The payment might not drop until 22 Dec upwards, which is the closing date for the newly published Sukuk bond.

The last Sukuk FGN wanted to borrow N150 billion, ended up borrowing N165 billion.

This year they want to borrow over N250 billion, who knows how much they will end up borrowing. The settlement of maturing Sukuk seems to be paid for with monies generated from new subscribers, I think there was another Sukuk in June used to settle accrued interests.

A country is only assumed to handle it's debt portfolio well when the subscribers have money to pump into it, when the money becomes scarce and worthless, foul nyash go open "wozaaaaaa"

Phyde:

Likely to drop today

Does anyone know how much dollar is being sold for now.

The $10,000 I bought at N370 in 2020 is sitting idle under my pilliow.

How much does dollar sell for now?

I budget N50k per day, this includes acknowledging pleasantries with drinks, cash, meet ups, hotel, restaurants, clubs, fuelling car.

You may even exceed this if you carry along friends with loud mouth or have female friends who will take you to hotels where it costs N40k per night.

Plan yourself, book Airbnbs in good locations, they are at least 20 percent cheaper.

This year, my budget for 3 weeks visit is already on N4 million.

Chuky7:
A female friend on mine said she burnt through 1m she's says Nigeria is expensive from houses data etc and that you have to keep spending she prefers the one time payments for services( i.e. in some cases)

This kind of news used to be very exciting but I'm having mixed feelings.

Makes me think what $1 will be worth in 2050, I'll be playing safe from next year. I'm just imagining a situation where N10 million equals $10,000. Although N10 million will relatively have a reasonable purchasing power within Nigeria in years to come but if you have the Naira now, in my opinion making the best preservation of it is better late than later.

emmanuelewumi:
FGN March 2050 coupon paid

The motivating factor is the ability of the Nigerian govt, to repay it's short, medium and long term loans at the detriment of the local currency.

One thing is for sure;
1. Nigeria will never have the power to print dollars.
2. Nigeria will never develop infrastructures that will comfortable repay it's foreign loans.
3. When the foreign loans are due for repayment and no country is willing to lend anymore, further weakening of the Naira is inevitable.
The current government will borrow even if it's $50 billion to try cover up the bad government policies in the run up to 2023.
Whoever takes over from 2023 will only add more borrowing to the huge debt.

emmanuelewumi:
What are the motivating factors?

How will they get back their funds?

Does that mean they are bullish about the country?

Oh, close your eyes let us pray for Nigeria then, the Bible said prayer without work is in vain

oluayebenz:


Can't you just stop been negative

Always wishing bad for the country.....

Never take a time to pray for the country....
Is this the kind of mindset that will improve our dear nation?

God, why did I share same airspace with these kind of people

Still politicial and economic crisis has eaten deep into their system, they learnt their lesson, the Lebanese have trooped into Nigeria, taking advantage of the corrupt Nigerian system.
Officially the Lebanese pound is pegged by its govt at $1 = 1502 Lbp but their black market sells it at $1 = 14,200 Lbp, people who held dollars in their accs has been restricted from withdrawing them.

Similar thing could happen in Nigeria unfortunately, there is no rocket science that keeps a poor performing economy like Nigeria, Lebanon, Zimbabwe afloat.
When very poor economic decisions are made, the poor masses will suffer.
Politicians in Nigeria hold more cash and assets worth over $30 billion.

cucumbar:
what’s the situation in Lebanon at the moment?

Another signature to borrow $4 billion has just been requested, the situation in Lebanon is most likely, these politicians have all stacked Forex and have unlimited access to Naira earnings so they don't mind whatever happens to the commoners.

Read below ;

Someone who sells perishable goods like frozen foods or vegetables cannot hoard, six months ago I wanted to sell the $10k I bought at N370/$ to the BM at N430/$, on a second thought I decided to leave it longer, now I can sell at N550/$, even if dollar hits N1000/$, I still will not sell because rather I will withdraw the funds and send it offshore, what is happening now is the begining of what is come.

At some point $10k will be worth N10 million

SeaTrade:
Oga, the business don't need to hedge any hedge,
All he need to do is to have stock,
Only foolish business people who like to keep cash will lose purchasing power.
All the serious businessmen and women actually gained from this whole inflation issue.
All they need to do is to change prices of their old goods to catch up with inflation.

