₦airaland Forum

nigeriansamurai:
where is the lie? We where making 2billion (2023) on FX now we are celebrating 1.5 billion (2024). As silly as it is you say that it is causing dollar to go down, how? If you are too hungry to understand its fine, but dont assume everybody is like you. You cant go far with that attitude.

Stop brandishing false stats.
FPIs in 2023 were no where near $2bn monthly.
It was more like $300m. The whole of 2023 was $3.9bn for FPIs.

So why shouldn't we celebrate $1.5bn in one week!!!

USD traded on Thursday alone were over $850m, there were months in 2023 when trades for the entire month was only a little more than that.

socialmediaman:
For those asking, here is a link to CBN's quarterly reports which includes foreign exchange inflows:

https://www.cbn.gov.ng/documents/quarterlyecoreports.asp

You can see that even before Tinubu took over office, in the first quarter of 2023, Nigeria earned $7.2 Billion USD in that quarter, which is an about $2.4 Billion USD monthly.

You do not have to try forcing a false negative narrative here by comparing apples to oranges.

When inflows were at $2bn in 2019, from Jan to December of that year, how much was USD, did it ever go above #360.
So now that that level of inflows is returning, why shouldn't we celebrate?

Now when you say there was $2.4bn monthly inflow in 2023, you're calculating the entire foreign inflows from oil receipt, remittances, FPIs etc, and you're comparing it to a single line item- FPI in 2024, how does that make any sense.

In 2023, average FPI inflows were $300m monthly, this month of March 2024, FPI infloes were over $2bn.
The $1.5bn reported was for this past week alone.

When FPI flows shrunk to $300m in 2023, the currency took a beating, when the flows were significant in 2019 the currency was extremely stable, the prospect of that stability is why we should celebrate this increased levels now.

jedisco:
As one economist described FPIs, they are like hawks seeking liquidity who would flee at the earliest sign of danger.

We've been down this route before and it ultimately led to further devaluation of the naira. I remember folks here praising Emefiele for devaluing the naira to catch out FPIs withdrawing funds in 2019 ish. What happens after a year or two when these FPIs want to move elsewhere en-masse to catch the next shiny thing?

Even foreign investments can manytimes be a fine line except when there is good regulation and buy-in
Ultimately, the longterm solution to earn forex by means of economic output. Any other measure would at vest buy us time.

I completely agree.
And I think the CBN understands that the inflows are only buying us time (12 months) to get our acts together. Whether or not we do is something to watch.

jedisco:
Whats the source of this forex?

FPIs brought in over $1.5bn this week.

Odunharry:
That rate is low. Don't accept anything less than 22.

22 is ambitious.
20 is more like it for secondary market.

The pressure to lure in FPIs is easing off though.

We may start seeing sub 20% in the next 3-4 PMAs.

NL1960:
Yes. You only supply your rate if you have N50m but do not know if there are banks that waive it.

I always go with bank rate to reduce the risk of failure as they have more access to information.

Thank you sir.

Losing out on extra 1% yield vs losing out on extra two weeks.

Here's the math on a 50m investment.
1% loss = 500k.

Two weeks interest at 20% = 385k.

I agree the 15k isn't worth the risk.

I haven't bought T-Bills in a long time now, does any one mind answering these?:
1. Do banks now accept bids below 50m for PMAs?
2. That would mean I have to go with the bank's rate for bids below 50m yes?

egojeny1:
Continue

Just ignore the fool.
And that's not an insult. Only a logical inference based on what he/she has displayed.

Bbbwings:
How do supposed educated persons fall for apc propaganda?
No one is selling dollars at 1000naira

It was obviously fake news at the time, but it may be true by April.

FX turnover that was doing $50m -$80m daily last year, did $859m yesterday. That's almost $1bn in a single day.

Most of us knew supply was the issue, now it looks like we may soon be seeing over supply.

Oshokhai69:
You are just too dull. You started by saying dollar kept at home is not liquid. Then you changed to dollar denominated assets and now you dey talk how much person fit keep for house.

Oga, I only pointed out the hopelessness in that stupid comment that dollar under the bed is not liquid and that your so called mutual funds are more liquid. Na only drunkard you fit follow talk that nonsense.

By the way, how many average Nigerians get more than a few hundred dollars?

I think you should refrain from using this tone.
Make your points without insults.

You do not even know who you're speaking with. I'm sure you're either at his level or way below. There's no way you're in any position to address him like you're doing.

NL1960:
"who invested in dollar-denominated assets ".

Is investing in dollar denominated assets the same thing as buying dollars for speculation or for keeps?.

