₦airaland Forum

Olaide1295:
We have millions of able bodied unemployed people before focusing on prisoners. If I was a Government executive, My number one objective will be to increase productivity. We are a very unproductive people contributing little to the world economy (but for crude oil that we didn’t work for)

I’ll focus on establishing new smart cities with heavy focus on Manufacturing, Technology and agriculture.
The huge population of unemployed Nigerians will have a standby offer to work at minimum wage. Human labor will be used to build new roads, rails, new cities. I’ll never give free money like Npower. I’ll float a lot of Naira government bonds to get money for huge projects.


Skilled tech people should be made to build clones of enterprise softwares and sell it to the world at cheaper rates. Focus on training kids about IT and programming and building a tech pipeline. I’d want Nigeria to be associated with cheaper but quality software products like India used to be.

For manufacturing, instead of taking USD loans, Nigeria can team up with 5 other nearby African countries and create funds for their joint biggest imports which needs to be made locally.

I also don’t believe prisoners should get free food after committing crimes. They should be made to work in manufacturing, agriculture etc. However, they should be paid wages, they should pay taxes to Government and the returns of their labor should be saved for them like pension fund.

You've got valid submissions... It doesn't take much to turn the nation around....still a bit skeptical about the prisoner part though...

There's been an argument that African nations could jointly issue eurobonds and go for lower rates... Some African nations borrow at rates of upto 15%. How on earth would they break even?


Fact is, the future of the economy hangs in a fine balance...and those in charge are not making the right decisions

afroxyz:
The startegy has been to borrow more to service existing loans. This is our current situation. In Q2 we spent $400bn just to service foreign bonds. This money was raised from foreign loans. Bond rates in developed economies are very low (<1.5%) because central bankers are still reluctant on increasing rates. China's tantrums is scaring investors away. So if Nigeria is giving such a high percentage on its eurobonds, why won't it be oversubscribed? It is not a sign of confidence. Confidence in an economy where debt servicing has exceeded government revenue? In the last 10 years, foreign borrowing has quadrupled. This is just portfolio mangers looking for where to get yields and protect cash from rising inflation till the developed markets stabilize and go full trottle.

Of course it's not a sign of strength as the FG nd some have argued... If anything, it's a sign of a weak economy to borrow at such rates..

As we don't earn much forex, I really wonder if the FG has thought through how to repay these loans... Even if the had to borrow to rebalance the outstanding debt, what happened to 2-3% rates which would still be much higher than what Western nations offer....

What the FG fails to understand is that a eurobond rate of 8% is equivalent to a local TB rate of over 20%. With eurobonds, they have to earn the forex to pay back... They can't print it.

jedisco:
Started to fill my position on this... 20% in so far and will add more on confirmation...

Target will be 0.2 and 0.25 against betece which is abt 33% from here..

All my positions on xtz/betece are now filled... Averaged in from 0.145 to 0.135.... Now, I wait

Ibime:
Man, I should have sold at 30. I done reset TP sharply to 29.5

Lol... If it bounces strongly from here, it should get to the top of the range... That's where I'm hoping to dispose what's left of my bags and see....
If it rejects from the top, then I'd target the daily support

Other voyns look ready

U mentioned xlm nd stable coyns what's it all about?

jedisco:
On shib.....

75% of my position got stopped out 2 days ago at 0.305...

Got a good chunk back in after 2 closes on the 4hr ema....
Plan is to sell at 0.33 (arrowed).... I'd add more if it retests the 4hr ema and holds currently at 0.235....

Profits wise, I split it into coyns I felt could give a 2x soon... These are- one, xrp,doge... Some went to icp...

A rerest of the 4hr support... Bounce off this nd we should see 0.33...
Fail to hold it and the daily support will come into play

Lining some profits into xrp and ONE wasn't a bad decision afterall

Born2conquer:
Bro, it is low self esteem, why do you think these currencies are stronger against our currency’s? Because our leaders won’t stop borrowing




The government should be intentional, the government should focus the first batch of infrastructural development on making sure Nigeria is Safe for Foreigners to set up their business in Nigeria
a) the government should target the top 10 things being imported.

