raid remove a "secret safe" that was discovered in one of the rooms. It was not immediately clear what was the content of the safe. "Udom,listen to me, your life depends on what is inside that safe. On no account should you allow the SSS take or open that safe", Akpabio was alleged to have instructed the Governor. After the telephone conversation with Akpabio, a visible shaken Emmanuel was alleged to have jumped on top the safe to resist the SSS's attempt to take the safe away. "Over my dead body will I allow you carry this safe. My life depends on this safe," the Governor allegedly said while still holding tight to the safe from the rooftop of it he laid. The rooms were later cordoned off by the SSS before the EFCC moved in to secure the busted cash.

Before now, Akpabio had left the country last Tuesday ostensibly to receive medical treatment following an accident he had in Abuja on his way to the airport. Few days after his departure on medical grounds even after he was declared fit by medical doctors who attended to him at the National Hospital Abuja, the accident, preliminary investigation indicates might have been stage managed as a pretext to his fleeing the country. For now, the Federal Road Safety Corps (FRSC) has raised a panel to probe the accident. The American Embassy whose car was involved in the crash, has also raised a team to help local investigators working to unravel the factors behind the mysterious accident which affected only Akpabio even when the car allegedly tumbled.

According to an FRSC investigator, "There is more to the alleged accident involving Akpabio. I can tell you it seems fake. Many questions are begging for answers. Why for instance did it affect only his car? How come only him was alleged to have been affected and nothing wrong with the drivers of the cars involved in the crash? How come Governor Emmanuel was in the National Hospital just moments after he was admitted? Why would he still decide to travel out after he was discharged and certified fit by doctors who attended to him at the National Hospital? Why was he planning to leave the country just two days to Wednesday that he was billed to start his defence at the election tribunal?",the source asked

The manhunt for the fugitive former Governor if he fails to return to the country soon,will be a collaboration between Nigerian security forces as well as foreign security bodies such as the American FBI, Interpol and the British Intelligence Agency, the M16. Already, the federal government through the Immigration Service has withdrawn the former governors official passport.

Security sources say Akpabio might have decided to evacuate the family out of the United Kingdom because of the diplomatic relation between Nigeria and her former colonial masters since the UK will not hesitate to extradite any of the Akpabio's declared wanted by the Buhari administration. Other relations of Akpabio currently in the United States have started making moves to leave the US but impeccable security sources say the United States Department of Homeland Security is collaborating with the US Embassy in Nigeria on preventing any of them that has questions to answer from leaving the US. Akpabio's palatial house in his hometown in Ukana is presently under watch following credible intelligence that similar arms might be kept there in anticipation of a likely order of fresh election by the election tribunal. But a former aide to the ex Governor who pleaded anonymity said, Akpabio is not running away from the country and will soon return back to the country to state his own side of the story.

Impeccable sources say the government has placed Akpabio's relations and former aides under surveillance because of the thinking in security circle that more arms and cash like the ones discovered at the Government House in Uyo might have been kept secretly in the homes of some of his relations and former aides.

Also Akpabio is alleged to have pleaded that the Governor should accept responsibility on the dollar notes found at the lodge to enable him adopt a "plausible deniability theory" so as not to be implicated. He allegedly begged the Governor to say the cash belongs to the State Government. It could not be confirmed if Governor Emmanuel accepted to play along with Akpabio so as to exonerate his predecessor in view of the security implication of the issues at stake. "We are taking of arms, ammunition and huge foreign currency at a building that should be respected as a presidential lodge but turned into a secret armoury by Akpabio. It will be unthinkable for anybody to think the Governor will want to accept responsibility of such a treasonable act. Already the Governor has serious credibility problem by his initial denial that no raid took place, then later accepting it happened but no cash or arms found. How will Udom justify accepting Akpabio's pleadings that he owns up that the over $500 million belongs to the State Government? How will he justify asking for bailout and converting debt to bond if he had such money in his Kitty", said an aide of the State Governor who pleaded not to be named because of the sensitive nature of the matter.
The dimension and outrage the shocking discovery has taken is alleged to be giving the Governor sleepless nights on how best to exonerate his administration from the mess as well as his personal integrity that has been serious affected.
TIME WILL TELL.



Source............https://m.facebook.com/photo.php?fbid=951793738200703&id=100001102587501&set=rpd.100001102587501&source=49
[/s]

RUBBISH
PoliticsRe: Nigeria Snubbed As China Hosts Africa On Investment by atlwireles: 2:30pm On Sep 10, 2015
WombRaiders:
American and European investors are looking to China to do business and China was looking to do business with you and you say China is inconsequential?

