₦airaland Forum

fxuser:
***

the peg will have to give way , its a matter of time

Honestly if not for the benefit of the masses some of us areant even praying for the peg to give way anytime soon because a very good extra streamline of income will be badly affected.

Imagine sourcing USD btw N208 and N248 via int'l transfer only to end up disposing at N319

The last time such opportunity cropped up was in 2009 towards the end of Soludo's tenure so abeg make una leave Pa.Bubu alone.

ufotty2001:
please will transcorp still fall lower than 0.95k

Transcorp is heading to 50kobo and will stay there for donkey years. Don't say you weren't warned.

*ThE OcToPuS*

https://www.nairaland.com/3033897/power-fx-fuel-shortages-cripple

Some 80,000 manufacturing jobs are set to disappear in Nigeria, mostly as a result of the President’s FX policies, according to the Lagos Chamber of Commerce and Industry (LCCI).

“Across manufacturing people are beginning to shut down. It is happening across the sector” said Babatunde Odunayo, a former CEO of Nigerian conglomerate Honeywell Group.

“Family owned businesses are shutting down,” Odunayo said.

President Buhari’s policy of pegging the naira at N199 per dollar has exacerbated inflation and unemployment as traders and retailers base prices on the black market rate hovering near N320/$1.


https://www.nairaland.com/3033886/forex-shortage-hits-airlines-575m

Experts say this development may result in fewer investments and loss of jobs in the country’s aviation sector, as many airlines may be faced with the option of laying-off staff.

The National Union of Air Transport Employees (NUATE) said last month, that about 2,000 Nigerian aviation workers may be sacked by foreign airlines.

This is because airlines are unable to transfer their earnings to their respective home countries to meet operational costs, in accordance with international aviation industry rules.

FOOD 4 THOUGHT

https://m.facebook.com/story.php?story_fbid=1589729618008176&id=100009134602996

BREAKING NEWS

http://www.vanguardngr.com/2016/04/fg-plans-new-prices-fuel-scarcity-lingers/

http://www.thisdaylive.com/index.php/2016/04/06/nlc-to-declare-nationwide-strike-against-electricity-tariff-hike-fuel-scarcity/?utm_source=twitterfeed&utm_medium=facebook

http://www.vanguardngr.com/2016/04/labour-buhari-nigerian-economy-verge-total-collapse/

http://www.punchng.com/fuel-scarcity-no-respite-in-lagos-others/

https://www.nairaland.com/3032893/buhari-end-fuel-scarcity-within

http://www.punchng.com/blackout-shiroro-sapele-power-plants-shut/

Manonamission:
http://www.dailytrust.com.ng/news/business/access-bank-seeks-505m-to-settle-debt/140958.html

Access bank plans to raise 100B

Their right issue of N9 which was later reduced to N7 last year, Where is the money.

When we say people should run faraway from Nigeria equities it will looks as if we are been unpatriotic.

Now Access is trading @N4 and they still want to suck in another set of gullible.

Bunch of heartless Criminals

http://abokifx.com/naira-pressure-may-resurface-as-declining-external-reserves-poses-risk-businessday/

The pressure on the local currency which had received some breath following slight improvement in foreign reserve and oil prices may resurface as the development bounces back, BusinessDay findings revealed.

The foreign reserve which improved to $27.871 billion as at March 24, 2016 has declined further to $27.864 as at March 31, 2016 according to a data on the website of the Central Bank of Nigeria (CBN)

feelamong:
Brent Currently 38.77

where is the big dive?

http://www.euroinvestor.com/exchanges/gtis-energy/brent-oil/2327059

http://www.marketwatch.com/story/oil-prices-under-pressure-as-hopes-dim-for-production-cuts-2016-04-04

Oil futures ended lower in a choppy trading session Monday, dragged down by skepticism that a global agreement to freeze output levels would be reached later this month.

Major global oil producers, including both members and nonmembers of the Organization of the Petroleum Exporting Countries, are scheduled to meet in Doha on April 17 to discuss a potential freezing of oil output.