The government can also create an agricultural reserve for livestock and plant products, prisoners are cheap labours , the government should build standard apartments on forest reserves and let the prisoners scattered all across the country to be farm workers there (free labours)
Then the government in then train those prisoners in agriculture and also pay them something monthly from the money made from the farm.

This is not a rocket science, i just listed something that can practically applicable.

This will reduce load on dollar and crude oil

The first is one part I really agree with... What the CBN and MOF should do is itemise the top 10 imported items consuming forex and see how to replicate these here.
A while back, I talked about diary import. Fact is, whether we like it or not, or whether we have the technology or not, Nigeria a nation of 250 million cannot afford to continue importing milk from Netherlands a country of 18 million people...

What I don't agree with is forcing prosoners yo do manual labour as this will gp against basic human rights.


What our elite don't understand is that borrowing is more beneficial to Western nations than it is to African nations... Ideally, US should be paying Nigeria to keep our foreign reserves in the dollar

skydiver01:
Can be viewed as such I imagine. But from my experience a lot of African governments and nations do understand how modern monetary systems work. However, because they are motivated by ill gotten gains & rent seeking (corruption) they choose to kick the can down the road by borrowing more. Stupidly they do not realize it will backfire in future... Even if they japa out of the country with the ill gotten gains, it catches up with them (Ibori, Diezani etc). Life is truly simple, many idiots just choose to make it complicated for themselves and other innocent hard working victims.

Our largest single souce of forex is from crude oil sales... Most of that forex is shipped back to the west to get refined products or stolen... The rest is used to buy military equipment to fight insurgents.. How then can Nigeria pay back such loans at 8% for 30 years...


What our elite don't understand is that out there, you're the respect you get has alot to do with hpw your home economy is functioning....

I'd hardly say this, but the future of this nation hangs in a fine balance... Over the next two months, prices of goods will shoot up really badly driving millions i to poverty

Olaide1295:
I also think that the return rates on Nigeria's loan is too high. We should be doing circa 2-5% (US is less than 0.1).

For example: Greece, a country that defaulted on its debt 6 years ago has a return rate of of 1.1% on its 25 year bond, yet Nigeria that hasn't defaulted has 9% for similar period. No be juju be that? Free money and that's why its being over-subscribed.

It's exorbitantly high... we're practically gifting them free cash....
Worse still, those issuing such will come and tell us that being oversubscribed is a sign of confidence in the market... Just imagine... If anything, borrowing at such rate, shows how shaky the economy is.... Economic gaffes like this enslaven citizens yet unborn
I wonder how a nation eith an economic growth rate of less than 2% will comfortably pay back a loan of 8%

The worrying question is now how will Nigeria pay these loans back

Ibime:
Do you think SHIB can hit $40? My TP is set at $39.

Robinhood listing could pump this thing oh

If it flips 0.35, then it should at least get to 0.45...

It'd take enormous effort to flip 0.35 though...

The structure its forming on the 4hr chart is similar to that formed on the 1hr chart before the selloff- could all be distributive...

When is the robin hood listing?

Alot of African nations fail to understand how the modern monetary system works....hence they are at the bottom of it...
Sadly its a system that if you're not at the top, then you're at the bottom and being ripped off... Modern colonisation all over again

A while ago, Nigeria went borrowing via eurobonds issued between 6-9%...while this was expectedly oversubscribed, and some reasoned that this showed confidence in the market, I can't help but wonder why the rates are that high... The holders of this monies borrowed would have been forced to pay interest to banks if it sat idle in their home nations

Today, over 20% of all dollars in circulation was printed over the last 2 years and more is set to be printed out of thin air. The system is aflush with funds looking for who to lend it to... I remember stating a while back that they US and EU can afford to do that vos they know smaller nations will come begging. Already, that is happening.... Wouldn't be surprised that if the FG may need to organise free crude swaps in future to pay off these debts....

