Need $385btc please

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Please whats going on with WAPIC ? Over 150 million units bought today

The above was according to nairametrics

The official floating of the Naira opened at the Interbank on Monday, 20th of June after decades of a Naira peg by successive Nigerian Governments and Central Bank Governors.

The CBN Governor, Godwin Emefiele had last Wednesday announced to the world that Nigeria would be introducing a new exchange rate policy that will see the price of the dollar dictated by market forces rather than a fixed exchange rate.



We have been monitoring activities all day and after several speculations can now reveal a summary of what transpired at the market.

Highlights

The naira was quoted at 254 when the interbank foreign-exchange market opened on Monday, removing the peg of 197-199 that the central bank had in place from February 2015.
Amount sold was US$532,867,169.11
The highest rate bidder for the day was NGN382.00/US$
The lowest rate traded on Monday NGN197.00/US$
The exchange rate closed at NGN280.00/US$ according to Reuters
The official closing rate aka spot rate for the day was N288.85
No of banks that traded today were 21
The exchange rate therefore depreciated by 46% assuming FMDQ spot rates
Our sources indicate Parallel market rates closed at N345
According to Reuters “The central bank started auctioning dollars in the spot and forwards markets around midday to try and clear a backlog of orders for hard currency.”

The official floating of the Naira opened at the Interbank on Monday, 20th of June after decades of a Naira peg by successive Nigerian Governments and Central Bank Governors.

The CBN Governor, Godwin Emefiele had last Wednesday announced to the world that Nigeria would be introducing a new exchange rate policy that will see the price of the dollar dictated by market forces rather than a fixed exchange rate.



We have been monitoring activities all day and after several speculations can now reveal a summary of what transpired at the market.

Highlights

The naira was quoted at 254 when the interbank foreign-exchange market opened on Monday, removing the peg of 197-199 that the central bank had in place from February 2015.
Amount sold was US$532,867,169.11
The highest rate bidder for the day was NGN382.00/US$
The lowest rate traded on Monday NGN197.00/US$
The exchange rate closed at NGN280.00/US$ according to Reuters
The official closing rate aka spot rate for the day was N288.85
No of banks that traded today were 21
The exchange rate therefore depreciated by 46% assuming FMDQ spot rates
Our sources indicate Parallel market rates closed at N345
According to Reuters “The central bank started auctioning dollars in the spot and forwards markets around midday to try and clear a backlog of orders for hard currency.”

ihedioramma:
i need what am asking . just tell me how i can get to online broker office and talk one on one with them?

Locate any major transport company in Uyo.
Board a bus going to Lagos.
Alight at Ojota motor park.
Board a bus from there to Obalende.
From Obalende, board a bus to Awolowo road, Ikoyi.
Alight at Keffi Junction (beside Total station).
Ask for directions to N0 3, Biaduo street (it's off Keffi street).
Talk one on one with them at online broker office.
Follow same route back to Uyo


The award for the funniest post on Nsempa 2015 goes to the above post.
I laughed so hard ....

Transcorp Ughelli Power Limited (TUPL), the Power Generation and Investment Subsidiary of Nigerian conglomerate Transcorp Plc, today released its 2014 Annual Report and held its 2nd Annual General Meeting of shareholders.

The Report details outstanding progress during the first full calendar year of operations at Ughelli Power Plant, the Group’s power generating asset and Nigeria’s largest gas-powered generating company.

In the CEO’s statement, Mr. Fadeyibi outlines TUPL’s “short term, post-acquisition operational strategy — one based largely around the recovery of installed capacity.”

In 2014, TUPL increased generation capacity from 342MW at December 2013, to 610MW at the end of 2014 — a 78% increase year-over-year and a 300% increase from takeover and this year, financial advisory firm Renaissance Capital (RenCap) predicted that Transcorp Plc would more than quintuple its profitability by 2017 in part because of the outlook for TUPL.

According to RenCap, “We believe the government’s determination to make centralised electricity supply a reliable source of power for the economy, at half the price of the currently widely used diesel generators, is sufficient reason to see a bright future for the asset.

Transcorp Plc Group President/CEO Emmanuel N. Nnorom was pleased with TUPL results, saying, “Our team is excited and united. Ade has done a fantastic job of assessing existing generating assets at Ughelli and determining a course of action for total recovery and as a result, we are on track to achieve 850MW per day by year-end 2015, which represents a major contribution to the country’s total energy output.

During the TUPL Board meeting on 16 June, Transcorp Plc Board Chairman Tony O. Elumelu, CON predicted long-term mega-growth, saying, “We are determined to produce a quarter of all power generated in Nigeria and we are clearly on track to achieve this, thanks to the cohesiveness of the leadership team and the hard work of the staff, driven by the TUPL CEO.”

According to the Board, 2015 will see the execution of expansion plans through key acquisitions, as well as a Greenfield project set to begin operations in 2018.

cadno:
Angelo, pls it is better to read the post before ur comment, I can remember some one drew ur attention to this way of posting comments...pls be a good BITL

Thank you Cadno . I was the BITL. Reading Angelo82 posts is like reading the answers before seeing the questions.

Sir Angelo is a VIP here.

I just wish he would quote the reference post first before writing his comments.

angelo82:
I just received the document in my mail from UBA capital....................I want you to tell me of what benefit will this stock be to you except if you are aiming at benefiting from the misfortune of others?............

Once again please quote first before writing your comments.

As regards the bolded, Price floor affects all stocks not one stock in particular. I have lots of cash tied down in several stocks trading at 50kobo but I cannot sell. As the adage goes half bread is better than none

Taking losses is a part of stock investment

I think it will start tomorrow ( i stand to be corrected)

angelo82:
Ok Doc,I will do just that...........I was reluctant to read the full details since Proshare stipulated in their article that they have no idea when it will start...................

Sir,

Here is the full text of the statement for your viewing pleasure....

RULES AND REGULATIONS GOVERNING DEALING MEMBERS
AMENDMENTS AND ADDITIONS (VII)1
ARTICLE 100A: PRICING METHODOLOGY - PAR VALUE RULE

(1) Notwithstanding its par value, the price of every share listed on The Exchange shall
be determined by the market, save that no share shall trade below a price floor of
one Kobo per unit (N0.01).

(2) “Par value” is the nominal value of a share as stated in the Memorandum of
Association of an Issuer.

(3) “Price floor” means the amount below which the price of one unit of a share shall
not be permitted to trade, and the minimum amount which must be paid for a
share in the event of a drop in the unit price of that share.