₦airaland Forum

Oga, you have started copying my mind. I could sue you for trespass of mind reading. WE practically wrote the same thing at 9:51am

ahiboilandgas:
is not the cbn is Nigerians how long can Nigerians go from importing basic items like toothpicks , tissue paper and exporting jobs and complaining at the same time of no jobs .....it we ....we are a replica of our Nation....

All we as Nigerians not SMART enough to be an export country?
Many countries of the world do not even know the name of their CBN governor but Nigeria know their CBN governor as if he was a state governor because those guys have to manage the econony made up of people whose only interest is in importing.

Olaide1295:
https://nairametrics.com/2020/09/02/breaking-nigerias-foreign-trade-drops-to-n6-24-trillion-trade-balance-hits-n1-8-trillion-deficit/

With continuing trade deficits, how long can CBN go?

There was discussions along this line (bolden) around 2015/16, it looks like it is not an easy thing to achieve.
I suspect any attempt to do this will be a direct affront on US, there will be consequences.

Olaide1295:
China's economy is doing just great. The SoEs are well managed and they are lifting hundreds of millions out of poverty.
Go to Bejieng and you'll see wonderful infrastructure. US infrastructure is nowhere near.
They are also now a superpower. Infact, if i was Meffy, i'll hold about 15 - 25% of Nigeria's reserves in Chinese Remnibi since thats where most of our imports come from.

How much I wish Nigerian economy can grow to be as 'FAKE' as that of China, fake enough to be at par with the superpower of the world and our currency gets as 'WEAK' as that of Japan.

DexterousOne:
An economy like China's is FAKE


Only structural changes in China will see China's economy stand the test of time
That model they run with their SoEs are unsustainable


And no
You are misquoting me....
I said japan had one of the WEAKEST
Not worst

A currency can be weak, but the most important thing is STABILITY

The currency is weak, but is stable
And that is their competitive edge

Chine is fake economy and (US) Trump is doing everything to crumble their rise and stop their "Belt and Road Initiative". If my memory is right, you were same chap that said Japan has one of the worse currency in the world, apparently you do not like the Asians at all.

DexterousOne:
Yes
You heard right

China is a fake economy..
The fundamentals are all to see.

To whom it may concern.

The management of the Nigerian Stock Exchange (NSE) has suspended trading in the shares of six companies listed on its trading platform.

As a result of this action, shareholders of the affected firms will not be able to trade the stocks of the companies at the exchange until the embargo is lifted by the NSE.

A notice to stockbrokers on Tuesday, September 1, 2020, explained that the organisations were suspended from trading their equities on the exchange because they failed to adhere to the listing rules.

Business Post gathered that the affected companies are FTN Cocoa Processors, Medview Airline, Niger Insurance, R.T. Briscoe (Nigeria), Union Dicon Salt and Capital Oil.

At least we can now see that CBN has not been as stupid as some had hitherto presumed.
As Ahib has once said, they have a thinktank that run various models based on data at their disposal, the rest of us can have half baked arguments for all they care

You sir sound so confident.

awesomeJ:
Those boys wen dey wait, they have unlimited naira supply? if you dey wait with 90m and rush buy to $200k at 450, what else can you do when price crash go 420. You're out of liquidity. Na to dey hope say CBN will run out, it won't happen!

Quality vs Quantity.
Productivity vs Mediocrity.
Originality vs Copiers.
Creative vs Complainers

ositadima1:
The problem of Nigeria is one of quantity vs quality. Somany people and most of them are mediocre at best. There is hardly any pride in work, no dedication. Everyone is after quick cash. 90% don't think, they just live. No originality, everyone copying each others nonsense. I don't see Nigeria beign better in a hundred years time.

If you are one of the few smart ones, the best you can do is to make ur self comfortable and forget about patriotism, forget about Nigeria, it is a lost cause.

As I see it now, I don't blame the ones in d public offices squandering our so called national cake, I did do the same, period. Whatever Nigerians are facing right now is what they deserve.

My 5 cents sha.

So, should we sell, hold or buy?

TransAtlanticEx:
It can be true,same thing happened when CBN injected a $100mln like 3months ago.
Look where we are.
Panic will always be,later reality sets in...

Conglomerate, is this true? Is this still in line with your prediction?

spriteB:
Dollar rate from Aoki as at now........ 430!

Mature men don commot solar enter home automation, our yoots when supposed de in the forefront of programing and home automation non get interest. D fraudulent ones de do yahoo yahoo, the not too fraudulent ones de watch big brother.

I imagine a situation where you want to cut your loses and dump your Guinness shares only to mistakenly make a BUY bid without noticing it. If such a thing has ever happened to you, come we have meeting by 3pm

What does this mean sir/ma?

pluto09:
The loss is more of an impairment charge on property, plants and assets which in my own opinion is not bad.
My major worry is the increase in administrative expenses and finance cost amidst a reduction in turnover.