Nigeria won't sink because of China but Nigeria will never progress without China.
PoliticsInvestors' Love Affair With Nigeria Wanes As Jpmorgan Cuts Bonds by atlwireles(op): 1:14pm On Sep 10, 2015
JPMorgan Chase & Co.’s decision to exclude Nigeria from its local-currency emerging-market bond indexes tops a year of pain for a nation reeling from a collapse in oil prices, slowing growth and a lack of economic leadership.

Nigeria has gone almost full circle from a favored investor destination in Africa three years ago -- because of its status as the continent’s largest crude producer and most populous nation -- to being rebuffed. While most of the weakening sentiment is due to the more than halving in oil prices since last year, a series of missteps by the central bank and President Muhammadu Buhari’s delay in appointing an economic team are adding to the slide.

The JPMorgan news is “a clear signal of dampened investor sentiment,” Manji Cheto, vice president of Teneo Intelligence in London, said by phone on Wednesday. “For things to turn around so quickly in three years’ time shows how important it is for governments to recognize that market sentiment is so fickle, and I don’t think the Nigerian government ever really understood this.”

Nigerian bonds were added to JPMorgan’s Government Bond Index-Emerging Markets Index, or GBI-EM, in 2012 after the central bank under Lamido Sanusi had scrapped foreign investment restrictions and took measures to control inflation and steady the currency.
The inclusion into the bond index boosted sentiment, with foreign portfolio investment flows surging to 1 trillion naira ($5 billion) in 2013 and 1.5 trillion naira in 2014, from 808 billion naira in 2012, overtaking domestic investment in the past two years. Foreigners accounted for 58 percent of portfolio investment transactions last year, up from 15 percent in 2007, according to data from the Nigerian Stock Exchange.

On Tuesday, New York-based JPMorgan announced an about-turn after foreign-exchange controls introduced by Sanusi’s successor, Godwin Emefiele, to stem the currency’s slide dried up liquidity. Gareth Brickman, a market analyst at ETM Analytics NA LLC in Stamford, Connecticut estimates that funds tracking the JPMorgan indexes will need to sell more than $3 billion of Nigerian bonds.
“There will be a significant capital outflow,” Seun Olanipekun, an analyst at Investment One Financial Services Ltd., said by phone from Lagos, Nigeria’s commercial capital. “The major consequence will be the loss of confidence by offshore investors in our markets. The fact that the Central Bank of Nigeria had time to take action and they failed to do so will negatively impact how the monetary authorities are viewed by the international community.”


Nigeria’s growth rate averaged 8 percent between 2000 and last year, when it displaced South Africa as Africa’s largest economy following an overhaul of the data that boosted the size of Nigeria’s gross domestic product. In a study released in July last year, New York-based McKinsey & Co. said Nigeria had the potential to expand about 7.1 percent a year through 2030. That would make it one of the world’s top 20 economies, with a consumer base exceeding the current populations of France and Germany, according to McKinsey.
The West African nation’s fortunes have waned along with a slide in the price of crude, which accounts for about 90 percent of exports and two-thirds of government revenue. The economy grew at the slowest pace in at least five years in the second quarter, expanding 2.4 percent from a year ago, compared with 4 percent in the first quarter.

Sending ‘Signal’
Even if the direct financial implications from the JPMorgan move are not huge, “the symbolic value of this announcement is high,” Alan Cameron, an economist at Exotix Partners LLP in London, said in an e-mailed note to clients. “Nigeria’s inclusion in the GBI-EM index was generally seen as a big step forward in its integration with global financial markets, opening the market to new investment and raising its profile worldwide. That will now be reversed.”

Nigeria’s central bank resorted to restricting trade in the interbank market and using foreign reserves to shore up the currency after it weakened 20 percent to a record low of 206.32 per dollar in the year through Feb. 12. The currency controls have helped to stabilize the naira at an average of 198.98 per dollar since then. It was trading at 198.30 as of 12:46 p.m. in Lagos on Thursday.
Buhari, who took power on May 29, has further eroded confidence in Nigeria’s economic management by delaying the announcement of his new cabinet. That’s making Emefiele’s job tougher because he is forced to make monetary policy decisions in the absence of a clear fiscal policy, said Teneo’s Cheto.
Buhari, 72, has said he will appoint ministers by the end of the month.
“Part of me is secretly hoping that this will send a signal to Abuja to say, we need a cabinet and we need to have a plan that’s clear,” Cheto said.