Most dollar funds invest in FGN and corporate Euro bonds, so investing in them is actually supplying dollars to the economy.


That's almost an opposite of buying dollars that you don't need and hoarding. That's an act that drains dollar liquidity.

And it was certainly true that manipulations were rife on the USDT/NGN trades, causing artificial losses to the purchasing power of millions of citizens, cos a few greedy folks want to cash out.

It was a super responsible thing for the government to have stepped in and curb that menace.

phoinix:
Can you tell us more about the technical skills you are using?

C programming, git, Linux cli, C#, Asp.net core etc

pizapato:
Dey play.

When boys are warming up to mop up again anything below 800

I like your optimism. Check the post of AwesomeJ on this thread and see how he discouraged people from changing below 500 few years ago. I'm sure experience has taught him that the thieves at helms of affairs of this country are unwilling to address the true solution to the problem


The true solution to the dollar quagmire is for government to cut the operational budget of all federal parastatals and ministeries by 50%. The money given to these ministries/parastatals are largely stolen, which is in turn used to mop up dollar by the looters.

If they don't do this, the solution you are seeing now is only a quick fix that will push dollar to sub 800 but in few months or one years time, the dollar will continue its upward journey again.

I apologize for that bad advice that year.
I had an unduly high faith in Emefiele.

Now I've even learnt some tech skills, I earn some dollars, and I prefer if it reaches #950.


Again apologies for being "over patriotic" at the time. I could have listened to people and switched to USD at #480 then. Only good thing for me is that when the heat got too much, I was forced to learn skills that now give me some USD earnings once a while.

SUPREMOTM:
This is not an apologia and the point is not a comparison between frameworks; you obviously did not get it. I wasn't making any persuasive argument on what's better as you are alluding to in the highlighted statement: Michael Phelps is not better than Usein Bolt, but I would gladly borrow to stake a bet on Phelps against Bolt in a swimming competition.



Just research what you want out of technology, compare the available tooling and opportunities (Google will help) and decide what's best for you; ultimately, it is your own time and efforts that get wasted or rewarded!

You should wish it is your own time that gets wasted.

You're officially the most arrogant "person" I've quoted on nairaland ever- At least at among the most arrogant.
What kind of useless response!
And I thought you had sense.
It was my honest and hasty assumption that you actually had some sense. Obviously, I asserted wrongly or at least too quickly.

SUPREMOTM:
This is not an apologia and the point is not a comparison between frameworks; you obviously did not get it. I wasn't making any persuasive argument on what's better as you are alluding to in the highlighted statement: Michael Phelps is not better than Usein Bolt, but I would gladly borrow to stake a bet on Phelps against Bolt in a swimming competition.

Just research what you want out of technology, compare the available tooling and opportunities (Google will help) and decide what's best for you; ultimately, it is your own time and efforts that get wasted or rewarded!

Oga, no need for the tone na.

Answer question or ignore,
Which one is "you obviously did not get it".

What are you feeling like now?

SUPREMOTM:
Since you want to learn it for web development, I'll suggest you follow the order below.

STEP 1: Learn HTML and CSS well.



nity Game engine[/b]), IoT development, Web services and cloud-based services etc.

Nice breakdown SUPREMOTM.

You also talked about .net having better opportunities than other easier to learn frameworks. Could you share more about the opportunities and pay obtainable with the skillset? How high in demand is it, and how could one take some of the available opportunities.

Thanks.

Runningwater:
The python quiz was in area in OOP, DSA, Function, Regex and File

About 10 questions or so. I won't lie I use Google to do some research on some questions. For the DSA a question about what's the Big O notation for data insert for list I think so and others came.

Big thanks bro, but beginners get levls. Those questions seemed quite advanced imo. Thanks again, we wait for 27th.

It was just beginner questions.
I just hope I got enrolled into the program

I'd like to have private chat with you though about software engineering in general.

Do you mind sharing your WhatsApp contact, or could you send me "hi' on 8072954989.

Runningwater:
But that's why the program was setup

To teach you machine learning then employment follows if qualified

Please how was the quiz like?

Anonymous6o6:
Good evening guys


Have you ever heard of a tech school named Holberton tech school? Browse about it. They actually partnered with alx to make this program a success and we're using same curriculum with them. The whole point I'm trying to make is that it won't be EASY!!! If you browse how much students in Holberton pay then you will realize it is a huge privilege getting it for free

About USD 40,000. THAT'S N24millon for one year

Kindly add 08072954989

redgem:
Thank you.. I have already done my roofing, its 4"thickness we are going to use.. I really appreciate your response.. Thank you so much

That means 30tons granite and sand with 75 bags of cement should be enough..

should be.

you're much welcome

redgem:
Smh... That's the roof meters, my mistake sorry. It is 177.5m².
187m² = 30 tons both granite and sand. 70 bags of cement but I got this for 178m²

60 tons granite and sand
150 bags of cement
Labour 150k.