Even the markets when he do use make mouth, they non de get slump? See wirecard situation in Germany.

rebekah2011:
The price did not get here in a single day. It took many years. What are we going to say about Nestle that is where it is today? NSE is not a burial ground. Do your due diligence and invest and continue to watch over it.

How do you go from 8.9B profit to 12.6B loss in one year? Even Oando non go do like that

S007:
Dem audit the results o

I cannot blame individuals who hold USD, I do also.
My response was where you say free market worked in those countries and so must work here. By free market, except of course I do not understand what you meant by free market

einsteine:
That's of no relevance to my submission.

When the Nigerian auditor at KPMG sees his pension not keeping up with inflation and decides to hold some foreign currency to protect himself, it does not cross his mind that Nigeria is an import dependent country.

Even @ahibooilandgas here has been holding dollars (from his posts) and complaining of inflation, why doesn't he offer his dollars to the foreign reserve of the CBN at 360 Naira to a dollar

That value does not make sense.

Tvegas:
what am I seeing in this Guinness result, N12.6 billion Loss or what? Or am I seeing double?

The gods must be vexing with Peter, All his monkey hunting just dey catch fire�.

lol. This is really nice.

You listen to the arguments and take your position.

pluto09:
Sold at 469 and will be waiting to go in again when and if price drops below 400.
I don't gain anything by arguing with market or complaining about what the CBN is (not) doing.
I am out to take advantage of whatever happens in the market to make some money.

The countries you listed earlier are not import dependent. Nigeria is over 80% import dependent.

einsteine:
The free market always wins.

We have seen such economic foolishness in areas like drug prohibition before. We saw it when George Soros broke the Bank of England and the BOE exhausted its foreign reserve trying to defend the pound before giving up. We saw it when the Swiss tried to prevent their currency from appreciating but were forced by the market to give up. We see it when China tries to prevent capital flight and enterprising hustlers still find a way to provide "capital flight services" to those who don't have faith in the CCP and the CNY.

The CBN refusal to allow the Naira a bit of freedom is economic idiocy and only benefits currency profiteers and hustlers.

agreed 100%

Tobex4realTobex234:
It's not a poverty thing. I used to think that way too until I worked in Kano for 2 years. I forgot my phone one time in a Keke Marwa and the driver brought it to my hotel. When I told my friends at work, they all testified to how many of those occasions they have witnessed severally.

I don't like bringing race to the matter. But what is very evident is that there are some particular ethnic groups in Nigeria that are most likely to be dishonest, cruel and possess a lot of theft tendencies. So let's stop pretending an average Nigerian doesn't have issues. It's not all poverty. North is the poorest region in the country, and by that half baked analogy, they shouldn't be honest.

Making forex freely available for all imports is not even an option bros

Cyberknight:
I agree.
In my submission, I said that the CBN should make the naira freely convertible within the rules and then restrict the use of foreign currency accounts.

In other words, you try to give the people a measure of confidence in holding the naira, so they can spend it abroad as they choose, while easing the need for people to use forex as a store of value. Just restricting foreign currency accounts alone as a tool would not help in my opinion.

This is one of the major issue.

ahiboilandgas:
what is the monthly genuine demand of dollars by the Nigeria economy ? What is the speculative demand...what is the corrupt income demand .....the last two demads are false demands and many Nigerians holding dollars up and down dont have any tangible reasons ,buying and hoarding dollars to speculative....going forward i will advice the cbn to shut down dorm accounts holding ...once your are in Nigeria u must spend Naira .....Naira is the tender here ....why do americans, British and other dont hold dorm naira accounts in Britain .......20 bn dollars unproductive dollars warehouse in dorm accounts .....this false demand must be taken out....

Sir, you provided most of the answer in the post before this. Many people are hoarding. Just like when there is fuel scarcity, people hoard and then the price will increase.
Someone also mentioned that there is a growing interest in crypto currency, which also drives the demand for USD in a bid to buy those crypto.

Many of those who are keeping dollar right now, do not really need it, it is more of speculative. Make una non close our domiciliary account o.

ahiboilandgas:
how come forex demand in Nigeria is going up when the whole world is closed .....why didnt this demand from from millions of traveller from Nigeria spur up the naira since no bta or pta and bdc selling to retail end user should have stop........2 labasene guys where caught with over 1m dollars cash in port Harcourt airports ..how many have escaped where was this dollars sourced from ? Is this a real demand for forex or criminal demand ?

Conglomerate, u don improve. U were able to hold a discussion without insults.

On this forex matter, I then to align with you. Whether we like it or not, as a nation, our forex inflow has been minimal. Crude oil price is at a low, global industries are still not working at full capacity. People are still encouraged to stay at home which means they are not burning as much fuel while driving. So, the demand for crude is not that high leading to a lot of production cut.

There is no abracadabra to it, the small forex available will be rationed.

I guess one would need to also invest in that switch that is so able to respond to command instructions right?

ojeysky:
Cool, emoncms is a fantastic tool and recently I started playing with node-red on my pi3+ to automate some of my loads based on battery SOC.