http://www.bloomberg.com/news/articles/2015-09-10/investors-love-affair-with-nigeria-wanes-as-jpmorgan-cuts-bonds
PoliticsRe: FG to build new refineries for optimal performance of oil sector – NNPC boss by atlwireles: 9:55pm On Sep 09, 2015
[s]
omenka:
This is one classic example of a Nigerian that got his brain totally fvcked up by years of bad governance- they don't believe any good thing is possible. cheesy

They think this is Jonathan's government that swore to build refineries after slashing subsidies yet couldn't even build one as small as those ramshackle mini refineries built by hustlers in the creeks. They think this is Jonathan's government run my a man who swore to go on exile if he doesn't complete the second Niger bridge before 2015. cheesy

Goon, e go be you like dream when the goodies of this government begin dey slap you for ya ugly face, that is if you never begin receive the slaps sef. grin


SAI BABA!!!! cheesy





Ps: guys watch how he gets mad and start throwing tantrums, yelping, thrashing, meowing- predictable as an irritable puppy. cheesy
[/s]

Almajiri when will your suicide bomb explode?
PoliticsRe: FG to build new refineries for optimal performance of oil sector – NNPC boss by atlwireles: 9:01pm On Sep 09, 2015
This man is slowly becoming another noise maker like the CBN gov. Mister, please shut up, and tell Nigerians what is possible not some fairy dream. You cannot update pipelines for crude delivery, yet you are talking of new refineries. lipsrsealed lipsrsealed lipsrsealed lipsrsealed
CareerRe: 60,000 Construction Workers Lose Jobs In 4 Months - Vanguard News by atlwireles: 7:30pm On Sep 09, 2015
I hope the sai chanters are reaping back in good measure now. Most of these unions were supporting Change, please enjoy your change. Na una go suffer pass. lipsrsealed lipsrsealed lipsrsealed lipsrsealed
PoliticsRe: I’ve Declared My Assets According To Law – Wike by atlwireles: 7:19pm On Sep 09, 2015
Want to see Wike's asset declaration paper work, invoke the FOIA and do the needful. For the Dullard from Duara supporters seeking solace here, remember your almajiri 419 leader made a campaign promise. People called him on that promise, you people don't have a leg to stand on here.
SportsRe: Rio 2016 Olympics: Okagbare Not Banned — AFN by atlwireles: 5:25pm On Sep 09, 2015
Madness at every level of this government angry angry angry Ban her and watch her represent another country. angry angry angry angry
InvestmentRe: Financial Markets Suffer After JP Morgan Index Expulsion by atlwireles: 5:12pm On Sep 09, 2015
Sad, but this's just the beginning of a painfully and steady decline.
PoliticsRe: Breaking!! See Effect Of JP MORGAN Delisting On Stock Market Today- LIVE!! by atlwireles: 3:18pm On Sep 09, 2015
Realdeals:
Nigeria will remain the haven for FDI in Africa, why do you think foreigners are rushing down to Nigeria, it's simply because of the availability of market which lies in our population.
Which foreigners? abi you're speaking of events from the rear view mirrors? I need a tomorrow's road map not a yesterday's story.
PoliticsRe: Breaking!! See Effect Of JP MORGAN Delisting On Stock Market Today- LIVE!! by atlwireles: 2:05pm On Sep 09, 2015
7lives:
@Bolded, this is a big lie, Nigeria is Africa's largest investors haven.
Let them go to blazes, JP Morgan my jack ass all that Nigeria needed is a transparent leadership, enabling environment, a highly focused citizenry and we'll be home and dry.
With all the JP Morgan listing, how many European economy have they revived, i would rather we look towards Asia while we encourage our people to go into JV with other foreign nationals.
We don hear say na China be baba now, say most American economic reports are doctored, JP Morgan ko, George Soros ni.
Shebi Racists have not been able to impose their useless IMF AND World bank inhuman economic policies on Nigeria, we are no longer in the 90s oju ti la eye don open.
Baba abeg downplay this nonsense don't pay attention to these racists, our hands have already made strong by the hands of the almighty, they can't stop this match to progress.
In the end, the Asians will be having the ball while the racist watch them play, the era of scramble and partition is loooooonng over, now it is first come first serve.
First rule when you quote me , please do your best to be factual. I hate blind arguments

