₦airaland Forum

The emergence of Anthony Oluwafemi Joshua as the WBA, IBO and IBF heavyweight champion of the world after defeating his Ukrainian challenger, Wladimir Klitschko, through a technical knockout on Saturday have led to a series of publications as to why the Nigerian-British born was rejected by the Nigerian Boxing Federation in 2008.

While, most Nigerians have condemned the action of the federation, both local and international media like ThisDay, ESPN, Daily Mail, etc have tagged the non-existing trial, rejection.

Anthony Joshua started boxing in 2007, combining boxing training with his bricklaying job. However, in 2008 the now heavyweight champion of the world reached out to the Nigerian Boxing Federation, asking to represent Nigeria in Beijing 2008 Olympic.

In 2008, Anthony Joshua knows he cannot make any Olympic team in the world –that was barely a year after he started boxing training, even nine years later Anthony Joshua is still work in progress and lack footwork and head movement that defines true champions. Perhaps that explained why he didn’t show up for the trial against the likes of Durodola Olanrewaju and Onorede Ohwarieme that represented Nigeria in Beijing 2008.

According to the chief coach of the Nigerian Boxing Federation, Obisia Nwankpa, Anthony Joshua reached out to the association in 2008, and he was invited for trial but came after the national trial had finished.

Even though, he won a gold medal at the 2012 Olympic, Tyson Fury and other heavyweight rivals have repeatedly said he was gifted the gold medal because the Olympic was hosted in London and insisted Roberto Cammarelle of Italy beats the world champion in the final.

That was after winning a silver medal at 2011 World Amateur Boxing Championships in Baku, Azerbaijan and going through five years world class training in London. Still, his Olympic performance and gold medal has been criticised by experts.

Therefore, Anthony Joshua was not rejected in 2008 by the Nigerian Boxing Federation, neither was he qualified to represent Nigeria in the 2008 Olympic, but rather he was looking for a short-cut to the Olympic without the skillset requires to fight at the Olympic level as at the time.

Nigerians should stop condoning mediocrity and focus on nurturing homegrown talents to compete on the global stage.

http://investorsking.com/anthony-joshua-and-the-nigerian-myth/

martineverest:
oga , the story I read on ESPN sports says Joshua came late to trials and after the trials have been concluded...... Who do u blame?

That story was a pure lie, Joshua has not been to Nigeria since he was 11 years old. He only wrote Nigerian Boxing Federation and they ask him to come down for trial he didn't.

Joshua started training as a boxer in 2007, that is exactly the same year he wanted to represent Nigeria in Olympic. He was also a part-time bricklayer and amateur boxer as at the time, and couldn't even make European amateur tour talkless of the Olympic team. So if he can't even make GB's team trial, how do you think he would perform in Olympic?. Even 4 years later we hardcore boxing fans knows he was gifted the gold medal because it was hosted in London.

People should stop lying about what truly happened.

SirShymexx:
Parker will most likely shock Wilder.

Wilder is very limited. He's more of a yank hype job. But he has heart, tho.

Definitely, Wilder is even taking the fight because AJ has stepped up. He refused Luiz Ortiz in his last fight to fight Washington. Parker is strong, with steel chin. So I don't see wilder having an easy pass.

DPsalmist2:
Wilder would give him the most problems. Power, Stamina and hand speed would be hard to deal with. Anyway Fury is already calling him out for a Fight on Twitter and AJ seems to want fight Fury next.

You are wrong, wilder has power but no hand speed and stamina. Eric Molina rock wilder and it took wilder 9 rounds to take him out. Joshua did with few punches.

Lets wilder beat Joseph Parker first, then we will see if he can deal with AJ new confidence, power and speed.

SirShymexx:
I shouldn't be shitting on my Peckham brother, but David Haye is done after the bum, Tony Bellew beat him. Haye only came back because he made bad business decisions and lost a lot of money. He just wanted to ride the hype to a big check. But destiny failed him and he can't come back. AJ won't fight him and he has too many nagging injuries.

Fury would be a decent fight but I don't think he should fight Fury now. Fury needs at least two fights with decent opponents to build the hype for the fight. I think he needs to unify the division and fight Deontay Wilder.