I cannot understand how an individual in the west will walk up to his bank, borrow hundreds of thousands of forex at rates well below 3% to buy a house appreciating at upto 10% per annum, yet a sovereign nation is happy to borrow such forex at 8%. Nigeria is practically giving Western lenders free cash..

This is the way I see the macro picture- an American sits in his house, prints paper outta thin air, a Nigerian goes cap in hand begging for such paper money at the expense of his natural resources and his fellow citizens are happy at being afforded such paper at cutthroat rates

Is it that the monetary system is rigged against poorer nations or poorer nations don't just understand it??

pizapato:
Very true, since CBN pulled the plug on abokifx, some stability has been attained in the parallel market. They probably should have clamp down on the site when the rate was circa 500 cos Abokifx seems to have colluded with the BDC to arm twist the CBN.
Going forward, there is need to introduce policies that will reduce the pressure on the parallel market. For instance, the monthly $100 limit on debit card can be increased to $500

Going after abokifx at 570 worked cos things had began to spiral then... I doubt it'd have had thesame effect when the naira was stable at 500... It's just same way governments go after social media during an uprising as they see it as a source of information... And yes, it does work in the short-term...

I'd liken the abokifx issue to putting a bandaid over a deep cut..... There are two possible outcome
1. If the dip cut has already been cleaned and sutured, then the bandaid would enable healing progress
2. If it's just the bandaid alone, the wound will fester on beneath, get infected and explode...

So yes, I agree, the CBN needs to use the relative succour they have now to introduce long reaching policies to stabilise the naira or else, in 6 months we'd have about 10 abokifx, with phone apps and even free sms alert of the market rates.
Already, the effect of the last devaluation has slowly began to hit the market... As I stated earlier, I've come to see it takes 2-3 months to go round.... So the prices of goods are likely to get more expensive over the next month... It's time to brace up

Been watching sol and it's not dipped below 150 for a while.... Looks like its prepping for the next leg up...

On the daily, it looks to have reclaimed the daily support... Also forming an inverse head and shoulder (which is bullish) but not confirmed yet

Already, the weekly support is coming to support price..... A retest of that will present a perfect buy opportunity

Started building a small position with bids down to 120 should betece pullback.... Would add on a confirmation

OpenHeaven2019:
I’m incredibly sad.

$SOLR is the last time I would drop a newly listed coin for people to buy upon listing.

No hard feelings... It does happen.... It's always tricky when big exchanges list new coyns.... They either dump or pump....but mostly dump...

Personally, I just stay away until a good bottom structure is formed as you can never tell how low these coyns can dip

On shib.....

75% of my position got stopped out 2 days ago at 0.305...

Got a good chunk back in after 2 closes on the 4hr ema....
Plan is to sell at 0.33 (arrowed).... I'd add more if it retests the 4hr ema and holds currently at 0.235....

Profits wise, I split it into coyns I felt could give a 2x soon... These are- one, xrp,doge... Some went to icp...

ojesymsym:
Small by small you are beginning to exonerate Meffy.

Even though I benefited from high TB interest rate, I also began to understand when rates were going down that it made sense to reduce it since even at low rates it was still getting oversubscribed, which means that whatever purpose TB serves of mopping up cash could be achieved even at low rates. Some will argue though that the low TB rates necessitated some people to now look towards the USD which invariably increased demand.

I wouldn't put all the currency problems down to meffy... After all, things like fuel subsidy existed before him... But then, his policies have done little to help.

Even if the current TB rate is cut in half, there's a good chance it'd still be oversubscribed... There's a very poor lending infrastructure and banks would rather pay a fine on their reserves than lend them out... Also most of the pension would still find its way to TBs/Bonds irrespective of the rate.
It's still odd why the rates were kept that high... Maybe they saw it as a neans of helping out of recession...But then, such yields should have rather been channeled to the real economy than portfolio investors.....