Ethiopia topples Nigeria on foreign investment destination list in Africa -

See more at: http://www.vanguardngr.com/2015/06/ethiopia-topples-nigeria-on-foreign-investment-destination-list-in-africa/
PoliticsRe: Breaking!! See Effect Of JP MORGAN Delisting On Stock Market Today- LIVE!! by atlwireles: 1:38pm On Sep 09, 2015
What It Means For Nigeria To Be Kicked Out Of The JP Morgan EM Bond Index

http://nairametrics.com/jp-morgan-index-list-of-possible-implications-when-nigeria-is-evetually-kicked-out

Political Capital
The current Buhari Government has been taking credit for some of the policy initiatives carried out by Goodluck Jonathan Government such as stable power, the Treasury Single Account, tax initiatives, war on terror, renewal of strong diplomatic ties with the US etc. The Buhari Government is also not relenting in calling out the past government for its bad policies and alleged corruption. This development will now give critics of the current government, the opposition party and sympathisers of the past government enough armory to blame the current government. They will surely blame the Buhari government for not acting swiftly enough to stop the decision of JP Morgan considering that it issued the threat about 9 months ago. They will also say it is because of the slow mode of operation of the current government (which for example has not announced a cabinet more than 100 days after being in office) that has made the CBN Governor act alone thus portraying the country as one without an economic direction. This will cost the president a lot of political capital as even his supporters must now be jittery.
Bond Yields

When Nigeria borrows money by selling bonds they pay investors based on the on prevailing bond yields. For example, a unit of a bond priced at N1000 may have been originally sold at an interest rate of 10%, that is N100 per N1000. With Nigerian thrown out of the index holders of that bond could dump it and sell for lower than N1000 per paper just to exit. If the average price drops to N800 due to high volume of sellers then that interest rate of 10% is now 12.5%, that is N100 dividend by N800.
This means the next time the Nigerian Government goes out to borrow it will no longer attract a 10% yield but will now borrow from investors at a yield of 12.5% or even more. This will cost the government more money in servicing interest thus taking money it could have used for capital projects for debt servicing.

Lack of foreign demand
By taking Nigeria off the index, there will be little or no demand for our bonds from foreign investors. Already, since JPM threatened to yank Nigerian off back in January, foreign holding of our bonds has dropped from a peak of $11 billion in 2013 to $3 billion today. It is therefore likely that this may even shrink further thus affecting the demand for our debts. A lack of demand for our debts means yields may even get higher as fewer investors will now sought for our bonds
Gain for other emerging markets
With Nigeria out of the scene, other emerging markets in Africa like Ghana, Kenya and even South Africa could now be more attractive to investors. They will simply now move their funds to competing countries leaving Nigeria in its wake. Since investors like to follow the money, it is also likely that other forms of investments may elude Nigeria because of this singular move.
Prestige and Clout
With the above happening, Nigeria will lose its prestige as not just the largest economy in Africa but the economy attracting the most foreign investments. This will be damaging to an economy that has been thumping itself as the destination to be for foreign investors.

Corporate Bonds

Local companies and banks also borrow money from foreign investors by selling foreign denominated bonds and also Naira bonds. Now that the Federal Government is likely to see their borrowing cost go up due to this development, it is likely that banks and other corporates seeking to borrow may have to pay more in interest as well. Some companies may not even have the courage to borrow with bonds again due to high lending rates and may result in some companies gets starved of funds so much that they may start to incur losses or even fold up. For those that have even borrowed refinancing such loans will now be expensive as yields have already gone up.

Higher lending rates
For the banks that are lucky enough to borrow, they will have to pass on that cost to someone else. Small businesses which rely on banks for small loans such as overdrafts, local purchase orders, letters of credit etc. may also see their borrowing rates rise even higher. For individuals with consumer loans they may also be expecting a letter from banks telling them that their loan rates have gone up.

Foreign Currency Cost
It is also likely that foreign currencies will cost more to use due to this action. Holiday makers or business travelers who use their cards abroad for foreign denominated transactions may also see themselves paying more whenever they spend their naira debit cards. Since some banks also channels some of their foreign borrowings in the forex market it is likely that they will charge end users more to recover the higher cost of borrowing.

Shallow market
With the exit of most foreign investors the long term plan of the Debt Management Office of ensuring that our bond market is deep is now in jeopardy. With little demand, it is unlikely that the government and other private companies seeking foreign currency loans will use the bond market as a possible source. This will make the market shallow and unattractive and could even throw some companies out of business. For example, Fund Sourcing Companies, Legal Advisers and other consultants may witness a huge reduction in deals thus affecting their revenues.

