₦airaland Forum

fxuser:
Emefiele live on CNBC

Please is there any other online platform one can watch it ? chanels tv not showing it

Abeg provide link

fxuser:
Emefiele live on CNBC

http://www.cnbcafrica.com/tv/cnbc-africa-live/

See mad rush for market!!

megainvest:
See mad rush for market!!

hahahaha!!!

Officially Its a Float!

Long Live Emperror Emefiele!!

The party has just begun!

UBA..........

Very irrational market. UBA that was on offer suddenly has 63M bids. Investors can be crazy sha.

Manonamission:
Very irrational market. UBA that was on offer suddenly has 63M bids. Investors can be crazy sha.

The theme of stock market is to follow the MONEY

dead cat don rise ohh loll
dis market sef

The train just left the station.

Godisfaithful:
The theme of stock market is to follow the MONEY

Yes. Those that bought at N4.31 today are sitting on a fabulous 6% gain already. This weeks bull will take it to 16%. Next week maybe another 10%.....then I JO

Please can someone explain this new policy?

austinkenneth:
Yes. Those that bought at N4.31 today are sitting on a fabulous 6% gain already. This weeks bull will take it to 16%. Next week maybe another 10%.....then I JO

Bro!!! If you throw in good Q2 results 4 weeks out one may be sitting on 30 - 40% oh

Stocks with new 52 weeks low
GSK #15:64
UPL #4:19

stocks with new 52 weeks high
NEM #1:15
DNMEYER #0.99

NuttyChoky:
Bro!!! If you throw in good Q2 results 4 weeks out one may be sitting on 30 - 40% oh

I feel u bro! Didn't think abt that.

Joysmart:
Please can someone explain this new policy?

http://nairametrics.com/its-official-cbn-floats-the-naira-the-implications-for-you-and-i/

"The Central Bank Governor has just announced a full float of the Naira in a press conference in Abuja. The CBN Governor informed a stunned audience that the exchange rate will be market determined and that the CBN will also participate in the market occasionally. The CBN also maintained that the 41 items banned last year for for access to forex for imports remained banned. The CBN has also appointed primary dealers for the first time which is expected to help boost FX liquidity in the market.

In a remarkable turn on events for a CBN Governor and Government that have for months held tightly to an artificial exchange rate, the CBN Governor also revealed that we will be operating a single market suggesting that we will no longer have two windows.

The CBN also introduced a two way quote which basically means that the market will act like the stock market where buyers and sellers will state price and quantity they are willing to sell.

The CBN Governor also confirmed that all the “pent up” demand awaiting to be filled (for example airlines looking to repatriate their dollars) will be met at the interbank market but advised caution for buyers looking to rush demand. In what was quite remarkable he clearly stated that the CBN has enough reserves to meet demand and is willing to put its reserves on the line.

The market will also include financial products such as futures where businesses who need dollars in the near distant future can now hedge buy buying at a price today but get the dollars delivered when they actually need it.

As per the new price of the Naira, the CBN Governor mentioned that the price will be known when the market opens officially on Monday.

The implication of this could be wide-ranging and we will know more as more details emerge after the press briefing. However, we can only but conclude that the end of the black market is near as anyone and everyone can not buy dollars at any bank or with authorized dealers at a price that is market determined.

Nairametrics had reported severally that the black market rates might drop if the CBN announces a float as investors and businesses who refused to import dollars into Nigeria can not bring in their forex at a price they believe is market determined. This might take some time at the worst but we believe the market will be flooded with liquidity in due course. Indeed we anticipate some volatility as the market takes shape and tracks how liquid the market will be.

In other countries where a full float was launched, the value of the home country did plummet woefully before it found its level. However, the rates between the interbank market and the parallel market did narrow which we expect will also replicate in Nigeria.

The CBN Governor did not dwell on the controls currently in place such as limits to withdrawals of dollars from your bank domiciliary accounts or spending limits when abroad. However, we believe these limits will be removed in due time as the market becomes more liquid.

More updates on this page soon….

Key highlights of the press briefing.

