₦airaland Forum

The increasingly declining value of the naira has triggered an over 200 per cent increase in prices of goods in Dubai markets prompting many Nigerians to pay more for goods purchased in the Arab country.
Dubai, United Arab Emirates (UAE), has been a foremost trading and holiday destination for many Nigerians but the value of the naira is now making the place a no-go area for many of them.
Earlier, in the year 2016, a US dollar was between N310-N300 at the parallel market but at the moment, it is over N450.
This has constrained many traders and even shoppers who were used to going to Dubai as prices of goods have now skyrocketed.
Our correspondent who visited some malls and markets in Dubai reports that though the prices of goods may be relatively moderate but they are on the high side when converted to the naira.
The Dirham, which is the official currency of the UAE, is equivalent to N145 and 3.6 dollars.
For instance at an Aldo store inside Dubai Mall, a ladies pair of shoes that costs 275 dirhams is equivalent to N38,400 or about 85 dollars.
Some pairs of male slippers priced at the same Aldo store cost between 75 to 225 dirhams while at a perfumery visited by our correspondent, an average perfume goes for 450 dirhams or N65,000 or more.
“Ordinarily the prices are not that outrageous given the quality of what you buy here but for the value of the naira that has gone to a ridiculously low level. That is why it is not accepted at the international market. Imagine the dollar which used to be N195 but is now exchanges for over N400,” said Mrs. Grace Akpan, a business woman.
Irriz Pamela, an attendant at one of the stores in Dubai Mall, said their products are not over priced as some people insinuate.

http://www.dailytrust.com.ng/news/business/naira-devaluation-keeps-nigerians-off-dubai-markets/170474.html

dragonking3:
Today has sealed the death of Morgan Capital ltd

This one the reasons why i kept warning investors not to ever invest any FUND they CAN'T AFFORD TO LOSE in the STOCK MARKET.

I have some units of FBNH which i recently bought via MORGAN CAPITAL and i'm willing to keep them FOREVER.

*ThE OcToPuS*

PETERiCHY:
http://abokifx.com/cbn-sell-n123bn-t-bills-tomorrow/

The Central Bank of Nigeria plans to sell N123billion worth of Treasury bills.

Data obtained from the CBN website showed that it will auction N91 days bill at 13.5 per cent worth N45.18billion, N182 days bill at 16.8 per cent worth CBN to sell N123bn T-bills tomorrow N23.4billion and N365 days bill at 17.5 per cent worth N54.4billion.

Nigeria sold 99.12 billion naira ($312 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Thursday.
A total of 24.44 billion naira of the 3-month paper was sold at 14 percent, unchanged compared to the last auction on Oct. 19.
The bank sold 21.34 billion naira of 6-month debt at 17.50 percent, versus 17.09 percent at the previous auction. It also sold 54.35 billion naira of 1-year bills at 18.50 percent, compared with 18.30 percent previously.
Total subscriptions stood at 122.96 billion naira compared with 115.26 billion naira at the last auction, the data showed.
Nigeria issues treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation.


http://af.reuters.com/article/nigeriaNews/idAFL8N1D45AK

FOOD FOR THOUGHT

You Left Home To Hustle , Mama Prayed For You.. You Started Hustling, Mama Was Still Praying for You.. You Don't Even Call Mama But She Was Still Praying For you, Hoping for the Best For You. Now You Made It, You Have Forgotten About Mama. You Bought An iPhone For a Girl Who wasn't Present In Your Hustling Days.. Mama Still Uses an Old Phone With Rubber band Holding The Case Tight Together. You Go and See Mama With your Luxurious Car and Give Mama Only #5000 . Mama Was Still Praying For you. But You Always Take your Girl for Shopping Every Month. Mama Is still Wearing The old Clothes Your Dad Bought For Her Years Ago. With all These Mama Was Still Praying For You. Mama Calls You everyday But You Don't pick Up, You Tell Your friends Mama Worries Alot. God is Watching But Mama is Still Praying For You. Now Mama Is No More, Mama Died Of Hunger and Stress, Things Became worse For you Co's ALL Your Well Being was Because of Mama's Prayer for you everyday. Now Your Girl has left you Co's you broke now. My Guy, Don't Wait for Anybody To advice you, After Reading this, Just Change Your attitude Towards Mama. Take very good care of her and Be Wise. Co's Even If Mama Cry Because of you, It's a curse. #BeWise #LearnLife #TruthHurt

PETERiCHY:
You're absolutely right, i didnt add the fact that he already had a MILLION naira which is the minimum capital for buying TBs.