Ripple Effect
The Nigerian stock market which has seen some bullish trends in recent days may also be negatively impacted. With this announcement it is likely that this may hurt the confidence of foreign investors which make up about 45 to 50% of transactions in the Nigerian Stock Exchange. If they decide to exit the market because of this then the market may just be primed for another long bearish run.

Devaluation
If this situation is not handled properly it may also trigger another massive devaluation. This could be caused by foreign investors who have had enough and will now use this decision by JPM as a reason to pull out their funds. Pulling out their funds creates demand pressure on forex and may result in a devaluation of some sort.
PoliticsRe: Breaking!! See Effect Of JP MORGAN Delisting On Stock Market Today- LIVE!! by atlwireles: 1:21pm On Sep 09, 2015
Abbeyme:
Thats also true sha...

But JP Morgan does not guarantee profit. Its a basis for comparison, detailing and history/records. Of course, it also gives coverage and leverage.
But we as a country is being exposed to a continual and systemic financial raid. And after we succumb, they raise the bar...? So what shall we then do...

These guys are imperialist with no value for labour...
This country has passed the stage of imperialist and exploitation arguments. Labour and capital are extremely cheap today, Nigeria will not be attracting neither. Maybe we should ask why? JPM provided outside investors a window into the Nigeria financial market, a mark of credibility, an emblem of trust. Fund managers look to it as barometer for sizing up a country. Nobody is exploiting us but ourselves. Nigeria is a loser for this move today, no going around it. Our loss is Ethiopia, South Africa and Kenya's gain.
PoliticsRe: Breaking!! See Effect Of JP MORGAN Delisting On Stock Market Today- LIVE!! by atlwireles: 1:03pm On Sep 09, 2015
Realdeals:
Since we've been on JP Morgan listing, what has been the effect on common Nigerian on the street, only those that have been benefiting from the listing are losing now.
You will be feeling the cold air of the market decline soon enough. Keep pretending.
PoliticsRe: Breaking!! See Effect Of JP MORGAN Delisting On Stock Market Today- LIVE!! by atlwireles:
Abbeyme:
Let all those without genuine interest in Nigeria leave, if they so choose....

True investors would stay. People that believe in the country would invest.

There is an adage that says 'Until you fall, you don't know who your true friend is'...
Define genuine interest undecided People invest to make profits , if you cannot deliver a road map for profits, they pack up and move on.
PoliticsRe: FG Responds To JP Morgan Delisting Of Nigeria From Bond Index by atlwireles: 12:52pm On Sep 09, 2015
[s]
Alphaoscar:
You must a glorified illiterate for you not to read where the report clearly stated that the process for delisting Nigerian from their index began since January .
[/s]

You people are full of rubbish
PoliticsRe: FG Responds To JP Morgan Delisting Of Nigeria From Bond Index by atlwireles: 12:48pm On Sep 09, 2015
JPMorgan Chase & Co. has excluded Nigeria from its local-currency emerging-market bond indexes tracked by more than $200 billion of funds, after restrictions on foreign-exchange transactions prompted investor concerns about a shortage of liquidity.
The first phase of removing Africa’s biggest economy from the Government Bond Index-Emerging Markets, or GBI-EM, will take place at the end this month followed by a full exit by the end of October, the New York-based lender said in a statement sent to Bloomberg on Tuesday by spokesman Patrick Burton.

Nigeria’s central bank under Governor Godwin Emefiele introduced several foreign-exchange trading restrictions from December to stem the drop of the naira amid weaker oil prices. The country is Africa’s largest producer of crude, which accounts for about 90 percent of exports and two-thirds of government revenue. JPMorgan placed Nigeria on index watch in January, saying the foreign-exchange measures made it more difficult for foreign investors to replicate the gauges.

Currency Reaction

The country will “lose a significant chunk of regular portfolio inflows,” Gareth Brickman, a market analyst at ETM Analytics NA LLC in Stamford, Connecticut, said in a e-mailed note on Wednesday, estimating that more than $3 billion of Nigerian bonds will need to be sold. “The pressure will most certainly be back on the bank to allow the official naira rate to be at a lower, more sustainable level. Whether this comes with a more liberalized foreign-exchange regime is now anyone’s guess.”