West Texas Intermediate crude for May delivery CLK6, -0.64% fell for a second day, dropping $1.09, or 3%, to settle at $35.70 a barrel—its lowest level since March 3. On Friday, the U.S. benchmark fell 4%.

June Brent crude LCOM6, -0.40% the global benchmark, dropped 98 cents, or 2.5%, to end at $37.69 a barrel.

http://www.businessinsider.com/oil-prices-april-4-2016-4?r=UK&IR=T

Oil took a big dive on Monday morning as Iran announced its latest figures on oil production, and a series of familiar problems weighed on the price of the world's most crucial commodity.

Over the weekend, Iran announced that production of oil in the country has passed two million barrels per day since sanctions by Western nations lifted in January. That increase in production – around 250,000 bpd since March 1 — has helped increase the already huge oversupply in the market, and sent oil lower on Monday.

http://nairametrics.com/nigeria-is-becoming-the-next-venezuela/

President Buhari’s Socialist welfare leanings could be shaping Nigeria up to become the next Venezuela.

In his second stint as president, Muhammadu Buhari is still not realizing that mere will-power or ‘body language’ will not win against the force of free market.

His preference for sticking with controlled markets, rather than accelerating reforms towards freely determined markets show that he is not quite the messiah that Nigerians have come to expect. These controlled and distorted markets, with their artificial prices are bringing Nigeria’s economy down to its knees.

A key feature of a distorted market is the existence of two prices and two markets for one product, which create arbitrage opportunity. People buy in one market (often the lower-priced govt controlled one) and sell in the other, for a higher price.

The second market often exists because supply and demand at the original market does not match. It doesn’t match because there is either way too much demand because price is low, or supply is too little because price is not competitive enough.

Although petrol prices have been pegged at N86 (or 43 cents) a litre, consumers have found it increasingly difficult to get the commodity at that price. Over the last few days prices have hovered at between N150 and N200, more than double the price fixed by the government.

Norway, the 3rd largest energy exporter in the world sells petrol to its citizens at $1.63, almost 4 times what is sold in Nigeria. The US sells for 66, cents nearly double that price.

Nigerian petrol marketers would often happily hoard the product whenever the opportunity arises, and wait for better conditions to sell at a higher price.

The smarter ones take products destined for Nigerian market to sell to neighboring countries where prices are higher.

Because of Nigeria’s distorted market and pricing system, the country is suffering an incomprehensible scarcity of petrol, while the rest of the world is drowning in too much oil.

In the same way a black market for foreign exchange was strengthened after government tightened its grip on the exchange rate, the black market for petrol is now taking over the streets.

Somehow, the government still thinks that the way boost supply of the product is to interfere even more and squeeze the independent/private suppliers out of the market, rather than release its chokehold on the product’s price. It now plans to allocate 78% of import quotas to the state oil company. A move that has irked the independent marketers.

Right now, there is a tussle for market share in the petrol distribution industry between the government and private individual suppliers which has further constricted supply. The consumers who continue to suffer scarcity as sellers refuse to sell, are the only victims in this fight.

The effect of controlled markets is having even more dire consequences for the country.

Nigeria has remained in perpetual darkness as gains in the amount of electricity generation steadily fall.

Independent electricity generation and distribution companies are refusing to produce more power because the prices at which they can sell their electricity has been fixed by the government. An attempt to increase the prices to make them more economically viable met with resistance and a summon to the senate.

The price for gas, an indispensable input for power generation is also fixed. Gas producers are pussy-footing with regards to capacity expansion even though the potential market is humongous, and the business case for investment in gas is as clear as sky.

As much gas as they already produce is snapped up by gas hungry plants and manufacturing companies seeking to reduce costs.

Although the gas companies can expand and sell much more, they are hesitating because there is little incentive.

There is also a lack of investment in electricity transmission because it is still being fully controlled by the government. Meanwhile, the blackouts linger.

