ahiboilandgas:
which normal country you see it citizens dey craze for another Man curreny? they wish to trade the currency like tomatos on the streets .hold the currency for not any justifiable reason and supply of this currency they salivate over is limited
.If i had my way i for don closed all nonimport based dorm accounts.

They better do their work and stop wasting time talking, more action, less talking

Make the country attractive to business and investment

emmasoft:


Is there anyone who ever told you that dollar funds ( sovereign eurobonds) are risk-free? In fact, did anyone ever say there is any investment that is risk-free?
The categories we have as far as investment is concerned are low, medium, or high-risk investment windows/products. Fund managers will usually advise investors to key in based on their risk appetite ie invest in what they can cope with and help to manage risk professionally. The norm is that the higher the returns the higher the risk and vice versa.

Naija dey struggle to raise dollars to pay Eurobonds and you dey invite people to invest in a fund that invests in Eurobonds because you wan make commission abi? 🤔

ahiboilandgas:
na the bad news from Goldmansac bank cause this panic again !tbey trigger the panic bank of America says naira is over valued above 600 .Goldman says the net reserve was 3 bn USD. They are playing mind games . Once we start getting weekly bid like before ( 2000 bdc) currently undergoing doing final round of documentation na 650 you go sell am last last .the Fgn is going to sell down of usd assets to raise 15 bn usd . Like some stake in NLNG and NNPCL with buy back option is on the table .a stable currency (Naira ) is in the overall interest of everbdoy ( speculators,citizen's,rumour mongers,haters of Nigeria Bdc operators politicians) no body is totally immued to the fallout of a collapsed naira

This thing wey you write get as e be. E nor just make sense. No comma, no full stop, no paragraph. What exactly are you trying to say

Acidosis:


Okay, you now agree that the country is not normal? Interesting.

You don't want people to trade another country's currency but 90% of your politicians take their family abroad for education, healthcare, real estate investments, and holiday. Dey play.

Your principles are good for the books/libraries only. The people feeding you with lies and hope are the same people behind dollar scarcity. I don't know any regular human around me here that is hustling for dollars. The regular japa people learned the old ways of the politicians and most of them help Nigeria through remittances. Our major problems are the unproductive, lazy, agbada-wearing thieving crooks called "politicians."

My dear allow him to be using English anyhow.
4 yrs is not far. Tinubu met dollar at 450 and 720 respectively.
He failed to understand that he has no control over naira and dollar. Even in Nigeria, people bought naira at 30%extra. What have we not seen,?
When. This administration entered, they removed fuel subsidy and claimed that the consumption dropped from 66million litres to 13million litres daily. This means that Nigeria should have $55m everyday from the sale of remnants from subsidy but dollar continue to be scarce. We have not talked about money generated from the sale of other barrels per day.

One thing is sure. Dollar. Naira, patriotism and unpatriotism no be my mate, I respect them

NTB auction results today. 364 days rate went up.

Good evening house pls,wen will I be debited for treasury bill investment.is it d same day?

Pls av u been debited?

Pls av u been debited?

skydiver01:
NTB auction results today. 364 days rate went up.

teejay5:
Good evening house pls,wen will I be debited for treasury bill investment.is it d same day?

If you are successful, you should be debited by Friday

Ok,thks but I filled form on Tuesday,so I was expecting to be debited today or is the bid on Thursday?

unite4real:


If you are successful, you should be debited by Friday

You will be debited tomorrow or Friday

teejay5:
Pls av u been debited?

I did not bid.

teejay5:
Pls av u been debited?

teejay5:
Ok,thks but I filled form on Tuesday,so I was expecting to be debited today or is the bid on Thursday?

It doesn't work that way. The date of auction is different from the day of settlements, after which bank accounts will be debited. So Friday latest it is

Ok,thks alot

unite4real:


It doesn't work that way. The date of auction is different from the day of settlements, after which bank accounts will be debited. So Friday latest it is

The Central Bank of Nigeria (CBN) says the recent estimate of the country’s foreign exchange (FX) reserves by JP Morgan was presented “out of context”.