That said @essegis if setting all these up from scratch sounds daunting. You may go the faster route below:

1. Acquire a pi3+ or pi4
2. Get a minimum of 32GB SD card (preferably class10 upwards)
3. Head to IC software dot co dot za to download the trial version of the ICC and if you like it, you can pay for a licence key.

The ICC software has a lot of stuff including emoncms already pre-installed and according to their documentation, it's compatible with victron and axpert inverters.

For those who don't know, there is a difference between share holders and shell holders. Mcy's use of term is not a spelling error but used in a context to pass a message.

Mcy56:
Lol. I'm sure many shellholders would have written off and forgot about it.

I beg you in the name of God or anything you believe in, remove the second part of your statement.

TransAtlanticEx:
Nwanne na so we see am for this country ooo

why as per bolded if I may ask?

Philantropists:
It may seem tough for you living in Nigeria but a lot of parents who birth their children abroad wish they can do the same as what your Dad did by raising them in Nigeria from childhood.

I understand Nigeria is tough, if you have the means, you could move elsewhere to have a second home but the economy in Italy is not good either.

A lot of things you can get away wit in Nigeria is not applicable elsewhere.

No, not mutually exclusive. Just wanted to be sure which leads me to think that you are judging yourself too harshly.
That single incident tells me if you will only focus, u can achieve what you set your mind to do.
The second event comes from your story, where you used your JAMB, 100 and 200 level to prove to yourself that if you want to be successful at anything you can.
Not also mutually exclusive if you ask me.

2:2 is a fairly good grade in Naija if you ask me. Be a little more kind to yourself even as you aspire to push yourself higher.

I am guessing your job is a rotation job, which helped you to stay away from your reality for a long while only to find yourself at home for long. (note this part is just an assumption)

ositadima1:
Same guy, the two events are not mutually exclusive I guess.

Conglomerate, is that you?

Somebody finally got to you at an emotional level.

Everyone really has a story, it is easy to stay on our high horse and judge.

TransAtlanticEx:
Bros don't feel bad,I know how you feel.
I have a similar story too,I was very bright in school and destined for greater things.
Maths,physics,mechanics were my favourites and I made straight As in my O and A levels.
Entered university and dropped out 3 times from 3 different institutions chasing money in rubbish ways(stress is on another level).
Some of my friends in corporate world are doing very good in life.I feel we all make the same kind of money,the only difference is I stress more to make mine and the risk is on another level.
Studied applied physics and dropped,studied math and dropped and studied engineering too and dropped at some point.
When you finally make the money,you find out there is more to life than money.
The peace I would have got if I had stayed in line is what I wont exchange for the world if I had known then.
Yours is even better,your career can even advance.
Me?No way...I've still got to go back to school before thinking of anything.
Do I regret my action?Hell no I don't!
I would do it again and again because the experience I got in business wouldn't be here now at this age and the spoils too
I'm still young,i am going back to school this year to start from where i stopped then get my degree(2 yrs max).
Then after that I will retire from this stressful,difficult and challenging business and do something else abeg.
I also grew up in a foreign country or countries and it seems we are both igbo.
Cheer up and relax,if you ever in PH just holla make we link up,life isn't too serious abeg.

Is this you or a copied content?
Are you not same guy who went from just knowing about stock in February to analyzing stocks in July? Abi ma joke u de?

ositadima1:
I flunked through school, my secondary education was a mess, I used to score F's like tomorrow no dey. Always averaging between 40 and 50% . I giraffed and cheated alot. But I was good at math, i learnt math in class, teaching it to classmates some of which averaged 70% and above. In my JSS1 I could remember drawing letters instead of copying from d blackboard, I didn't understand the words formation. To be honest most of my grades in the WAEC (2000) exams were a product of copying from my neighbors. I was also among the pioneers of NECO, anybody that took the exam then knows how freely available the expos were.

The first time I did some work was for my jamb prep. I had to study the whole math, physics and chemistry syllabus with no much prior knowledge. It took me 3 attempts to get in my course of choice (the second attempt was fruitful but I messed up the school choices and so had to re-write). In the uni I tried in the first and second year, then in the rest I went back to my ways, lol, ended with a 2.2. Maybe it would have been 3rd if not for those first 2 years.

I was lucky, after NYSC I got an average job in one of those oil servs, courtesy of my uncle. Now, I am doing same thing, my peers have all left to bigger jobs making lots of $$$ and I am still at my drawing desk, 10 years later. I think I am a mess.

Sometimes, I blame Dad for truncating my life. I did my nursery and elementary school in Rome, Italy. I can remember back then I was among the best in my class, my teachers reports were favourable. In my class I was never discriminated against I felt I was like them, used to have a best friend, Fernando Carissimi. It was not to last, my Dad wanted to return to his country Nigeria, without any practical plans.

Ever since, I have been sinking. What I would have been if we had staid back or relocated to better countries like usa or uk, some families relocated to usa back then, it was easier. I know I am being irrational. I also derailed a thread too. I am depressed. I lack d will to act.