Thing with meffy is that most of his policies though of good intentions, don't bring results as they fail to address the main issue in a practical way.
Take him going after abokifx fir instance- that has helped to reduce the frenzy around devaluation and provide some stability as the website was about a single point of forex info. But then, if he doesn't get to work and address the underlying issues with the currency, that effect will only be short-lived. Already, there are multiple alternatives springing up who he'd be unable to stop and would do the job better than abokifx.

@yerima21...
Hehe... Na why I no dey like staje shit coins.... They can pump anytime...

That said, with the volume shib has gathered on this rally, retail is interested... Even if there's a selloff today/tomorrow, good chance it rallies back up within a week but not as high......

It's your decision to make but personally, I'd say there's a good chance dhib will trade at a higher level in 1&2 weeks than in 4 days

Tamel:
There is leverage trade up to 50X for shib on binance, for some months now sef

Had no idea... Didn't see it the last time I checked...
Then its pump has been sensible... Usually for alyts on futures, their pumps usually have liquidation wicks

Ibime:
No be FOMO

I entered SHIB at 10 with a planned exit of 15 but forgot to set TP and exited at 13, reentered at 16, exited at 20, re-entered at 21, exited at 30

I been dey hold SHIB uptil last month, and earmarked as one to go on a run if euphoria returns

Even that BTCST was on my radar but I opted for AGLD instead cos I was thinking it would copy GALA for the fact it didn't have a major listing dip and was consolidating nicely. It still might

My only regret with SHIB is not letting my full money ride from 10 to 30

Hehe... Enjoi your profits
My only ish with this shib rally was that it didn't give me a reentry I wanted... It just held the 1hr support and waka non stop...

There'd likely be part 2 nd 3.... Just hoping binaz doesn't add a betece pair or worse still add it to futures.... Na so dey take kill doge

.

GRACEGLORY:
Now that this played out as expected, there’s been some healthy drops, now we go to 0.00003700/0.00004200, there may be a even more retracement before that target.

How did you come about 0.42?

nna777:
This dude still has some legs to go. I have observed a pattern - once it clears and forms a new support, it doesn't go down. From .10 to .20 now .30. so we would likely see .32, .35, .38 then a rally to .44 before a drop to .40 as new support.

If what was posted on their telegram by someone here is valid about the burning, listing, ntfs, and other projects coming up next year, them am going long term. Already up *5. Am targeting *100 which in proper context is just 0.0009.

Could it just be that the whales buying into this are looking at the big picture (next year). It's about time I change my financial status from naira to $$$$.

U na OG for here.... U know how these things pan out.... It doesn't matter how high it rallies, most are usually left in regret...
Market looks ripe..... There'd be multiple of such opportunities with shib... I've made almost 2 betece on a trade like this and lost good money on such pumps hence I'm playing it level by level...

When it broke out, I remember saying I'd see if it mimics doge earlier pumps which were around 5x of the breakout........

So far, it seems to have respected areas where I envisioned it will.... 0.15, 0.2, 0.35....

For me, the top out limit if it flips 0.35 will be 0.42 - 0.45 .... that will correspond to 5x of the breakout..... Of course, it can keep rallying but I'd be mainly out of it by then.... and just play swings

Also, if u look at the 4hr chart, a next leg up would correspond to a 5th wave, which is usually the parabolic top in trading...

There'd be equally juicy opportunities to make money on the way down.....
It can be suicidal timing the top of these things... But whats most important is that when it tops, you've got profits locked in

The funny thing is that it that TBs were always oversubscribed yet CBN kept the rates extremely high...  Some might argue it was a chicken/egg situation and it's difficult to say which caused the other...

Now I'm not an economist, but basic principles will state that if I'm a lender and too people are lining up to borrow from me, the sensible thing will be to reduce my borrowing rate and save the money... But maybe folks see things differently...
Already, most pension funds e.tc are constrained by law and would partly remain stuck with TB or bonds irrespective of the rate... So why did the rates remain that high...