Hassan Mahmud, director of monetary policy department, CBN, spoke when he featured on Moneyline with Nancy, a programme on Africa Independent Television (AIT), on Wednesday.

Earlier this week, JP Morgan estimated that the CBN’s net FX reserves fell to $3.7 billion at the end of 2022, compared to $14 billion in 2021.

Reacting to the development, Mahmoud said that fluctuations, liabilities and encumbrances to the reserves were only natural and normal.

“We also read the JP Morgan numbers in-house and we didn’t panic over that. That’s not the first time we are seeing people, institutions reeling out numbers; they must have their intentions to do that, whether to rouse market sentiments, whether to mislead the public,” Mahmud said.

“But the central bank has tried as much as possible to be transparent. What I will say about those numbers is that it is just funny in the sense that number one, reserves like any account balance, is a flow; there are changes that go within it at any particular time.

“Two, even if you have outstanding liabilities, you don’t mark the outstanding liabilities to market on a day and say this is your net balance.

“I can have $20 million in my account and I am owing someone maybe $13 million that is supposed to be paid in 2027; you can’t come in 2023 and say if I remove that $13 million, your money is $7 million or you are having $7 million.

“Now, I am not having $7 million, I am having $20 million. Because before I took a facility of $13 million, I know in the next three years, I will get $17 million so I can pay you back.

“But for you to come and tell me that no, your balance is $7 million and you can’t pay back in three years; it’s just putting it out of context.

pizapato:


Dey play.

When boys are warming up to mop up again anything below 800

I like your optism. Check the post of AwesomeJ on this thread and see how he discouraged people from changing below 500 few years ago. I'm sure experience has taught him that the thieves at helms of affairs of this country are unwilling to address the true solution to the problem


The true solution to the dollar quagmire is for government to cut the operational budget of all federal parastatals and ministeries by 50%. The money given to these ministries/parastatals are largely stolen, which is in turn used to mop up dollar by the looters.

If they don't do this, the solution you are seeing now is only a quick fix that will push dollar to sub 800 but in few months or one years time, the dollar will continue its upward journey again.

oluayebenz:


Till then.

Will quote you

We did not even get to sub 800 as I envisage, we only got to 820 before the reversal.

The pull back in the rate also didn't even last up to a month. May be it is too early but we are back to 920 😁


Only rookies will hurry to sell their stash, those with experience know it takes a few weeks or months for the rate to return back to default

.

ahiboilandgas:
na the bad news from Goldmansac bank cause this panic again !tbey trigger the panic bank of America says naira is over valued above 600 .Goldman says the net reserve was 3 bn USD. They are playing mind games . Once we start getting weekly bid like before ( 2000 bdc) currently undergoing doing final round of documentation na 650 you go sell am last last .the Fgn is going to sell down of usd assets to raise 15 bn usd . Like some stake in NLNG and NNPCL with buy back option is on the table .a stable currency (Naira ) is in the overall interest of everbdoy ( speculators,citizen's,rumour mongers,haters of Nigeria Bdc operators politicians) no body is totally immued to the fallout of a collapsed naira

The last time BDCs were allowed to operate, they were largely involved in rountripping creating a bottomless pit the CBN could not fill. Same reason why their licenses were suspended.

When questions were asked here, you were quick to defend their acts as 'business men' and instead blamed 'importers'. Well the importers have survived.
The devaluation today was set in stone partly by their actions. If BATs government allows then do same thing that PMBs allowed, same outcome would be guaranteed.