Any business whose cash reserve is denominated in Naira from 2020 to-date that didn't hedge against currency devaluation has lost the real value of the Naira, the purchasing power of Naira in 2020 is no longer the same purchasing power in September 2021, that's how.

Biafran4life:
Tell me how a biz who buys in naira and sell his goods in naira have lost 50 percent

The dollar wey I buy in Jan 2020 has gained 50 percent in value while the Naira wey I put for bonds has lost 50 percent (we could say make we add 10% annual yield and $5 percent reinvestment interests but still 35% loss in value).

Anyone who has held Naira since Jan 2020 up till date has lost 50 percent of its real value.
Jan 2020 - $1 bought at N370
Sept 2021 - $1 bought at N550.

I no trust am phor this coun3ri.

The dollar wey I buy in Jan 2020 has gained 50 percent in value while the Naira wey I put for bonds has lost 50 percent (we could say make we add 10% annual yield and $5 percent reinvestment interests but still 35% loss in value).

Anyone who has held Naira since Jan 2020 up till date has lost 50 percent of its real value.
Jan 2020 - $1 bought at N370
Sept 2021 - $1 bought at N550.

Boyhood:
[b]
ah.. President Buhari, even you?

Today I went transferred funds from my Nigerian bank and was charged
N550/€ by my bank, I am going back there tomorrow to transfer more, I don tire for Nigeria.

E go shock you say the guy don collect N300k or more before the N700k enter your hand, the additional N400k he seek maybe a more greedy plan to completely chop you raw.

QueenNemesis:
Good day everyone.

I am a 300 level student guy in a Fed Uni and what happened right now is just very funny and I think I need solid financial advice from the investment experts here. Everyone should please endeavour to contribute.

Buying FGN bonds via Stanbic is quite frustrating, the branches don't do it, they need to call their stock broking unit, the unit will require funding their stockbroking account with minimum of N5m, they may delay opening CSCS account for you while holding on to your funds for two weeks.

freeman67 :


I was frustrated by Stanbic IBTC Bank today. Last week I went to a branch in Wuse 2 and was told there will be an auction this week. I was also told to visit a particular branch ( Garki Branch) early on Tuesday. Only to get there today and find that all the staff there are just novice to many things or just pretending to be Ignorant.

I put a call through to their customer service and the guy that picked promised to call back. I went further to mail them but didn't get a reply. The guy later called back and was trying to tell me TB rates. I reminded him it was FG Bond I discussed with him earlier. Then he said he was going to call back again but didn't.

Haha you are right, an oxymoron indeed

ChybuzzDD:


Your ideas and suggestions show you're reasonable, but they're not in agreement with your moniker. A reasonable 'PresidentBuhari' is an oxymoron.

Thé power of the dollar to Naira
It is incredible how Naira has lost value, I just checked the USD I bought at N370/$ has gained over 41% against the Naira since March 2020 till date.

Meanwhile Sukuk bought at 11.2% interest hasn't even done 3% and it matures 2027.

As much as never say never, I would say such situation whereby a Taliban occupies the government is not possible in the UK, USA, Germany, Russia and China. They can only hold people hostage on these soils for a maximum of 72 hours and the bullets and ammunition that will be used to clear them will be one of its kind.

NL1960:


And you think such a situation can only befall Nigeria and not US, UK, Germany, China, Russia?.

At least they diversified and if they survive, they only need their online login details to access resources unlike starting from ground zero.
The next government will be looking for allies whose obligations are priority.

freeman67:



What if in a bid to diversify the country I invested in was Aghanistan or like it? What if the citizens of Afghanistan invest in other country but do not survive or tried to leave the country and die in the process then the country is later reorganised and the leadership decide to take are of its obligation...?

A sober reflection with respect to what is happening in Afghanistan

Afghanistan is in crisis and most likely a new government will be formed. The instability will go on for a long time, the government to be likely formed by the Talibans determines everything concerning the country.

Now imagine all the domestic and foreign loans taken by the previous Afghan govt, it is most likely a default in repayments will occur, investors are leaving, foreigners are leaving, the currency is sharply losing value.

Now talk of the devil, Nigeria. If such happens in Nigeria, the same fate will befall the investors in bonds, Treasury bills, foreign loans. The value of assets will nosedive, as you invest locally it is unfortunate the need to diversify outside the shores of the country is necessary.

