₦airaland Forum

work is going on slowly there sha

see where they are turning it to. the lady set him up? una fada


i guess the pastor don't say his Lord's prayer every morning.
abi if he had said "..lead us not into temptation " this evil wouldn't have befallen him

estimated

ffg

gh

which one be Yoruba guy. una don dey shiere eyin tribalist yi

This is good for front page Lalastica

nice one

so don't allow any politician to come and be doing wururu economy with you ontop foreign reserves.

It was former president Obasanjo who started this whole business of turning the nation’s foreign reserves into an achievement to be celebrated. When Obasanjo took office in May 1999, Nigeria’s foreign reserves were just under $5bn. By the time he left in May 2007, it was $43bn. But beyond that, there was a difference in the composition of the reserves from today. For simplicity, let’s distinguish the two types of reserves as Paper and Cash Money. Out of the $43bn left by Obasanjo, around $11bn was Cash Money.
Cash Money is money in the bank that you have not spent. You can dip into it on a rainy day. The best example of this for Nigeria is the Excess Crude Account. But Paper is quite different. Imagine that in March, Nigeria sold crude oil and earned $1bn from it. That money goes into a CBN account abroad. CBN calculates the naira equivalent at the official rate and gives it to the FG i.e. N305bn. The FG takes the money and pays salaries, wastes some and the rest disappears. The key thing to note here is that once the CBN has given the FG naira, the dollars no longer belong to the FG. The FG cannot spend that $1bn again even though it is sitting there as part of Nigeria’s reserves. So what is it for? Let’s say a guy named Pastor Oyoyo wants to import a set of drums, guitars and hair cream for his new church, Fire for Fire InterGalactic Ministries. The total for all the imports come to $1m. He gives his bank N360m, his bank gives maybe N350m to CBN and CBN gives $1m to his bank. The bank gives him maybe $999,990 and he uses the money to pay for the imports.

So we come to the current reserves. A few days ago, the CBN announced it had hit $46bn. In a recent speech, President Buhari also boasted that his government had grown the foreign reserves from $24bn in 2016 to $46bn today using its special Magique Systeme. But there’s something interesting about this growth – the big change has all happened in the last year or so. What did Godwin Emefiele (popularly called Meffy) do to achieve this? This growth has three components.

Component 1 – Since February 2017, Nigeria has issued $7.3bn worth of Eurobond debt (02/17 – $1.5bn, 06/17 – $300m, 11/17 – $3bn, 02/18 – $2.5bn). For context, from 2011 to 2015, Nigeria only did $1.5bn of Eurobonds. When Nigeria sells Eurobonds, the dollars are paid to CBN. Meffy then converts it to naira and gives the naira to the FG. In other words, that $7.3bn is added to Nigeria’s reserves as part of the Paper Reserves. Again, the FG cannot spend it because it has already collected the naira equivalent.

Component 2 – Nigerian banks have lately been practising an innovative type of banking that economists and scholars have described as Advanced Shashe Banking (ASB). Imagine a Nigerian bank named Seneat. This bank goes abroad and borrows $1bn via a Eurobond at 7% interest. It then does a swap with Meffy where it gives the $1bn to CBN at say N350 to $1 with an agreement to buy it back in 1 years time at say N360 to $1. This means that no matter what happens in a year time, CBN must sell $1bn back to Seneat at that rate. Seneat now takes its N350bn and buys lots and lots of FG treasury bills at 17% while Meffy adds the $1bn to the reserves. CBN has stopped publishing the swaps numbers since last year but I have some very clever friends who have calculated the current total to be $6bn.

Component 3 – Since the CBN ‘stabilised’ the forex market last year with the launch of the I&E Window, much more foreign investment than before has come in. This is mostly made up of FPI where foreign investors bring in money to buy shares and government bonds. It’s different from FDI which is to build factories etc. Nothing wrong with FPI of course but its nice(r) when you have both. Again, they give their dollars to CBN and get naira to buy the shares they want. When they want to leave, CBN must collect their naira and give them dollars. And from experience, we know they usually run away close to elections in Nigeria given the way Nigeria behaves around that time. So how much is this component? It is hard to tell as CBN does not publish the numbers but I calculate to be around $9bn.