Patriotism thru ethnic lens.... it doesn't matter what BDCs do to the naira. As far as they are my brothers or I benefit directly, I must protect them and point fingers at others.

pizapato:





May be it is too early but we are back to 920 😁


Only rookies will hurry to sell their stash, those with experience know it takes a few weeks or months for the rate to return back to default

Am unavailable 🚶

A single man was given unfettered access to $3B -a chunk of our nations reserves at a discounted rate of over 50% from prevailing the market rate. When questions were asked here it was said he is a business man.
As if that was not enough, the government then bought into his private venture at an inflated fee of $2.7B

But we're to believe it's the money paid by hapless masses escaping the brutal effect of the padt regime that's responsible for the nairas decline

Patriotism thru ethnic lens. It

jedisco:


The last time BDCs were allowed to operate, they were largely involved in rountripping creating a bottomless pit the CBN could not fill. Same reason why their licenses were suspended.

When questions were asked here, you were quick to defend their acts as 'business men' and instead blamed 'importers'. Well the importers have survived.
The devaluation today was set in stone partly by their actions. If BATs government allows then do same thing that PMBs allowed, same outcome would be guaranteed.


Patriotism thru ethnic lens.... it doesn't matter what BDCs do to the naira. As far as they are my brothers or I benefit directly, I must protect them and point fingers at others.

The current situation is complicated. It was exacerbated by BAT's impulsive calls. I do not know what is available in our reserves or what the inflows look like. However, a good solution would be to map out a plan to release 5 billion USD or more at an exchange rate of 750 or thereabouts. Flood the market with it. Allow the BDC, banks, and manufacturers to take as much as they want. Sustain this for at least a couple of months until all speculators have had their fill. In effect, buy out all the speculators. If the money is not there, then we are at the mercy of the speculators.

They should never ban or outlaw the black market, or the dollar will reach 2000 in days.

jedisco:


The last time BDCs were allowed to operate, they were largely involved in rountripping creating a bottomless pit the CBN could not fill. Same reason why their licenses were suspended.

When questions were asked here, you were quick to defend their acts as 'business men' and instead blamed 'importers'. Well the importers have survived.
The devaluation today was set in stone partly by their actions. If BATs government allows then do same thing that PMBs allowed, same outcome would be guaranteed.


Patriotism thru ethnic lens.... it doesn't matter what BDCs do to the naira. As far as they are my brothers or I benefit directly, I must protect them and point fingers at others.

BDCs is a necessary evil the Nigeria state must learn to accommodate . Pmb learnt the hard way both in 83 and 2019 ! Nigerian is an abnormal society and text book policy will not work as planned in other society's! .This unrecognised market was organised by CBN /sunusi after years of self deny that is doesn't exit or dont have any effect on official rates ,inflows and stability! Wapa starting exchanging money before the Nigerian state came into been and will still be doing currency exchange after the Nigeria state expires!. Nigeria a highly corrupt ,selffish and crime infested society where 95 peecent of citizens have criminal tendencies are surprised the naira is unstable and BDC strives ! Give a Nigerians manufacturer 1m usd @300 to bring raw materials he will instead sell tp BDC @600 make 300m collect cheiftancy title and come to press and blame poor aboki for devaluation of Naira .give xxxx Man visa to India ,thailand cambodia for business he start selling drugs and remit same to BDC to build his mansion! All the ashawo in italy,drugs in asia , yahoo crew are th crew sustaining the BDC enterprise

phoinix:


The current situation is complicated. It was exacerbated by BAT's impulsive calls. I do not know what is available in our reserves or what the inflows look like. However, a good solution would be to map out a plan to release 5 billion USD or more at an exchange rate of 750 or thereabouts. Flood the market with it. Allow the BDC, banks, and manufacturers to take as much as they want. Sustain this for at least a couple of months until all speculators have had their fill. In effect, buy out all the speculators. If the money is not there, then we are at the mercy of the speculators.

They should never ban or outlaw the black market, or the dollar will reach 2000 in days.