Wilder's limited and he doesn't have any jab, apart from throwing wild punches and relying on his big right. So, AJ should beat him easily. That's an easy fight for AJ. Then after that, a fight with Fury at Wembley would break the world record for attendance.

I doubt Wlad would want a rematch with the type of beating he took tonight... he'll most likely retire.

Wilder is fighting Parker in July, AJ will fight the winner for unification later in the year.

Ralphlauren:
I agree @ bolded. He's carrying too much muscle.

He relaxed in the fifth round as he assumed he had done enough. Smh.

Who do you think he would fight next?

Fury? Deontay? A rematch with kiltcho? Or maybe my boy David Haye?

He will likely fight the winner of Deontay vs Parker if the fight happens in July. Wilder said its almost done.

obontami:
Deontay Ain't a child's joke breh. Check his record.

Then he is a man's joke, check the level of competition he faced after almost 40 fights. The same Eric Molina that hurt him and took him 9 rounds to put off, took AJ few punches. The same way Washington was leading in his last fight before he got lucky to put him off in round 6.

AJ will beat Wilder, WK is on a whole new level and if AJ wins tonight. He will be the biggest heavyweight of this era.

Big fight, I just hope AJ live up to his hype.

great289:
Ok i grab. Who do you think will win?

It depends on how AJ approach the fight. If AJ let go his hands and throw punches from get go. Rough up WK, it will destabilise him and impede him from setting up those jabs, especially the left hand. And allow AJ to settle in and use his weight, strength and speed to control the fight. But if WK is the one to dictate the direction of the fight, then it's game over. It is a big stage. I just hope AJ rise up to the occasion.

great289:
"I will hurt you" is not responding to comments. Aj responded in a threatening manner

How is that a threat, I heard it during the conference. In heavyweight, everyone gets hurt, both of them will get hurt.

PaulKillerman:
It should be around 10PM , it starts at 5PM , but other smaller fighters will use the ticket to start their own fight, A.J will be fighting last ,so that should be around 10PM give or take...
Yeah bra!!! A.J doesn't seem as confident as klitscko , but the truth is it is a 50/50 match, if objectively assessed, it doesn't seem any body is favoured over each,
A.J has the strength as klitscko does
A.J has the reach , which Most of klitscko contenders didn't and klitscko used it against them.. , so he could land powerful shots at klitscko
Klitscko is better in controlling distance, which Anthony is not too good at
Anthony hasn't stayed in the ring for very long , klitscko is better at that, he could take on the fight till finish.. (This will be a major draw back for Anthony , ) I hope he can make us believe he can stay long.

It is a 50/50 game, Anthony or klitscko could take it.
Within me, my favour goes to Anthony, he is my best sportsman and I want him to carry the day....

That is the truth, except WK have a longer reach than AJ. Anyways, AJ is bigger and can rough him up in early rounds to make him feel his presence and destabilise him from setting up those jabs like Fury did.

Most of WK footages shows movements (footwork and head) and a lot of jab, this is something AJ lack. I am hoping to see a grown AJ tonight and one that will let go his hand and just throw punches.

great289:
Aj is always calm. And their is this rumour he threaten wlad during the final press conference

He didn't threaten him, he just responded to some of WK comments.

Where are boxing fans, AJ seems sacred, rattled during the last conference. WK said he has seen boxers pumped but defeated before they throw their very first punch on fight night. What do you think?

All things being equal, whistle-blowers are poised to get N2.1bn reward for their whistle-blowing efforts that have led to major discoveries since December 20, 2016 when the policy was inaugurated by the Federal Government, findings revealed.

It was, however, learnt that payment would only be made after the recoveries have been thoroughly investigated by the anti-graft agencies.

The Minister of Information and Culture, Alhaji Lai Mohammed, had at the inauguration of the policy, said any Nigerian who gave information leading to the recovery of looted funds would be compensated by up to five per cent of the amount.