I think some are already paying double digits, I got 14 percent in one of my portfolio with one of the banks. I will keep watching closely and affirm

emmanuelewumi:


United Capital Money Market Fund currently has the highest yield at 9.65%.

It is more like a league, another might be the highest next month

Thanks, the foreign stock investment is what I didn't grab unfortunately, any idea of platforms and good potential stocks?

emmanuelewumi:



If that is your only property, please leave it

The 900k you are getting from the property should increase to N2 million in the next 10 years, if you are ready to do some of the things I have shared in the last 48 hours.


You are use the rental income to invest in foreign stocks, provided you understand the game and the terrain

Chairman there was something you mentioned the other day, if someone won fifty million naira jackpot what will the person invest it in?
What was the conclusion of that as I am faced with very similar situation, I have no idea what to put the money in. There is a N20m property with 4.5% return which doesn't look like a good investment. Bonds and TBills are doing 9.5% ATM so I was wondering something else like foreign stocks or liquid investment options if any.

emmanuelewumi:


If he is the owner of the property used for the hotel, he can convert it for other uses

[quote author=Reine22 post=103405424][/quote]

This was my initial post with emphasis in bold
[quote author=PresidentBuhari post=103391128]
On paper Nigeria is broke but the majority of cash held by Nigerian elites and crooks accounts far more than the reserves on paper.
Some Nigerians hold $2 Billion, $500m, $700m in cash with banks. Most of the funds are from embezzlement, the majority is poor which is what matters.
On the other hand lack of basic, social and infrastructural amenities is what makes Nigeria poor.
There are many countries in the world even the UK where everyone can survive with £5 per day on just food due to the basics is freely available. On no account can everyone survives on £5 a day in Nigeria, though people do but it's bottleneck survival.

A guy donated his kidney to save his finances's brother and after he recovered (his finances's brother), they gave out the girl to a Malaysian guy in marriage.


Now the guy who donated his kidney is upset and has been shouting and getting angry at everyone after his wife to be did him dirty. He now has only one kidney, before the transplant he didn't drink much alcoholic drinks but now he drinks everyday.

What advice can you give the guy?

If you are living in the UK there won't be need to argue about it. The UK grocery market caters for all class, food is basic and luxury at the same time. The foods purchased at Tesco has same quality control with the foods at Waitrose.

A 500ml bottle of water costs £3 at M&S while 1 litre bottle of water (double the size ) costs 0.25 at Asda.

Lazyyouth4u:


And you are assuming that I am not speaking from experience?

Oga if you are making £150 a month in the UK, you are royally fuked. You can’t even get anywhere to live on that pitiful amount. You will be living on the streets. Even if na only for food, what foods will you be eating with that money three times a day?

In Naija, people are raising families with 100k monthly salary which is the NGN equivalent.

£5 in the UK is more valuable than £5 in Nigeria, only someone who has spent reasonable amount of time or lives in the UK and have lived in Nigeria can confirm this, I can't go into more details so to leave room for your inquiry.

An ideal society is built to cater for all class of people and that is why countries like the UK always seem attractive.

Lazyyouth4u:


I think you may be confused. £5 a day in Nigeria is more valuable than £5 a day in the UK. In Naija, that’s close to 100k monthly na. Way higher than minimum wage. Many people are doing okay on that salary.

In the UK, you are dirt poor and probably a homeless guy if you live on £150 pounds a month.

On paper Nigeria is broke but the majority of cash held by Nigerian elites and crooks accounts far more than the reserves on paper.
Some Nigerians hold $2 Billion, $500m, $700m in cash with banks. Most of the funds are from embezzlement, the majority is poor which is what matters.
On the other hand lack of basic, social and infrastructural amenities is what makes Nigeria poor.
There are many countries in the world even the UK where everyone can survive with £5 per day on just food due to the basics is freely available. On no account can everyone survives on £5 a day in Nigeria, though people do but it's bottleneck survival.

emmanuelewumi:
Nigeria is broke and most Nigerians are poor. Our debt is now 98% of our revenue.

People will continue to find it difficult to survive, the people that will bear the consequences of these are landlords

Residential real estate is good if you target the high end market, which is less than 1% of the demand.