BDC stop going to biweekly bids in 2012 to 2014 and USD was sold lower in BDC than the offcial rates each BDC was alloacted 100,000 USD weekly that they can even sell finish .this will unlock all those hidden and speculative usd .their is enough USD in Nigeia in dorm ,under the pillow

Rizin:

so they say Lagos /ibadan express way analyst it aboki BDC that is the problem so now Cbn stop the 10000 USD per week sale for 2 years abd BDC still dey cos of patronage from illegal acitivies of same Nigerians that complain

ahiboilandgas:
BDC stop going to biweekly bids in 2012 to 2014 and USD was sold lower in BDC than the offcial rates each BDC was alloacted 100,000 USD weekly that they can even sell finish .this will unlock all those hidden and speculative usd .their is enough USD in Nigeia in dorm ,under the pillow

Please, I don't understand this post. Break it down so I can understand.

jedisco:
A single man was given unfettered access to $3B -a chunk of our nations reserves at a discounted rate of over 50% from prevailing the market rate. When questions were asked here it was said he is a business man.
As if that was not enough, the government then bought into his private venture at an inflated fee of $2.7B

But we're to believe it's the money paid by hapless masses escaping the brutal effect of the padt regime that's responsible for the nairas decline

Patriotism thru ethnic lens. It

is it not better to even give dangote industry the entire reserve to exit the fuel import cancer that comsume 10 bn usd yearly? You have selectiive understanding syndrome! (SuS) it becould objective reasoning! Dangote tract record .we exited the 30 m million tons cement import issue .currently dangote fertilizer export urea to brazil ,Americas a single shipment is 22 m USD .this happing live at the refinery . 90 percent of ships coming to Nigeria go back empty now with urea export by dangote via this same ship bringing in bulk sugar they move urea . ( gross export sale is 1.4 bn USD .)

jedisco:
A single man was given unfettered access to $3B -a chunk of our nations reserves at a discounted rate of over 50% from prevailing the market rate. When questions were asked here it was said he is a business man.
As if that was not enough, the government then bought into his private venture at an inflated fee of $2.7B

But we're to believe it's the money paid by hapless masses escaping the brutal effect of the padt regime that's responsible for the nairas decline

Patriotism thru ethnic lens. It

you want them to give USD to alaba traders to import from china ? From pants to toothpicks and claim hardworking and developing crew abi ? 3 bn USD to alaba traders to import used electronic or 3 bn USD to dangote group to build refinery so we stop importing and spending 10 bn USD .which in your tribalist view is better ?

phoinix:


Please, I don't understand this post. Break it down so I can understand.

BDC was formally recognized by prof soludu and was given operational guidelines after years of denying . Sunusi started the biweekly sale to BDC via dutch auction system of 50000 USD x2 after like 6 months BDC could not absorbed the USD inflow from the bid. Then they stop biding or skipped cos CBN was give them a margin of 2 naira only . So it was more profitable for them to buy lower from under pilliow stockpiles and sale lower than the offcial rate to remain in business . So no body goes to the offcial window cos it was cheaper in the BDC by 7 naira .and stability was Maintained .

All this na long English sef. Taking dollar from people dormitory account would just make things worse.

No matter how corrupt or incompetent those in government agencies are, Their are still some very competent & experienced people in all of those agencies that can get us out of this mess if those in charge really want to do dat. But we all know, they mostly want those who are 'LOYAL' to them & not Nigeria.


I know someone who turned around a branch of govt agencies riddled with millions naira in debt into millions of naira in profit & procured latest equipment.
But when he left, d next person squandered d money in less than 2 years.

phoinix:


The current situation is complicated. It was exacerbated by BAT's impulsive calls. I do not know what is available in our reserves or what the inflows look like. However, a good solution would be to map out a plan to release 5 billion USD or more at an exchange rate of 750 or thereabouts. Flood the market with it. Allow the BDC, banks, and manufacturers to take as much as they want. Sustain this for at least a couple of months until all speculators have had their fill. In effect, buy out all the speculators. If the money is not there, then we are at the mercy of the speculators.

They should never ban or outlaw the black market, or the dollar will reach 2000 in days.

Markets thrive on confidence. The dollar in itself is mainly paper, many times its just numbers on a computer.

What percentage of oyr reserves would $5B come to?
What happens after 2 months?