Thank you so much...
That was what was given to me for 178m² + 4 pillars..

I used about 80-90 tons (bought 100 tons and Ihad left over, also, there were times when they way bill showed around 21 tons for each 20 ton trip) to cast a 312 sqm slab at 6" thickness with more 50 columns and close to 60 connecting beams.

So I think 30 tons would run 180 sq.m for you at 4" thickness. Except you want to go beyond 4".

Also the 150 bags is too much in my opinion. 80-90 bags should sort it.

redgem:
I have done that...I just love getting opinions and quotes from here cos it keeps me at ease knowing fully well I am not being ripped off.. I can use your opinions to argue .

Forget about argument on a serious note, I am always put on the right track whenever I am here.. I know how many times I have been helped and disasters where avoided because of brilliant minds here..

First i think the 40ft by 50ft you mentioned is way less than 350sq. metres. It's more like half.

2000 square ft. is like 187 sq metres.

if you're doing 4inch thickness, that'll be 0.1m

volume of concrete you'd need would then be about 18.7 cubic metres or 18,700 litres.

so your cost would typically be

1. wood and carpenter cost - maybe 80k
2. laterite and ramming cost- really can't say
3. cost of 18.7 cubic metres of concrete- perhaps 30 tons granite, 30 tons sharp sand and 70 bags of cement (350k+ 80 k+280k) plus water say 750k
4. labour cost and perhaps cost of mixer.

i'd say you look for 1m excluding cost of laterite and ramming

A school in Gowon Estate, Egbeda needs a chemistry and physics teacher.

Pay is 50k monthly.

Kindly call 08072954989 or 07062182726 if interested.

spyder880:
Yes it is.

Hello Spyder, great work here. Please can you link me with the guy that built those windows, or any good aluminum guy that can build same.

Thanks

ojesymsym:
Is that sustainable, will they not be back as soon as the whole COVID wahala is over.
As a matter of fact, we suspect they were around in October when the stock market started seeing unexplained inflow, 'me' think that they are still lurking around.

By the way they're not fully out, like you said some are still around, as not even all have been able to fully repatriate their funds. but like I said their tendency to crash our markets is much reduced now.

ojesymsym:
Is that sustainable, will they not be back as soon as the whole COVID wahala is over.
As a matter of fact, we suspect they were around in October when the stock market started seeing unexplained inflow, 'me' think that they are still lurking around.

The October in flows were mostly T-bills money from institutional investors. T-bills discount crashed to sub 1% for the first time perhaps in NTB's history, and market still had 8-12% yields on several stocks, so naturally those inflows came. You may check the NSE October domestic and foreign investors participation report to confirm. I haven't checked the said report but I expect it to confirm what I've said.

About FPIs returning, that's mostly good for our currency now, it's their rush to exit that's often bad.

Imagine them coming back with $5bn net this quarter, reserves will grow to $42bn.

But when they want to move out in a hurry, it won't be funny. I remember March They we're offering Nestle that I bought at 1200 for 765, it was still full offer.

But with markets around the world mostly performing well, FPIs may not want to take the risks with emerging markets just yet.

Another exciting thing for me is the fact that in the course of 2020, we significantly weaned ourselves off FPIs.

For the first time in years, NSE has over 60% dominance by local investors.

and OMO bills sold reduced by over N5trn (about $13bn) yoy.

The pressure of FPIs using their hasty movements to crash our stock and currency markets has now been significantly reduced.

ojesymsym:
Your sense of patriotism and optimism is greatly admired.

You have a very positive hope for the country, even when you err, it is always on the side of positivity and optimism.

For a nation with citizens only interested in asset stripping and negativity, you sure make a hopeful exception.

You do whatever you can to help your country. Whether in exporting your skills or products, or in creating jobs or just praying. Do something rather than complain all the time.

It only makes sense that a citizen should want the best for their country. If things degenerate beyond control, I wonder what folks in the pessimist camp hope to gain.

There's even an extra $141m on top!
Reserves now at $36.14bn
10-month high.
Thank God!
We stay in faith now for $40bn.

NL1960:
Schools have been shutdown for close to a year now.

I hear it's new rent when they resume. 2020 rent already expired.

emmanuelewumi:
Examples of where to get 8% to 10% rental yield

Student Hostels.