Last week NTBS auction was executed at 14% for 91days 17% for 182days and 18% for 364days tenors.

Next TBs primary auction will take place in 10days time.

I will advise he go for 91days instead of 182days or 364days tenor and he should also bear in mind that he's INTEREST/YIELD will be paid immediately then wait for MATURITY DATE to get back his CAPITAL .

Those advicing him to GAMBLE away his hard earned money on STOCKS/SHARES are the lost & trapped ones looking for those that will go down with them.

Last week of 2015 I made it very clear that those hoping to make quick money from NSE this year will ALL be disappointed, they tagged us pessimists now what is happening.

You work smart and pray for a little luck to be become rich and not by gambling with the SEED/TALENT GOD gave you.

"A WORD IS ENOUGH FOR THE WISE"

*ThE OcToPuS*

http://abokifx.com/cbn-sell-n123bn-t-bills-tomorrow/

The Central Bank of Nigeria plans to sell N123billion worth of Treasury bills.

Data obtained from the CBN website showed that it will auction N91 days bill at 13.5 per cent worth N45.18billion, N182 days bill at 16.8 per cent worth CBN to sell N123bn T-bills tomorrow N23.4billion and N365 days bill at 17.5 per cent worth N54.4billion.

When the dollar surged around this time last year, the stock market tumbled and oil prices fell into a tailspin, forcing Federal Reserve officials to scale back plans for the pace of interest-rate increases. Yet if anything, the currency’s strength the last couple months may encourage policy makers to tighten this time around.

http://www.bloomberg.com/news/articles/2016-10-29/dollar-s-surge-goes-from-road-block-to-all-clear-signal-for-fed

"2016" what a glorious and memorable year, we never had it this good in a long while.

All thanks to ALMIGHTY GOD the creator of heaven and earth who sees the end from the beginning

*ThE OcToPuS*

Intendy:
stocks with new 52 weeks low

ETI #9.70k

fidelity #0.82k

NAHCO #2.81k

fidson #1.38k

CCNN #5.23k

Vitafoam #2.51k

ashaka #12.26k

stocks with new 52 weeks high

seplat #390.00k

In 2008 Fidelity bank did an IPO of N8:00 per Share 8years down the lane it has lost 90% of that value same apply to FIRSTBANK that did IPO @N33 in 2007 now has lost over 90%.

2moro someone will come to argue that NSE is not a FRAUD or GAMBLING business

They will say the reason is because those stocks are not FUNDAMENTAL SOUND or that 8yrs to 9yrs period is not long enough

Well I have said it severrally and I will keep saying it STOCK MARKET is the one of the most organized GAMBLING platform where over 90% end up losing their fund.

In order words DONT EVER INVEST WHAT YOU CAN'T AFFORD TO LOSE EXCEPT YOU HAVE A GENUINE INSIDER INFORMATION.

*ThE OcToPuS*

fxuser:
umm from Mobil to Total !
if they are cashing out then i'm sorry for d local buyers
these guys don't leave bread on the table

Same way Conoco-Phillips finished eating the meat and left the bones for OANDO now shareholders are bearing the BRUNT.

Most people don't know that Nigeria business terrain is now so bad that one ought to first think on how to preserve his or her CAPITAL.

*ThE OcToPuS*

Youngzedd:
T Bill would have been better.

You're absolutely right, i didnt add the fact that he already had a MILLION naira which is the minimum capital for buying TBs.

Last week NTBS auction was executed at 14% for 91days 17% for 182days and 18% for 364days tenors.

Next TBs primary auction will take place in 10days time.

I will advise he go for 91days instead of 182days or 364days tenor and he should also bear in mind that he's INTEREST/YIELD will be paid immediately then wait for MATURITY DATE to get back his CAPITAL .

Those advicing him to GAMBLE away his hard earned money on STOCKS/SHARES are the lost & trapped ones looking for those that will go down with them.