He had also laid out the compensation plan, saying informants whose information led to the discovery of up to N1bn would receive five per cent of the amount; those who gave tips leading to the discovery of between N1bn and N5bn would receive five per cent on the first N1bn and four per cent on the remaining N4bn; while those who gave information leading to the recovery of over N5bn would get 2.5 per cent of the amount.

Mohammed had further clarified that those who gave information leading to the recovery of, say, N10bn would get five per cent of N1bn, four per cent of N4bn and 2.5 per cent of the remaining N5bn.

Four months after this policy was launched, the Federal Government has recovered about N71.7bn, with informants entitled to a sum of N2.1bn, experts’ estimates have shown.

For instance, a whistle-blower’s tip had on February 3, 2017 led to the recovery of $9.8m and £74,000, totalling N3bn, belonging to a former Group Managing Director of the Nigerian National Petroleum Corporation, Andrew Yakubu.

Operatives of the Economic and Financial Crimes Commission had stormed a building in Sabon Tasha in Kaduna City, where the money was stashed in a huge fire proof safe.

Going by the Federal Government’s compensation plan, the informant is entitled to five per cent of N1bn (N50m) and four per cent of the remaining N2bn (N80m), making a total of N130m.

On February 12, 2017, Mohammed said a whistle-blower’s tip had also led the government to recover $136.7m (N42bn) from an account in a commercial bank, where the money was kept under a fake account name.

Therefore, the informant is entitled to a total of N1.1bn — five per cent of N1bn (N50m); four per cent of N4bn (N160m); and 2.5 per cent of N37bn (N925m).

During the same period, the minister said another informant had given a tip which led to the recovery of N7bn and $15m (N5bn), totalling (N12bn).

The whistle-blower is therefore entitled to a total of N385m — five per cent of N1bn (N50m); four per cent of N4bn (N160m); and 2.5 per cent of the remaining N7bn (N175m).

Mohammed had also said another N1bn was recovered, so the whistle-blower is entitled to N50m, that is, five per cent of the amount.

On April 8, 2017, officials of the EFCC had recovered N449m in a shop located in the Nigerian Air Force complex, Legico, Victoria Island, Lagos, after receiving a tip-off from a whistle-blower.

Hence, the informant is entitled to N22.5m, which is five per cent of N449m.

On April 11, 2017, the EFCC had also recovered €547,730, £21,090 and N5, 648,500 (totalling N250m) from a Bureau de Change operator in Balogun Market, Lagos, after receiving a tip-off.

The whistle-blower is, therefore, eligible to be paid N12.5m, five per cent of the recovered amount.

The most recent recovery was carried out on April 12, 2017 at a flat at Osborne Towers, Ikoyi, Lagos, where EFCC operatives retrieved $43m, £27,000 and N23m (totalling N13bn).

The informant is entitled to a total of N410m, which is five per cent of N1bn (N50m); four per cent of N4bn (N160m); and 2.5 per cent of the remaining N8bn (N200m).

Therefore, since December 2016, the whistle-blowing policy has fetched informants a total of N2, 145,000,000.

When contacted, the Director of Information in the Ministry of Finance, Mr. Salisu Dambatta, said the framework for the implementation of the reward system under the whistle-blower policy was being worked on.

He said as soon as the modalities for the reward system were concluded, the government would start the implementation of the reward regime.

He said, “The Federal Ministry of Justice is finalising the modality and framework for implementing the reward policy.

“Additionally, all recoveries reported are subject to thorough investigation by the relevant agencies.

“As soon as the processes are concluded, the reward regime will be implemented in deserving cases.”

The spokesman for the EFCC, Mr. Wilson Uwujaren, could not be reached for comment as his telephone indicated that it was switched off.

However, a reliable source within the Federal Government said whistle-blowers would be paid once all legal hurdles had been crossed.

The source said for instance, the $9m recovered from a former Managing Director of the Nigerian National Petroleum Corporation, Dr. Andrew Yakubu, was being challenged and as such, it would be premature to give the whistle-blower any money.

He said, “A lot of the recoveries made have legal obstacles which the government must overcome before paying whistle-blowers. For instance, Andrew Yakubu is challenging the Federal Government over the $9m seized from him.

