₦airaland Forum

Even though I walk through the valley of the shadow of death, I will fear no evil, for you are with me; your rod and your staff, they comfort me.

You prepare a table before me in the presence of my enemies. You anoint my head with oil; my cup overflows.

Surely goodness and love will follow me all the days of my life, and I will dwell in the house of the LORD forever.

https://stackoverflow. com/questions/52264028/sending-a-click-with-requests-html-and-pyppeteer-python

Tobex4realTobex234:
Who is game

58 years from now ?

STNWAUME:
Really!

Since FG have faith on Naira why don't CBN convert their $34B Forex Reserve in naira instead of saving in USD 

If it was that easy they would have simply printed more Naira notes, no need to convert anything.

Read this short passage from Investopedia:

How Foreign Exchange Reserves Work
Foreign exchange reserves can include banknotes, deposits, bonds, treasury bills and other government securities. These assets serve many purposes but are most significantly held to ensure that a central government agency has backup funds if their national currency rapidly devalues or becomes all together insolvent.

It is a common practice in countries around the world for their central bank to hold a significant amount of reserves in their foreign exchange. Most of these reserves are held in the U.S. dollar since it is the most traded currency in the world. It is not uncommon for the foreign exchange reserves to be made up of the British pound (GBP), the euro (EUR), the Chinese yuan (CNY) or the Japanese yen (JPY) as well.

Economists theorize that it is better to hold the foreign exchange reserves in a currency that is not directly connected to the country’s own currency in order to provide a barrier should there be a market shock. However, this practice has become more difficult as currencies have become more intertwined as global trading has become easier.

Example of Foreign Exchange Reserves
The world's largest current foreign exchange reserve holder is China, a country holding more than $3 trillion of its assets in a foreign currency. Most of their reserves are held in the U.S. dollar. One of the reasons for this is that it makes international trade easier to execute since most of the trading takes place using the U.S. dollar.

Saudi Arabia also holds considerable foreign exchange reserves, as the country relies mainly on the export of its vast oil reserves. If oil prices begin to rapidly drop, their economy could suffer. They keep large amounts of foreign funds in reserves to act as a cushion should this happen, even if it’s only a temporary fix.

U.S. foreign exchange reserves totaled $129 billion, as of January 2020, compared to China’s $3.1 trillion.

Russia’s foreign exchange reserves are held mostly in U.S. dollars, much like the rest of the world, but the country also keeps some of its reserves in gold. Since gold is a commodity with an underlying value, the risk in relying on gold in the event of a Russian economic decline is that the value of gold will not be significant enough to support the country’s needs.

Another danger of using gold as a reserve is that the asset is only worth what someone else is willing to pay for it. During an economic crash, that would put the power of determining the value of the gold reserve, and therefore Russia’s financial fallback, into the hands of the entity willing to purchase it.

STNWAUME:
Simply invest in USD and save yourself the stress of this clueless govt.
Thank me later

Exchange rate now N580 per USD

I hope you know that you are part of the problem. Let me point it out to you that If we all transfer our nairas to dollar as you preach daily, naira will further decline like a self-fulfilling prophecy.

In the end, we all loose including you. Things like higher costs, increased crime will hit you in the face with full force and everyone u care about in Nigeria.

Beggin' - song by Måneskin

Labadi69:
Yamayama fall on that your ugly bald head.

Lol !!!

In 2020, a total budget of ₦9.974 trillion was approved.

Actual expenditure was ₦10.157 trillion, with ₦3.937 being the total generated revenue.

#StatiSense
(Budget Office, Ministry of Finance)

DEBT SERVICE TO REVENUE

In 2020, total revenue generated by the FG was ₦3.937 trillion. Total Debt service was ₦3.342 trillion.

It means, for every ₦100 generated, about ₦85 was used to service debt.

#StatiSense
(Budget Office)

Why a depleting foreign reserve is bad?