Last week of 2015 I made it very clear that those hoping to make quick money from NSE this year will ALL be disappointed, they tagged us pessimists now what is happening.

You work smart and pray for a little luck to be become rich and not by gambling with the SEED/TALENT GOD gave you.

"A WORD IS ENOUGH FOR THE WISE"

*ThE OcToPuS*

odeloladf:
House kindly advice, I have the sum of 1,100,000 that I wish to invest in shares. Which company shares is stable and profitable that I pay buy into.

" HEY DON'T BE IN A HASTE TO LOSE YOUR FUND"

First thing on Monday morning go to any branch of STANBIC-IBTC branch and make a fixed deposit of 1million.

Their current interest rate for 1million on 365days tenor is 13%.

Afterwards you are free to gamble with the remaining 100k on NSE.

Thank me later.

*ThE OcToPuS*

To release more money, you need to get the money first. So, we have a fiscal stimulus plan which we have been developing over the last months. We intend to do a number of things. We are looking at asset sales, concessioning, and getting advance payments from licensing rounds and all that. We are targeting to raise between $10 and $15bn, and we have started that process.

Why are we looking for dollars? It is because what we need to charge this economy is actually foreign currency. It is foreign currency shortage that is really responsible for where we are today. So, we have to look for foreign currency.

http://www.vanguardngr.com/2016/10/sell-assets-may-not-able-reflate-economy-udo-udoma/

Those that still kept their LIFE SAVINGS in NAIRA after my 18months of stem WARNINGS will really have themselves to blame.

*ThE OcToPuS*

USD tested N495 today,
what will happen next, Is it will drop then gather momentum to break through the #500 resistance point.

*ThE OcToPuS*

PETERiCHY:
Important Update on CBN Guidelines on Proper use of Bank Accounts
At Guaranty Trust Bank plc, we value your relationship with us and remain committed to improving your banking experience by prioritizing innovation and excellence in service delivery.

To ensure that we continue to serve you effectively and efficiently, we would like to notify you of a recent regulatory guidance from the Central Bank of Nigeria (CBN) with regards the use of your account for banking transactions.

The CBN has mandated that all customers of financial institutions are expected to utilize their accounts within regulatory guidelines: These include the following:

That all customers of financial institutions are expected to only use their accounts for their direct personal/company related transactions.

That no customer of any financial institution is permitted to engage in any activity that could be perceived as international money remittance service (IMTO) or bureau de change (BDC) activities without the express approval of the CBN.

That any customer who fails to adhere to these guidelines runs the risk of being reported not only to the CBN but subsequently to security agencies.

We would like to encourage you to be mindful of these directives when using your bank accounts and we will continue to provide updates regarding the proper use of your bank account.




CBN HAS TOTALLY LOST IT THE ABOVE MEMO WILL DEFINITELY PUSH FOREIGN INVESTORS FARTHER AWAY AND AS WELL PUSH DOLLAR TOWARDS N2000 TERRITORY BECAUSE EVERYONE WILL NOW BE SCARED OF REMITTANCE.

#CbnHasTotallyLostIt#

USD now N480

*ThE OcToPuS*

The naira slumped to a new all-time low of 470 to the dollar on the parallel market on Wednesday, posting its biggest daily decline since the Central Bank of Nigeria adopted a flexible foreign exchange regime

https://www.nairaland.com/3377374/naira-plummets-all-time-low-472

Justcul:
Didn't know we have kids here.. maintaining my Lane jeje.. no time

If not for ignorance that kept you in that lane you would have gone far in life.

http://www.bloomberg.com/news/articles/2016-09-28/opec-said-to-agree-on-first-oil-output-cut-in-eight-years

http://www.cnbc.com/2016/09/27/oil-prices-climb-after-industry-data-shows-us-stocks-draw.html

OPEC agreed to cut production for the first time in eight years, according to a delegate briefed on the matter, sending oil prices more than 6 percent higher as Saudi Arabia and Iran wrong-footed traders who expected a continuation of the pump-at-will policy the group adopted in 2014.

Justcul:
@peterichy, have questions for you sir. In private.

