₦airaland Forum

zendi:
Help! I'm trapped by bulls....

Zendi this one na bull ??

you gain 4% today and loose 6% tomorrow...you better pick race oh

feelamong:
I actually paid for my website hosting subscription yesterday using my Naira debit card.... the rates bad sha..220

Get yourself a Stanbic IBTC , Standard Chartered or Fidelity bank Debit card ASAP!

Guaranteed rates not exceeding N200/$1.

@ritmove, do you really think charging high fees on the dorm by the CBN is good move?

Honestly, the CBN has been too tardy and reactionary with this dollar issue. What is the essence of a dorm account if you cant withdraw or deposit money? If the CBN is averse to people saving money in foreign currency , they should be clear about it and communicate same to the banks and investing public ,rather than recourse to short term administrative controls that temporarily douses speculative pressures but creates unintended consequences in the long run.

Now that BDCs are moving hard currency across the border to Nigerian banks in Ghana and transferring the cash for their Nigerian customers offshore, tell me, who is the loser ?

cassimere:
Comon get out from there! Your own prediction itself is a scam. You're like a moving average - you only predict the obvious.

Wicked punchline

O&O - Just when you think you've seen it all.....

angelo82:
Even last time they still pay some with bonus........I believe they will pay something a little higher than the last one..........First Bank will always do that no matter what the situation is........................

Bonus is likely out of the equation for this year , with an outstanding OS of 35 billion + (I hope its correct), how much more can they give ?

Then ,with a huge rise in impairment charges in H1 and a likelihood of further increase in H2 ( Atlantic energy et al ) , they need all the cash they can grab in a year or two.

This probably explains why its selling at Sub 7.

For yield hunters or those who might be interested in knowing what FBNH will likely pay as dividend for the 2015 financial year, I took time today to read the FBNH H1 2015 release and the comment below was quite instructive;

".... FBN Holdings Plc. has no immediate plans for any capital raising exercise and will continue to focus on optimising its balance sheet, as First Bank of Nigeria Limited will continue to retain a substantial portion of its profit to boost capital. In addition to higher capital retention and optimisation of the balance sheet, some other initiatives in place include: commencement of half-year audit to capitalize half-year earnings, establishment of a capital management desk to appropriately monitor and plan out capital requirements across geographies within the banking group."

Still reading other companies' results/releases and would post anything I find informative.

breach of security protocol.

mercylicious:
Kagame, I am very sure UBA was banned from fx transaction like cards, western union, moneygram cos of their abuse. I just didn't want to say it b4, cos I wanted you to confirm and post but I just have to now.
The ban was on even as at yesterday. If by chance the ban has been lifted, just know it was done today as I don't know what's up today.

Jist had it that lots of their customers were caught at the airport with multiple cards and the bank was incited.

Mercy Im inclined to believe this your gist oh. I don't use UBA so I wouldn't know the current situation. I doubted earlier cos I couldn't imagine the CBN taking on the banks and slamming them with such a hefty ban.

Its either the CBN has grown some balls or the offence is too grave to be ignored. Interesting times ahead.

Igbonazy:
"indigenes and locals
"?

^Those words are really degrading. Do you think those oyibos can stand the competetion of our business men in South East? Business men in Southeast are very adaptable,you cant out compete them.

Indigenes and locals are not derogatory words in any sense.

megainvest:
Question for all the banking gurus. Is it technically correct to say that the use of a naira denominated card (eg naira MasterCard) abroad is equivalent to spending the naira abroad ie 'exporting' the naira?

Naira has little or no significance outside the shores of Nigeria and ECOWAS region.

When you make a transaction abroad with your naira card, the merchant/seller does not get paid in Naira,your bank debits your naira account and pays the merchant/seller the dollar equivalent of your transaction value.In essence, your bank has to source for dollars at the interbank market or elsewhere to settle your obligations.That is why some banks charge you some extra cash above the official rate for putting them through that "stress".

mercylicious:
Have u heard UBA have been banned from fx transactions cos of abuse? No money gram, western union , cards and dollar denominated transactions?

I am just getting to hear that now Mercy. Guess its a recent development but I doubt if this is true. If its true,thats Armageddon !

Our CBN is not known to wield the big stick,even when the infractions are obvious. They would rather give you a slap on the wrist by way of a little fine and life goes on.

Forex transactions is a money spinner for most banks at the moment,especially the ones with large retail banking network and foreign subsidiaries like UBA.Hence the reason you see them bombarding customers with countless adverts via emails,ATM etc to patronize their card products.They will suffer huge losses if they are banned, infact the CBN cannot even contemplate that,not with the very bad economic climate.Most of the banks made a huge amount of money within the 2nd half of last year through forex transactions and arbitrage - the game is still on at the moment even though the CBN has introduced some controls to checkmate their atrocious forex practices. Why do you think banks declared relatively healthy profits last year despite the economic downturn?