Foreign reserves serve the following functions as culled from Wikipedia:

Typically, one of the critical functions of a country’s central bank is reserve management, to ensure that the central bank has control over adequate foreign assets to meet national objectives. These objectives may include:

*supporting and maintaining confidence in the national monetary and exchange rate management policies,

*limiting external vulnerability to shocks during times of crisis or when access to borrowing is curtailed, and in doing so -

A) providing a level of confidence to markets,
B) demonstrating backing for the domestic currency,
C) assisting the government to meet its foreign exchange needs and external debt obligations, and
D) maintaining a reserve for potential national disasters or emergencies.

Since the amount of foreign reserves available to defend the Naira (a currency in low demand) is limited, a currency crisis or devaluation is the end result.

Again, Investopedia explain why a fixed exchange rate is a burden on the CBN when there is excess dollar demand, read below:

Fixed Rates
A fixed, or pegged, rate is a rate the government (central bank) sets and maintains as the official exchange rate. A set price will be determined against a major world currency (usually the U.S. dollar, but also other major currencies such as the euro, the yen, or a basket of currencies). In order to maintain the local exchange rate, the central bank buys and sells its own currency on the foreign exchange market in return for the currency to which it is pegged.

If, for example, it is determined that the value of a single unit of local currency is equal to US$3, the central bank will have to ensure that it can supply the market with those dollars. In order to maintain the rate, the central bank must keep a high level of foreign reserves. This is a reserved amount of foreign currency held by the central bank that it can use to release (or absorb) extra funds into (or out of) the market. This ensures an appropriate money supply, appropriate fluctuations in the market (inflation/deflation) and ultimately, the exchange rate.

STNWAUME:
FACT CHECK

September 15th 1980
$1000 exchanged for N550
September 15th 2021
$1 exchanged for N562

Look at this more broadly, the dollar you are comparing the naira to is on a different category.

Have you compared the massive development by the USA since 1980 to Nigeria?

USA has spearheaded development in virtually all aspects of the modern world - Medicare, Technology, Education, Manufacturing, etc. Do you know howmanay patents they have recorded since 1980? Only revenue from windows has covered our oil exports. What has Nigeria contributed to the world since that 1980?

How do u expect naira to be at par with d dollar when our countrypeople have been sitting on there bottoms while d world was making waves?

emmanuelewumi:
Please share the link to this, thank you

https://www.investopedia.
com/ask/answers/041515/how-does-balance-trade-impact-currency-exchange-rates.asp

Export more goods and services than we import, any other solution that doesn't improve trade deficit is just cosmetics and temporary. U can't reap where u didn't sow.

Mean while we wait Dangote refinery and the other modular refineries.

The CBN can try and patch up the Naira as best as it can but the real problem is far deeper than the CBN can handle alone.

The ultimate problem is trade deficit and CBN can't change that overnight.

Here below is how Investopedia describe the link between trade deficit(Balance of trade) and exchange rate:

The balance of trade influences currency exchange rates through its effect on the supply and demand for foreign exchange. When a country's trade account does not net to zero—that is, when exports are not equal to imports—there is relatively more supply or demand for a country's currency, which influences the price of that currency on the world market

Currency exchange rates are quoted as relative values; the price of one currency is described in terms of another. For example, one U.S. dollar might be equal to 11 South African rand. In other words, an American business or person exchanging dollars for rand would buy 11 rand for every dollar sold, and a South African would buy $1 for every 11 rand sold.

Currency Influences
These relative values are influenced by the demand for currency, which is in turn influenced by trade. If a country exports more than it imports, there is a high demand for its goods, and thus, for its currency. The economics of supply and demand dictate that when demand is high, prices rise and the currency appreciates in value. In contrast, if a country imports more than it exports, there is relatively less demand for its currency, so prices should decline. In the case of currency, it depreciates or loses value.

For example, let's say that candy bars are the only product on the market and South Africa imports more candy bars from the U.S. than it exports, so it needs to buy more dollars relative to rand sold. South Africa's demand for dollars outstrips America's demand for rand, meaning that the value of the rand falls. In this situation, we'll surmise that the rand might fall to 15 relative to the dollar. Now, for every $1 sold, an American gets 15 rand. To buy $1, a South African has to sell 15 rand.