Sorry sir, I don't if you are Emelife before they go block my bank account same way they've blocked SMN site.

Thank you.

fxuser:
its 466 !

in other news:
cbn selling to BDC's thru Travelex today ! dont see how that will make any impact on the uncertainty levels
#jokers

Important Update on CBN Guidelines on Proper use of Bank Accounts
At Guaranty Trust Bank plc, we value your relationship with us and remain committed to improving your banking experience by prioritizing innovation and excellence in service delivery.

To ensure that we continue to serve you effectively and efficiently, we would like to notify you of a recent regulatory guidance from the Central Bank of Nigeria (CBN) with regards the use of your account for banking transactions.

The CBN has mandated that all customers of financial institutions are expected to utilize their accounts within regulatory guidelines: These include the following:

That all customers of financial institutions are expected to only use their accounts for their direct personal/company related transactions.

That no customer of any financial institution is permitted to engage in any activity that could be perceived as international money remittance service (IMTO) or bureau de change (BDC) activities without the express approval of the CBN.

That any customer who fails to adhere to these guidelines runs the risk of being reported not only to the CBN but subsequently to security agencies.

We would like to encourage you to be mindful of these directives when using your bank accounts and we will continue to provide updates regarding the proper use of your bank account.




CBN HAS TOTALLY LOST IT THE ABOVE MEMO WILL DEFINITELY PUSH FOREIGN INVESTORS FARTHER AWAY AND AS WELL PUSH DOLLAR TOWARDS N2000 TERRITORY BECAUSE EVERYONE WILL NOW BE SCARED OF REMITTANCE.

#CbnHasTotallyLostIt#

Now patiently waiting for OANDO @N2:50.

Buy above that benchmark at your own peril.

*ThE OcToPuS*

PETERiCHY:
Dollar now N455
Our GOD is GOOD all the time

*ThE OcToPuS*

At last i have liquidated some of my dollar positions @N450

Abeg let join hand and rebuild the economy

PETERiCHY:
USD has finally hit N450 more 150% to bail out

*ThE OcToPuS*

Dollar now N455
Our GOD is GOOD all the time

*ThE OcToPuS*

godlyguy:
If you are still with that scam called MMM... Think again... It's already crashing...

http://www.financialwatchngr.com/2016/09/26/thousands-zimbabweans-lose-money-mmm-crashes/

You can make legitimate money from THE STOCK MARKET if you keep following this thread and act smartly...

THE BIG SMART GUY

MMM and NSE are both fraudulent ponzi just be smart enough not to end up with the empty CAN. Period!

*ThE OcToPuS*

Emirates Airlines has rejected the Nigerian currency, naira, for payment by travellers to Brazil.The Dubai-based airline is rather demanding a credit card mode of payment from passengers at the Murtala Muhammed International Airport (MMIA), Lagos.
The development, which caught many passengers unawares, caused some of them to be left behind, despite having bought tickets weeks earlier.
It was observed that while some passengers were turned back by the airline’s officials at the counter for already buying tickets in naira, they also ensured that a passenger who had earlier checked in for the 5:55 p.m. Lagos-Dubai Sunday flight never boarded the plane.
The Emirates office in Lagos yesterday confirmed that the credit card mode of payment is indeed the company’s policy, though it would not explain the rationale.
An official of the airline, Babatunde Yahaya, who explained the new policy to angry passengers on Sunday said the action was in line with a memo issued to them, demanding that any ticket issued on Emirates, for passengers travelling from Nigeria to Brazil, “must be by credit card and not cash.”
Yahaya said the directive was issued on September 22 and took effect immediately.
Reading from a sheet of paper to the evicted passengers, he said: “Any ticket issued on Emirates Airline from Nigeria to Brazil must be paid for with credit card and not cash.
“The credit card holder must be verified, preferably not his passport. And even when issued by a third party, the credit card holder must be verified and his credit card ascertained.”
One of the affected passengers, Obinna, said it was “humiliation of the highest order,” and so shameful that such is happening on Nigerian soil.
“This is a ticket bought almost two weeks ago from Emirates and they collected cash. Besides the fact that it is illegal to reject it for whatever reason, why did they collect the naira when they wanted a credit card? This is so disgraceful and I’ve never seen anything like it in my life,” Obinna said.
Another Brazil-bound passenger said it amounted to cheating the Nigerian system to insist that a ticket must be paid for with a credit card because the fares would be deducted in dollar equivalent and at the official exchange rate.