Market moving to single market through interbank via a Reuters / FMDQ order matching system with 10 primary dealers (2 way quote mechanism) and other secondary detailers.
Primary dealers will operate the interbank market. CBN may intervene from time to time
Proceeds of FDI shall be purchased by authorised dealers at the daily interbank rates
Non-oil exporters are allowed unfettered access to export proceeds via the interbank rates
41 items formerly constrained by CBN will still not be eligible for trade on interbank
To enhance liquidity, CBN may offer long dated 6 – 12 months forwards to authorised dealers. Forwards must be traded backed with no authorised spreads
New product : Now authorized NGN futures on the FMDQ OTC – which will allow non-standardised amounts, no fixed dates or tenors. Will allow businesses to hedge. Futures will be NGN settled.
CBN says they have enough liquidity to play in the market (it surpasses pent up demand)
Detailed Guidelines to be released

The new guidelines for FX dealers and market structure will be circulated after the meeting.
Selected primary dealers will be notified by the 17th of June. Primary dealers must be able to trade sizes of at least $10m
Interbank trading will start on Monday the 20th of June
Tenors / rates on NGN futures will be announced on 27th of June"

Guys, which listed banks do you think will make it on the list of primary dealers?

I'm sure Citi will... UBA? Access? FirstBank? Stanbic?

na to buy tomorrow oh

I'm thinking Foreign Investors may not respond positively to this free float immediately (tomorrow tomorrow). They may want to see the market settle first as initialy we may have wide variance due to pent up demand. This is in turn could translate to about a week or more of bi-directional movement in the NSEASI before a more definite upward trend for a while. Abi?


$$$

So when will Oscar Float the Stock Market self?

why cant i make 35% gain in a day?

Emefiele don pass the raggae,which banking stocks go now play the bull

Fbnh. Diamond . Access

betcindy:
Emefiele don pass the raggae,which banking stocks go now play the bull

Fbnh. Diamond . Access

Zenith closed on full bid...

735i:
I've made over N4m for a client through Access bank. The guy buys me nkwobi every other Weekend.

chai...see money.

megainvest:
Just netted 6 digits from Unity this morning alone!

I thought I was done with JIJO!

chai, see d money wey we dey look for.
licks lips.

see unity bank ooooo.
1.08? jeez

u just reminded me when this bank made me hammer in 3days.

The right stocks to go for now are those that will pay interim dividend, AND whose interim dividend will be juicy enough at a price 50% above the current price, and have good upward potential for eg
UBA, UCAP, FBNH, maybe ACCESS

ExLaidback:
I'm thinking Foreign Investors may not respond positively to this free float immediately (tomorrow tomorrow). They may want to see the market settle first as initialy we may have wide variance due to pent up demand. This is in turn could translate to about a week or more of bi-directional movement in the NSEASI before a more definite upward trend for a while. Abi?


$$$

sure . . initial impression is +ve wh is a good start

735i:
Guys, which listed banks do you think will make it on the list of primary dealers?

I'm sure Citi will... UBA? Access? FirstBank? Stanbic?

na to buy tomorrow oh

The Requirements for Primary dealers has just been released

- N200B share Capital

- N400B Fixed assets

-40% Liquidity Ratio

- Dealers must meet at least 2 of the 3 conditions..

So Apart from Citibank; which other banks meet this? any listed banks?

feelamong:
The Requirements for Primary dealers has just been released

- N200B share Capital

- N400B Fixed assets

-40% Liquidity Ratio

- Dealers must meet at least 2 of the 3 conditions..

So Apart from Citibank; which other banks meet this? any listed banks?

Zenith & GTB have share capital of over N400bn. Liquidity ratio is 51.4% for Zenith and ..for GTB is 42.21%

Not sure of fixed assets... But i'll put bet on Zenith... I'm just worried about the classification of Aiteo's loan by CBN.

But Zenith looks like a possible dealer to me.

735i:
Zenith & GTB have share capital of over N400bn. Liquidity ratio is 51.4% for Zenith and ..for GTB is 42.21%

Not sure of fixed assets... But i'll put bet on Zenith... I'm just worried about the classification of Aiteo's loan by CBN.

But Zenith looks like a possible dealer to me.

It's time to ride the market to the Zenith!!!
It pays to be at the right place at the right time!