Trade Balance
The relative attractiveness of exports from that country also grows as a currency depreciates. For instance, assume an American candy bar costs $1. Before their currency depreciated, a South African could buy an American candy bar for 11 rand. Afterward, the same candy bar costs 15 rand, a huge price increase. On the other hand, a South African candy bar costing 5 rand has become much cheaper by comparison: $1 now buys three South African candy bars instead of two.

South Africans might start buying fewer dollars because American candy bars have become quite expensive, and Americans might start buying more rand because South African candy bars are now cheaper. This, in turn, begins to affect the balance of trade. South Africa would then start exporting more and importing less, reducing the trade deficit.

emmanuelewumi:
It seems

What is the name of the mutual fund? Who are the trustees and fund manager of the mutual fund? What type of mutual fund, money market, fixed income, equity mutual fund, Eurobond fund, balanced fund etc.? What is the size of the fund under management?

Do you have a copy of their fact sheet? How often are the fact sheets released to SEC, monthly or every quarter

I assumed wrong, they give 10 to 15% on fixed savings. Not a mutual fund, my bad.

locodemy:
Hello,
Who knows about this Fin tech bank called Kuda?I want to open an acct with them based on recommendations.

I also copied this from Nairametrics concerning the bank.

At $500 million valuation, Kuda Bank becomes Nigeria’s 7th most valuable bank

It seems they have a mutual fund baked-in by default hence you get up to 15% interest per annum.

I made a small mind map of Nigeria's problems towards the current currency devaluation. It is not exhaustive.

I used d mobile app Nice Mind .

Still on Money Heist matter,

What with the d stereotypical display of hackers and there skills which is mostly wrong. Hacking a system takes time - days, weeks, even months.

To exploit a program or system u have to understand how its author structured it internally from both software and hardware angles(reverse engineering), without the original source code or blue print it is a very though task.

You can't just crack in minutes or seconds like they do in Hollywood

Even if u are a PhD and know all the algorithms or system architectures it will take time.

For example, why is it that you can't find a jailbreak or crack for d latest game consoles or phones d next day after release date. Why doest it take weeks to find such mods?

iamoyindamola:
They fvcked up
I mean I was wondering when she was gonna use the grenades only for her to waste it like that
Many loopholes

The show displayed a lot of military style tactical maneuvers. OK, I don't know much about d military and its tactics but as a chess player I identified not fewer than 5 tactics.

Here they are:

1.Absolute Pin
2.Counter Threat
3.Decoy
4.Deflection
5.Triangulation
6.Double Attack
7.Greek Gift Sacrifice
8.Indirect Defense
9.Sacrifice
10.Tempo Tactics
11.Trapped pieces

And others that I didn't spot

Money Heist was very good despite some shortcomings.

Tokyo why? You had this many handgranades and you choose to use them this way, why? Very untactful, too bad o.

Money Heist tried in this latest instalment, it was adrenaline packed. My eyes enjoyed watching it.

Modrov:
The cost of data in Malawi is $27 In Nigeria it is $1.31...for the same one gig

Then the minimum wage in both countries is the same.

In Chad it is $23...where their minimum wage is N47000 Or 116 dollars.


The cost of 1 g data in the Central African republic can chop one quarter of your income.....here in Nigeria it is much less.

I think the problem is, anyone who points out the fact that data is cheap in Nigeria is perceived as arguing for higher prices. That's not true.

Anyway, the argument we should really be having is the modalities they use in setting the price for data. That's what we should be asking.

Modified


OP is being clever by half. He compared Nigeria to the US...meanwhile, there are many African countries that charge higher for data than even the USA....and OP did not put them on his list because he knows it would defeat his argument..especially as minimum wage in many African countries is about the same as, or less than Nigeria..

U are right, there are a lot of factors dictating the cost of data besides earning power.

99 Balloons by Nena.

A song that dibuted in 1984 during d cold war era. Good song, good tune, good content. A solid 9/10 !!!

Oh, I got to know this song while bingeing the sci-fi show 12 Monkeys, great show, a most watch.