https://www.today.ng/business/188297/emirates-rejects-naira-payment-flight

PETERiCHY:
The Minister of Finance, Mrs. Kemi Adeosun, has said that she cannot predict when the nation will get out of the current economic recession.

http://punchng.com/cant-predict-recessionll-end-finance-minister/

USD now N445

*ThE OcToPuS*

USD has finally hit N450 more 150% to bail out

*ThE OcToPuS*

The broad effects of low oil prices and production disruptions, which have resulted in a significant reduction of foreign exchange earnings, have raised concerns about some banks’ ability to honour their Eurobond obligations upon maturity.
Some of the offshore funds that were raised by the banks to expand operations and finance foreign currency infrastructure projects would mature between 2017 and 2021.
For instance, Access Bank will have to raise $350 million for its maturing Eurobond due in July 2017; Fidelity Bank’s $300 million Eurobond would be due by May 2018; Guaranty Trust Bank’s $400 million will be due in May 2018; Zenith Bank has an outstanding debt obligation of $500 million; Diamond Bank also has a $200 million Eurobond; while First Bank of Nigeria Ltd has two Eurobonds – $300 million and $400 million – maturing in 2020 and 2021.
All the Eurobonds issued by the banks with different coupon rates that must be paid annually before maturity, are also callable before maturity.


http://www.thisdaylive.com/index.php/2016/09/26/fx-scarcity-heightens-concern-over-banks-eurobond-obligations/

PETERiCHY:
At the beginning of the year i made it crystal clear that all those looking for quick profit in NSE will be HIGHLY DISAPOINTED.

And that we should expect a sort of HYPERINFLATION.

The only SURE BANKER will be USD.

The way things stand now it will take between 5-7yrs for the economy to bounce back that is if allow to be handle by experienced economic experts not the current garbage in garbage out economists at the helm of affairs.

In order words it's either you trade ONLY with money you can afford to lose or stay away entirely from the market.

On a last note if you are still lucky to get USD at N500 grab it with both hands and thank me later because time will come it won't even be available at N1000.

A WORD is enough for the WISE.

*ThE OcToPuS*

https://www.nairaland.com/3352721/nigerias-inflation-rate-august-hits

The Minister of Finance, Mrs. Kemi Adeosun, has said that she cannot predict when the nation will get out of the current economic recession.

http://punchng.com/cant-predict-recessionll-end-finance-minister/

USD now N445

*ThE OcToPuS*

USD now N440

Sai-Buhari

debeey87:
From the MPC Meeting.

All rates remain the same.

Good decision

S&P Global Ratings downgraded Nigeria further into junk territory just as Africa’s most populous nation prepares to issue its first Eurobond since 2013, amid low oil prices and severe shortages of foreign-exchange.
S&P lowered Nigeria’s rating one level to B, five levels below investment grade

http://www.bloomberg.com/news/articles/2016-09-16/s-p-downgrades-nigeria-further-into-junk-as-oil-crisis-worsens

At the beginning of the year i made it crystal clear that all those looking for quick profit in NSE will be HIGHLY DISAPOINTED.

And that we should expect a sort of HYPERINFLATION.

The only SURE BANKER will be USD.

The way things stand now it will take between 5-7yrs for the economy to bounce back that is if allow to be handle by experienced economic experts not the current garbage in garbage out economists at the helm of affairs.

In order words it's either you trade ONLY with money you can afford to lose or stay away entirely from the market.

On a last note if you are still lucky to get USD at N500 grab it with both hands and thank me later because time will come it won't even be available at N1000.

A WORD is enough for the WISE.

*ThE OcToPuS*

https://www.nairaland.com/3352721/nigerias-inflation-rate-august-hits

Nigeria Economy is already in recession and now heading for depression.

So its still early for the prudent ones to join FOREX train which is the ONLY moving train for both CAPITAL APPRECIATION & PRESERVATION.

A stitch in time saves nine.

N1000 junction here we come.

*ThE OcToPuS*