Aloaye:
FBN seems to be the only bank allowed to trade forex(buy/sell) for it's customers likely because Emir Sanusi was from that bank.. Why is no one talking about this? Pls correct me,I maybe wrong

I dont think that is correct. All banks are allowed access to the FX market.

Listening to the DSS official ,its very clear that Buhari harbours some fear that Dasuki might be hatching a plot to re-enact the palace coup that happened over 30yrs ago.He moved quickly to prevent lightning from striking twice at the same place and time.

Otherwise ,for an ex NSA who left office barely a few days ago without prior notice ,it is very likely that you will still find arms and some official cars in his possession. So, the talk about cars and arms is really a non-issue.

Grown up men acting like kids.

zendi:
Announcing Kagame in the house. Hope your Third Term project is succeeding well in Lwanda. We're highly honoured by your presence.

Zendi leave attendance register ,give us your stock picks or your own TT analysis

Honestly, Radio biafra is gradually radicalising our people.
Its becoming very obvious. I cant believe my eyes anymore.

cjrane:
Nne God bless you.
Truth is that some of these folks aren't Igbo, but they come here to spy on us.
When i read that 'victim mentality' from that guy, i knew i should be wary of him.
Even Cameroonians in Nigeria know the Hausa and Yoruba people have a deliberate policy to use their dominance of the Federal government to deny Igbo areas of Nigeria federal presence and the highest offices in Nigeria. So for a supposed Igboman to claim to be unaware of that, exposes his intent of plain mischief.
We should know that some people we call Igbo may not share your cause because they view themselves as being born elsewhere. Where you are born is really a powerful thing.It is not specific to Igbos. I know a Yoruba guy "Segun" whose father worked with Nitel in Enugu, and we went to the same elementary school there. He speaks excellent Igbo very well and identified with every Igbo cause, even though his parents were yoruba and couldn't speak Igbo. I think he lives abroad now. So , such a person may have yoruba parents and yoruba name, but he is truly Igbo at his core. So we should expect some of our folks with Igbo names may not share your experience nor aspiration.

I"d rather not be Igbo, than to be an Igboman who thinks he is more Igbo than the others,simply because they hold a different opinion,had their upbringing elsewhere other than the SE or sired by parents from different tribes of Nigeria,other than both being Igbo. I mean,such delusions of adequacy to question peoples Igboness simply because of the circumstances of their birth or upbringing. Comments like these are the reason why some misguided Anambra dolts think we are superior to other Igbos. And you say "spy on us" ,for what purpose and to what end if I may ask?

I'd let Anambradota's comment slide because he seems to be a very emotional person and his paranoia can be traced to recent historical events ,even though sometimes exaggerated.

I really do not like this victim mentality.

Why the paranoia and the inclination to view everything from the prism of a victim?

Is there a calculated plan to sabotage the interests of the region ?

Let us not always mistake glaring incompetence for sabotage.

Born2berich:
I see the bulls coming very soon.

Jesus is coming very soon too

megainvest:
I don't understand why this is good news. Does it mean all stocks will automatically be reconstructed to 50 for 1?

Before now, stocks are not allowed to trade below 0.50k. i.e a stock whose price is 0.50k can only go up ,but not down.

Now ,the car park has been revised to .01k. Any company that does not perform might see its stock fall to .01k, which makes it an easy target for a hostile takeover.

The car park has been adjusted - 0.01k.
Immanuelo , you need to revise your target prices.

Chino is a great salesman.

He can make you buy a fake product for twice the price of the original.

Somewhere in Anambra comparable to silicon valley ? I really wish to be home so soon.

^^^^^
Buddahmonk, I salute your patriotism.
Dalu!

Nice work there. If you dont know ,let me tell you. The pictures you posted showing the skyline of Onitsha and Awka are the best Ive ever seen online.

Can you create another thread with those pictures. It deserves some publicity. Front page wont be a bad idea.

BuddahMonk:
Yes businesses and investments go where they will maximize profits, but the way things are going in Nigeria safety of investments and not closer to market should be the watchword.

Imagine APC fans burning Chisco vehicles in Lagos because they saw Jonathan's posters on them.

If Igbos had invested in Igboland people will still come down to igboland and look for them, do you know how many people that come to Aba from other African countries to buy shoe and clothes.

Do you know LUX singlet is cheaper in Onicha than in Lagos, do you know pencils are cheaper in Onicha than Lagos, most items and articles are cheaper in Onicha than Lagos.