Last Thursday, electricity generation at the main grid fell to zero due to system collapse that has become a rathe regular occurrence.

All these mean that productivity is plunging, fuel queues are longer, frustration is rising, companies are shrinking, and unemployment is rising.

megainvest:
I had to throw Fidelity under the bus!

That will amount to murder, why throw someone's BRAINCHILD under the bus

https://trwstockbrokers./2016/04/04/banks-channel-forex-to-investors-exiting-equities-bond-markets-the-nation-nigeria/

JPM London secured $3,331,564.24 from Stanbic IBTC for its divestment of equities and Federal Government of Nigeria (FGN) Bonds. There was also $2,010,690.01 disbursed to State Street/Stanbic Nominees-E by the lender for the same purpose.

BP2S/BNP Pribas obtained $130,167.61; Standard Bank of South Africa, $541,671.31; Merrill Lynch International $63, 767.89; HSBC Funds Services London, $394,210.30; and The Bank of New York Mellon 2, $206,317.82.

The foreign investors have been pressurising the Central Bank of Nigeria (CBN) to devalue the naira, which it has vehemently resisted. Last week’s repatriation of investments is expected to continue in the months ahead as the margin between the official exchange rates has continued to widen.

ufotty2001:
Don't be addicted to stock trading!!! It is never a proud achievement... Diversify ur investment...

So now you are seeing what i have been preaching since mid-last year while the myopic ones tagged me anti-NSE and unpatriotic citizen

zendi:
Is anybody looking for picks? The floor is littered and heaped with fantastic picks.
I have heard since I was a kid that "Opportunity Comes But Once". I have now concluded that this is not true, at least not in the stock market. What is true of the market is this : "History Repeats It's Self".
Looking at diamaond under 4, fcmb under 3, access set to drop under 5, historic prices are here again. The future is available again on awesome discount. Sharply therefore, take uba, skye and fidelity. How low can low prices be?
We are in "Ministerial List Bear". Hopefully, after release of ministerial list, bull will come, and the party will continue.

Since the beginning of Buhari regime we've been hearing all sort of story
Abeg make i laugh this beautiful Monday afternoon

http://www.punchng.com/fg-returns-petrol-subsidy-retains-official-pump-prices/

What a confused government

rychard:
Then you have very little to live for

You got my first nairaland thank for the year

pennstate:
please at what rate do banks send money through western union or moneygram.

Western Union transfer needs CBN approval so thats a hiccup while most banks now do Money Gram on quarterly for each customer due to dollar scarcity.

Last quarter Fidelity bank moneyGram was #280 per USD while that of firstbank was N256 per USD.

ExLaidback:
Only the NSE makes me look forward to Mondays.

Better do a research and look for a better venture, because NSE is going to the dustbin. Thank me later.

*ThE OcToPuS*

http://www.dailymail.co.uk/news/article-3519536/Saudi-Arabia-planning-end-oil-age-creating-2-TRILLION-investment-fund-big-buy-Google-Apple-Microsoft.html?ito=whatsapp_share_mobile-top

Saudi Arabia is preparing for the end of the oil age by creating a $2trillion investment fund which is set to be ‘the largest on Earth’.

The Public Investment Fund (PIF) established by the kingdom’s second-in-line to the throne will eventually be large enough to buy Google, Apple and Microsoft with money to spare.

Deputy Crown Prince Mohammed bin Salman, who oversees the fund, claims that the initial public offering could happen as soon as next year.

It comes as Saudi Arabia, the world’s biggest crude exporter, insists that it will only freeze its oil output if other key producers, including Iran, take a similar measure.

‘What is left now is to diversify investments,’ the 30-year-old prince told Bloomberg, during an interview from the royal compound in the kingdom’s capital, Riyadh.

‘So within 20 years, we will be an economy or state that doesn’t depend mainly on oil.’

It is nearly 80 years since the first oil was discovered in Saudi Arabia but, with crude prices plummeting worldwide, the nation plans to shake its dependence on the market.