I have simplified the components to save time and space. The only portion of the current reserves that is Cash Money is the ECA which has $2.3bn. But as I showed in my previous column, all the money in the ECA has been borrowed against which means it’s also Paper. Next time you hear the FG boasting about growing the reserves, remember it is costing quite a lot to grow it this way. And then decide for yourself how much credit to allocate to Meffy and the FG for it. 800 words are enough for the wise

https://guardian.ng/business-services/whats-inside-nigerias-foreign-reserves/

Okpueze1:
I hope this is not a political movement? More employment opportunities for us, rural development and more derivatives for my state. Thank God for this development.

sharap everything in Life is a political movement. USA giving aids to us or China helping us to build a space satellite. everything is politics. Roosevelt said nothing happened in a state without the government knowing anything about it. if it happened, you can be sure it happened for a reason

my headache is that who took the picture. hope it's not one person calling himself professional photographer that is not her husband. that person will have an abundant view of her vagina n boobs but still be pretending it doesn't matter.

Obinweluego:
�

at least he has a constitution right to contest

h

I swear forget the Bible passage that says we will visit the sons with the reward for sins of their father. This mofo sons who threw lots of Nigeria to their death are still enjoying so many goods in Nigeria and beyond. and nothing happen to them

for real? so we go get shiyard here. who will be the market?

omohayek:
I still think Sowore needs to do more than talk about his "youth" and how "detribalized" he is, and start laying out for the public what exactly his political philosophy is, what he intends to do with power, and how he intends to pay for it all: the failure to ask any such questions of Buhari is precisely how a man so unqualified to rule got into office. However, despite all my criticisms of what Sowore has failed to do so far, Adebayo Shittu's overbearing, arrogantly paternalistic manner in this video would be enough to lose the presidential election for the APC if the vote were to be held on the basis of this video.

Shittu's blend of arrogance and ignorance, wherein he expects automatic deference from Sowore merely because of age (even if he has few concrete achievements to show for his advanced years), represents everything I detest about Nigerian politics. To listen to this old fool, one would think the likes of Obama, Macron and Trudeau were aberrations of nature or something. Shittu seems to think it's up to him and his fellow APC wire-pullers in Abuja who gets to sit in Aso Rock in 2019, rather than it being up to the Nigerian masses to democratically decide.

He needs to start from somewhere. if he says he will do something now, politicians do steal dieas

my head is busting here

tRULY oYEGUN HAS TO GO . THE GUY DID NOTHING TO INTERNAL CRISIS IN APC

fajob:
They Both need Jesus Christ Asap

typical of APC VS PDP

Na wa ooo

U

Masama:
Popular pastor? I've never heard of her

these are women who always call their husband a fool at home

Former England international Ray Wilkins dies aged 61 in hospital after suffering a heart attack


Wilkins was taken to St George's Hospital in Tooting, London last week after suffering a cardiac arrest and was placed in an induced coma.

He leaves behind his wife Jackie.

Wilkins, who has bravely battled poor health including ulcerative colitis over the last few years, was given the all clear after a double heart bypass operation last July.

Two years ago he checked into the Priory Hospital in Woking for a five-week rehabilitation programme after being banned from driving for four years for drink-driving.




Yet the popular former Chelsea, Manchester United and AC Milan midfielder continued to work in the media on a regular basis and was held in the highest regard by everyone in football.



RAY WILKINS FACTFILE

Born: September 14, 1956

Died: April 4, 2018

Playing career: Chelsea, Manchester United, AC Milan, Paris Saint-Germain, Rangers, QPR, Crystal Palace, Wycombe Wanderers, Hibernian, Millwall, Leyton Orient

Honours: FA Cup (1983), FA Charity Shield (1983), Scottish League Cup (1988), Scottish Premier Division (1989)

England caps: 84 (10 as captain)

International debut: v Italy in Yankee Stadium in May 1976

International goals: 3

Clubs managed: QPR, Fulham, Jordan, Chelsea (caretaker)
http://www.dailymail.co.uk/sport/sportsnews/article-5577773/Ray-Wilkins-dies-aged-61-hospital-suffering-heart-attack.html

Aww

Bobrisky has made us forget this guy

NwaAmaikpe:



End time governor.
Which serious governor will have the time to play ludo, let alone dance?

Barrack Obama didn't have an erection let alone touch his wife when the US was in a depression because he was too busy trying to fix the economy.

saw him at Eko hotel ,almost shouted *constituted authority !*

Front page finally.