If we had stayed and invested at home the kind of insult and abuse we are receiving from Nigeria wouldn't be so, Owoda people are threatning to confiscate your houses and investments when you declare Biafra, abokiiis are killing people because they heard of Muhammed cartoon or lost election.
Ask yourself how many Nigerians have a bungalow in East, as rich as Dangote and other big Nigerians that are not Igbos nobody has invested in igboland, what does that tell you.

My brother sometimes in a country like ours sentiment is a better option than being pragmatic. Not that I didn't happen in the past, it happened after the war, your investments were seized why you were giiven only £20 and don't tell me anything has changed because this generation could be the worst of greedy, wicked and covetous people one will ever think of

My brother all you have said is true ,and I can only add to it. There are some businesses that can thrive irrespective of location ,but can better contain costs and maximize profits when sited in a particular location. There are also others that are highly location dependent.

-An Ifeanyi Uba cannot locate all his tank farms in Anambra.
-The owner of Oilserve cannot site his industries in Anambra cos the oil capital of Nigeria is PH.
- Nestoil cannot do the same for the reasons above.

But ,

-The owner of Neros pharmaceuticals might have no cogent reason to site his industry in Ogun state while Orange drugs and Juhel are thriving in anambra.
-The owner of Genesis can site a cinema in onitsha,awka and nnewi. He would have the first mover advantage and will be highly patronized.

Irrespective,I will assure you that most true Anambra sons are always looking back home to see if the economic climate is ripe for them to take a plunge. Anambra people are home oriented ,no matter how educated ,rich or influential they might be. Just take a look at the profile of the Chairman of ANSIPPA (Cyril Enweze) to understand what I mean. I know what he has achieved for himself,but he is home serving the state, when he could have been enjoying retirement in America with his family. And there are so many like that.

The fact that we are all here discussing Anambra issues, irrespective of our various locations across the globe shows that we think and care about the state. I cant recall how many Nigerian states have a fora like this , apart from SE states.

We are a migrant people, but we never forget home.

Guys lets drop sentiments and be a bit realistic.

The aim of every business is to maximize profit. In trying to achieve that goal ,sentiments take the back seat.

Lagos has the attraction as the financial capital of Nigeria and the logistics hub for movement of people,goods and services within the west African region. It also has a very large market which extends towards the whole of west africa as per Ecowas protocols. With these in mind, any serious business man would consider all these factors when choosing a location for his business.

I would only ask Obiano to continue the good work , because sooner than later people would realise that anambra is open for business and the investments would flow in effortlessly without much sweat .Businessmen are always seeking out new opportunities and untapped markets and if Anambra is ripe ,why not ?

^^^

The legendary Pa Emma speaking!

If I were angelo82, I'd be on the phone with my stockbrokers right now.

feelamong:
How can any analyst say it will lead to liquidity tightening?

anyway pls do post the link for that StanChart analyst make we look am well! maybe they are seeing something I cannot see from the bar beach where I am now..

Find below bro.

On her part, the Head of Research/Chief Economist Africa at Standard Chartered Bank, Razia Khan, argued that the MPC decision would result in "an eventual tightening, the immediate impact on market liquidity will depend on the ratio of private sector to public sector deposits in the Nigerian banking system".

http://www.thisdaylive.com/articles/cbn-retains-interest-rate-at-13-harmonises-crr-at-31-/209786/

mercylicious:
Single treasury has been implemented for federal govt accounts. However, banks that hold state and lg accounts will have money to swim in.

Yea Mercy I read that somewhere too ,but other news outlets like businessday are giving the impression that the incoming Buhari administration would be the one to implement it .

I have also noticed a divergence in the analysis of the outcome of the MPC meeting. Analysts at standard chartered bank are of the opinion that the resultant effect would be a liquidity tightening ,while other analysts who happen to be in the majority think otherwise.

For clarity, it would be nice if we can decipher how much would be sterilized or injected into the market.

Kagame:
The outcome of the MPC meeting does not look like it would alter the current dynamics of the markets.

If I am not mistaken, FG has begun the implementation of the Treasury Single Account (TSA) ,which means all monies belonging and accruable to the FG,parastatals and MDAs are currently domiciled with the Central Bank of Nigeria (CBN). Hence, a reduction on CRR on public sector deposits is simply an official adjustment to existing realities.

I would rather be a bit worried because the MPC seems to have increased the CRR on private sector deposits, while still retaining the liquidity ratio at 30%.

The net effect would likely be poor liquidity and an increase in the cost of funds for banks and financial institutions.

I have confirmed that the TSA has not been implemented so my analysis on that basis is entirely wrong.

Instead the new policy rates would have the opposite effect than I postulated above.

I was wrong.