One of the first steps will be for Saudi Arabia to sell shares in Aramco’s parent company, which will transform the oil giant into an 'industrial conglomerate'.

Here we are while some old fart brains are still looking for ways to siphon the remaining national treasury under the disguise of NORTH-EAST OIL EXPLORATION

https://www.nairaland.com/3021850/power-generation-crumbles-0mw-hours

Lets keep enjoying the CHANGE

PETERiCHY:
That one pearl of great price is the GREENBACK
Take it or leave it!

*ThE OcToPuS*

http://www.osundefender.org/?p=242556

For every dollar brought into Nigeria this year, more than $2 has been taken out according to a report on foreign portfolio investment (FPI).

A year-to-date report on FPI obtained at the weekend, indicated that Nigeria suffered a net deficit of 108 per cent in the first two months of the year.

The FPI outflow worsened in February, as uncertainties persisted over Nigeria’s foreign exchange management.

The report, coordinated by the Nigerian Stock Exchange (NSE), showed that FP outflow outpaced inflow by 108 per cent.

The two-month report showed that foreign outflow totalled N58.20 billion as against foreign inflow of N27.95 billion.

Total foreign transactions of N86.15 billion represented 42.8 per cent.

megainvest:
“Again, the kingdom of heaven is like a merchant seeking beautiful pearls, who, when he had found one pearl of great price, went and sold all that he had and bought it.

Matthew 13:45-46 (NKJV)

That one pearl of great price is the GREENBACK
Take it or leave it!

*ThE OcToPuS*

chillykelly86:
If USD gets to #1000, in all honesty, will you not shift your junction upwards?

Since mid-last yr some of us have been calling for devaluation out of patriotism but some don't get it.

Now you can see the CBN stringent rules has boomerang, Round-tripping has become the order of the day and the sharp ones are getting richer at the expenses of the masses.

On my last trip to Nigeria I discover western now pays in Naira at the official rate of N199 per USD when one can comfortably remit @N320 via the black market.

Now tell me a right thinking person that will still use such channels for remittance.

Dollars scarcity has made alot of businesses and importers gone limbo.

I was in kenya few days back their official rate was 98shillings per USD and its 100% available so the bottomline is without the right pricing of Naira the Nigeria economy will continue to suffocate.

*ThE OcToPuS*

jarkbauer:
God will give you what you wish for others. If you wish hardship for your fellow men, then prepared for one too

"And if I don't lose that job bear in mind that you will never ever amount to meaningful thing in life as long as the heaven and earth remains"

*ThE OcToPuS*

Intendy:
bro pls no need for this.
he has right to his views don't curse anyone.
edit your post

That's the major reason you see alot of families cant raise a head from generation to generation rather they subconsciously kept burying their destiny at every slightest opportunity.

*ThE OcToPuS*

http://www.vanguardngr.com/2016/03/power-scarcity-fuel-scarcity/

This just the beginning.

Well some continue to gamble with their hard earn money under the gov't of lies and propaganda.

While some of us keep waiting patiently for USD @ N1000 junction.

*ThE OcToPuS*

http://www.marketwatch.com/story/rich-dad-author-says-the-market-collapse-he-foresaw-in-2002-is-coming-2016-03-23?link=sfmw_fb

Happy Easter to all, Reporting live from the beautiful city of Nairobi

http://sunnewsonline.com/power-tussle-delays-budget-passage/

Budget of CORRUPTION

http://www.punchng.com/2016/03/21/economy-has-stopped-working-labour-tells-buhari/

The organised labour on Sunday called on President Muhammadu Buhari to use the opportunity of the planned economic conference to come up with policies that could be implemented to get the country out of its current economic woes.

The two labour centres in the country – the Nigeria Labour Congress and the Trade Union Congress – said the economy had stopped functioning.

NLC and TUC believed that the state of the economy had not been as bad as the prevailing scenario since the civil war.