Nigeria will not be eligible for re-entry for at least 12 months from the date of exclusion, JPMorgan said. The country has a 1.5 percent weighting in the biggest GBI-EM index, which is tracked by $183.8 billion of funds, according to the bank.
“Investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” JPMorgan said in the statement. “As a result, Nigeria will be removed.”
The naira weakened 20 percent to a record low of 206.32 per dollar in the year through Feb. 12. Extra curbs introduced by Emefiele after that slashed trading in the interbank market and have seen the currency stabilize at an average of 198.93 since the beginning of February.
“We would like to strongly disagree with the premise and conclusions upon which the decision rests,” Ibrahim Mu’azu, a spokesman for the Abuja-based central bank, said in a statement on Tuesday.
Nigeria has already introduced an order-based, two-way foreign-exchange market to stabilize the naira and limit speculation, according to the statement.

“Despite these positive outcomes, JPMorgan would prefer that we remove this rule; even though it is obvious that doing so would lead to an indeterminate depreciation of the naira,” Mu’azu said.
Emefiele repeatedly said that Nigeria wanted to remain in the indexes and that there’s enough liquidity in the currency market for foreigners to buy and sell naira bonds. Average yields on those securities rose 11 basis points to 16.04 percent on Sept. 7, the highest among 18 countries included in the GBI-EM indexes, according to data compiled by Bloomberg.
‘Big Blow’
“This will place additional pressure on the currency and even more upward pressure on domestic yields,” Stephen Bailey-Smith, head of Africa strategy at Standard Bank Group Ltd., said by phone from London.

JPMorgan included Nigeria in the GBI-EM in October 2012 after Emefiele’s predecessor, Lamido Sanusi, removed a rule that foreign buyers of naira bonds had to hold them for at least a year. Foreign holdings of the country’s local debt surged as a result to a peak of about $11 billion in 2013 before falling to $3 billion today, Samir Gadio, head of Africa strategy at Standard Chartered Plc., said by phone from London.

The exclusion hurts Nigeria just as President Muhammadu Buhari, in power since May, prepares to announce his cabinet, according to Ronak Gopaldas, head of country risk at Rand Merchant Bank. Buhari said he would have ministers in place by the end of the month.
“The move is a big blow to the country’s prestige and will result in negative market sentiment and capital outflows,” Johannesburg-based Gopaldas said in an e-mailed response to questions. “The performance of the currency, stock market as well as yields on the country’s debt are all expected to be adversely affected.”

http://www.bloomberg.com/news/articles/2015-09-08/jpmorgan-to-remove-nigeria-from-emerging-market-bond-indexes
PoliticsRe: FG Responds To JP Morgan Delisting Of Nigeria From Bond Index by atlwireles: 12:41pm On Sep 09, 2015
SenseiX:
Brace yourselves welfare seeking Nigerians, tough times are ahead.
The economy is heading for a recession by the last quarter of the year and if Iran is allowed to release more oil into the already over saturated oil market, oil price might even fall below $40.....
In the midst of all this, the country is yet to get an economic Marshall plan and even an economic team.
Okonjo Iweala's tireless efforts placed the Nigerian economy on a pedestal, kept us at constant 7% growth, single digit inflation, got us into the bond index etc while Bubu's body language or is it body odour grin has got us here.
Nigerians thought issuing orders with immediate effect stimulates economic growth and job creation. It least for once this generation will see the other side. Maybe, just maybe they will all learn something after the dark years ahead.
PoliticsRe: FG Responds To JP Morgan Delisting Of Nigeria From Bond Index by atlwireles: 12:36pm On Sep 09, 2015
Body language is gradually meeting its limitation.
PoliticsRe: The Reinstatement Of Notorious Zakari Biu By PM News Editorial by atlwireles: 4:39pm On Sep 08, 2015
Lamentations from Sodom, PM should brave itself for more tears.
PoliticsRe: See What An Indian Expatriate Wrote About Nigeria by atlwireles: 4:05pm On Sep 08, 2015
AfroKnight:
Okay what's the cause of the madness? Are you saying we are all unintelligent? That's impossible.

We have many intelligent minds in government but corruption makes them take decisions that are stùpid. Everybody wants to be super rich in a short time.
That right there is the problem, seeking value without any productivity. Is not corruption, but an entitlement mentality.
PoliticsRe: See What An Indian Expatriate Wrote About Nigeria by atlwireles: 2:23pm On Sep 08, 2015
adconline:
It shows they are super good and intelligent!! They become bosses in Naija with better pay package while Naija folks are made drivers, receptionists, laborers, asssistants and PAs.. That's why Microsoft and Google hired Indians as their CEOs.. Just get off ur delusional cocktail that Naija produces the best.. No, it ain't true!!
You are just too direct, I don't want to hurt people's feelings. Someone needs to tell them the truth in this country. grin grin grin grin grin

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