Another brunt is that everyone had to pay higher interest rates to get credit facilities. Rates that are extremely high and difficult to break even with... Bank loans to companies would usually be higher than the government borrowing rates... Meaning industries who really needed such bonuses were forced to borrow at higher rates and also keep up with inflation. Little wonder a number od companies went under then.

In summary, while the TB rates and economic situation then could seem  like a chicken-egg scenario. Looking back, I believe those exorbitant rates played a large part in the inflation and devaluation in the years following.....

On bonds/TBs....

Looking at rates across other nations and moreso the lowest and highest paying countries, one thing stands out... Countries with the highest paying bonds generally have worse performing currencies..... Goes to show there's no free lunch anywhere...

Now, almost all currencies have a baseline devaluation rate... For  'strong currencies', it usually averages between 1.5% - 4% pa... This works out that for some currencies, folks are actually lose money when they buy government bonds at some rates.

In Nigeria, TB rates of the past few years which was above 13% at a point... One would need to ask why the CBN kept it that low. Cos they were practically printing money at that rate to pay up portfolio investors...
The issue with availing briefcase investors such high rate even on the premise of injecting money into the economy is that most times (moreso a country like Nigeria) there's little or no impact on the real economy... It's just the rich getting richer- banks, pension funds  e.t.c while the poor populace bear the brunt of the inevitable inflation caused by nonstop money printing. That money just keeps rotating in banks without actually changing hands for value hence there's no real impact on the economy.

jedisco:
Hehe.... Not so sure.... Sellers are showing up...
On the hourly, that looks like a double top.... On the 4hr chart, not a nice close...

Good thing it's not lost the hourly support throughout this rally so I'd be watching it

If it rallies past this, I'd take profits as stated above... If not, If it starts selling off, I'd likely be stopped out...

Now I'm beginning to pay attention.... Outlined my plan already

Shi has been on constant talk for the last 3 pages here... OG's here know what that means....
Remember.... Unrealised profit is no profit....

After such a pump, playing bounces on the way down will be also profitable

Now bitc0in is pumping, no body is talking about China.... If there was a selloff, this place will be filled with China news

Ewizard:
How whales line up their bids.

$Shib

Whales don't sell that way... Those are likely fake bids or naive retail investors waiting for insane profits....

Whales usually marketsell into a trending asset... Or distribute their bags while keeping the coin in a range

jargonzboi:
This is not a democracy!
Betecee has always been the boss.

jedisco, betecee maximalist do giveaway nau.

Hehe.... I'm not even as heavy in betece as I should be.... I really need to cycle into betece..... Cos were getting to a part of the market where bitc0in rules... Hopefully, we have a mini alyt season b4 that

Ibime:
BCH in the portfolio. Hope it does a mad one like in May

Starting to eye up XRP at this stage. XRP is a confidence coin

Bought lil bch weeks back and I shouldn't have.... Coyn dey vex.... I cant wait for it to finally pump in may....

I've got eye's on xrp too.... That one could see 2 dolls

Daemo111:
Your tireless analysis are always top notch based on experience. Pls keep it up Jedisco.

Correct me if I am wrong as I perceive U to be quiet and private in person.

Perhaps you're right
I've been busy recently cos I'm quite free otherwise, na evening I dey look chart.... I tend to trade better when I'm off the charts and just focus on major moves

nna777:
With Btc nearing it's ATH before going parabolic, this dude still has some room to run. Just look at how buyers are eating sellers up on the 1HTF. The volume is unbelievable. Am expecting one more zero to be cancelled. Till then still holdn.

Not a financial advice.

Hehe.... Not so sure.... Sellers are showing up...
On the hourly, that looks like a double top.... On the 4hr chart, not a nice close...

Good thing it's not lost the hourly support throughout this rally so I'd be watching it

If it rallies past this, I'd take profits as stated above... If not, If it starts selling off, I'd likely be stopped out...

typicalgamer:
The fool just they run like who stole person phone

It was likely going to happen whether up or down... When bitc0in runs, it runs