One reason a country may devalue its currency is to combat a trade imbalance . Devaluation reduces the cost of a country's exports, rendering them more competitive in the global market, which, in turn, increases the cost of imports. If imports are more expensive, domestic consumers are less likely to purchase them, further strengthening domestic businesses. Because exports increase and imports decrease, there is typically a better balance of payments because the trade deficit shrinks. In short, a country that devalues its currency can reduce its deficit because there is greater demand for cheaper exports.

A government may be incentivized to encourage a weak currency policy if it has a lot of government-issued sovereign debt to service on a regular basis. If debt payments are fixed, a weaker currency makes these payments effectively less expensive over time. --culled from Investopedia

A weaker Naira doesn't equate to a weaker economy. They are 2 different concepts.

Pegging 1 Dollar to 1 Naira wouldn't necessarily mean a good economy. What determines the quality of a countries economy is its productivity . Nigeria has not been a very productive country given its huge population coupled with its overreliance on imported goods.

Nigeria needs to earn more dollars and spend less of it on imported consumer goods. Nigeria needs to boost its local production.

If u most change ur Naira to Dollars, don't just change ur moneys, invest it, let it earn something. If u can earn dollars do so. If u can export do so. If u can cut down on imported products do so. Buhari is not our biggest problem, we are. We have been undermining our selves without even knowing it.

Look around your homes and take stock, I am sure more than 90% of ur belongings are imported.

Also, it is our collective responsibility to make sure that the moneys meant for development are properly allocated and utilised from the L.G.A level up to federal level. Guys, it is all connected !!!

Leezah:
Trust wallet

I open playstore to download the app, meanwhile, I scroll to comments section. I see comments, I run.

Leezah:
Join crypto and thank me later

What crypto wallet do u use?

Cadillac15:
In NSE, one MD can scatter the chart you are using overnight , by arbitrarily reducing or not paying dividend, even with big profit declared (e.g UBA). This is the least of what can happen to you in NSE.
Wale Tinubu and others are on another level

I have data (Closing, Opening, High, Low, Volume etc)going back 10 years for most stocks. I never noticed any chart scattering event. Can you mention a point in time when it happened and for which ticker?

Cadillac15:
Na Nigerian market you dey post all this long grammar for bah?

E be like you newly register for CFA, so body still dey shack you. You go soon calm down when NSE do you strong thing

Go and read up market efficiency theory. I will summarize it for you.

1 Weak form efficient market - NSE belongs here.
In such markets, fundamental analysis and insider information are very useful, but technical analysis is USELESS.

2. Semi-strong form efficient markets - fundamental analysis becomes useless in addition to technical analysis.

3. Strong form efficient markets - insider information also becomes useless.

In NSE, one MD can scatter the chart you are using overnight, by arbitrarily reducing or not paying dividend, even with big profit declared (e.g UBA). This is the least of what can happen to you in NSE.
Wale Tinubu and others are on another level

So leave big grammar, deal with the price and volume information that is available to you as an outsider, and pray for luck.

No western investment strategy can work effectively in NSE as it is a field, filled with lawless wolves

And by the way, NSE has zero in fundamental analysis as the root metric which is good corporate governance in the constituent companies is highly lacking. So every other thing that looks like fundamental is Zero.

Let me start with I am currently listening to Dangerous by Jah Prayzah. Crazy intro.

I am not a technical analyst neither I aspire to be one. I am more like a data scientist, I try to use statistical methods to infare patterns from market data. I believe that whatever the market is doing and to some extent what it would do are encoded in its price movements.

By d way, market efficiency theory has been debunked several times, it is the inefficiencies in the market that give rise to alpha(excess returns).

OgogoroFreak:
Those wey get sense know say when there is no hype, is the right time to load up on some cheap co1n.

I wonder why most people dont learn by recognising pattern.

I hope u read my initial post. Investing in bitcoin is ok, but the bulk of ur money shouldn't be in it(most gurus advice 5 to 15% of ur assets). I was responding to @jedisco who was implying that moving ur assets to crypto was a good way to edge against naira devaluation.

Like I said before, cryptos are purely speculative in nature.

richforever123:
Bitcoin is decentralized no Government can block, has China not blocked yet it is still pegging at 50,000 now

Please get ur facts right. China did not ban bitcoin, recently it banned bitcoin mining in some locations.