“We cannot pay the whistle-blower until the money is finally forfeited to the Federal Government. So, these modalities will be worked out between the Minister of Finance and the Attorney-General of the Federation.”

Meanwhile, unemployed youths, students and many others have expressed interest in whistle-blowing, seeing it as a new money-spinner.

A Lagos-based graduate of Economics, Kola Akindemowo, said, “I wish I had an opportunity to whistle-blow, just like the guard who gave the EFCC the tip-off which led to the recovery of N13bn in Ikoyi. That’s the kind of money that has no struggle. It’s the type I want to have. I’ve been looking for a good job for the past four years.”

“I am ready to blow anything now, be it trumpet or saxophone. Whistle is too small. I see it as a new money-making machine and I envy those who had got the opportunity to key into the policy,” he added.

Another Lagos-based youth, simply identified as Chigozie, said he would be happy if he could have a chance of making money from the policy, saying, “I am looking forward to the opportunity to whistle-blow. Even if I can make just N5m, I am okay. I will use it to start my business."

http://investorsking.com/anti-graft-war-whistle-blowers-get-n2-1bn/

topsyking:
THE FIGHT IS IN 2 DAYS .. COUNTING DOWN

What do you think about Anthony Joshua chance tomorrow, both men in shape and ready?

U.S.-based businessman, Mr Charles Ihaza, says he has acquired about 453.9 hectares of land to establish a modular refinery in Eghudu, Ovia North East Local Government Area of Edo.

Ihaza said this at an Open Forum organised on Environmental Impact Assessment (EIA) of the proposed refinery in Benin.

He said that the project would cost over two billion U.S. dollars, adding that the refinery would produce about 80,000 barrels of refined petroleum products daily.

“I know what it takes to establish and manage a refinery, and we are already discussing with the relevant Federal Government agencies on the immediate commencement of the project.

“I decided to site the refinery in Eghudu so as to help our people back home in Nigeria, and I am very passionate about this project.

“As part of our social corporate responsibilities to the host community, we are going to construct roads, build satellite clinics, standard primary and secondary schools and a functional international market,’’ he said.

Ihaza, therefore, solicited the cooperation of the members of the community, urging them to work with the site engineers and other workers toward the successful execution of the project.

Earlier, Mr Larry Edosomwan, who presented the EIA Report on behalf of the consultants, Vokosen Ltd., said that the report had captured all the socio-economic needs of the host community.

“We have looked at the positive social and economic needs of the community, the aquatic environment, drainage and sewage management and treatment of effluents.

“Forests will not be destroyed and wherever it happens, we will plant new trees.

“We have ensured that we met all the requirements of the Federal Ministry of Environment and the Department of Petroleum Resources (DPR). We will mitigate all negative environmental impacts,’’ he said.

Mr Joshua Taiwo, spokesman for the Minister of Environment, Alhaji Ibrahim Jubril, said that he was particularly happy that the project was named after the community.

Taiwo said that the refinery project would provide jobs for the people and improve the socio-economic lives of the residents of the area.

http://investorsking.com/u-s-based-businessman-set-2bn-dollar-modular-refinery-edo/

The hour is upon us, April 29.

Mynd44:
They forgot to add "allegedly buoyed by round tripping and FX back deals"

Exactly what is aiding these commercial banks.

modath:
You do realise i am not wet behind the ears ? so i know what I'm talking about... The message wasn't passed wrongly, it's clear as clear can be... CBN gives them the forex to settle this transactions so they dictate the tune since they pay the piper...

Sometime mid last year, banks were settling card transactions @ 410-460 (i have alerts to prove my claim) till october that CBN directed that all card transactions should not be settled at more than a certain % above the CBN rate which they will provide the fx.... So many banks dropped card transactions with just GT & Access forging on with GT maintaining a 100$ limit @ 320... Access was 200$ @ 325 till January that the limit was lowered to $100....

Leave banks need to be checked... This directive came from CBN!!! They just need to make it an official confirmation & stop hiding behind walls...

BTW... Are you really talking about "liquidity"? I thought we were invincible & could do "anyhow" with reserves with no repercussion? Issokay!!!



Cc 989900

Madam, banks dropped card transactions because there was no liquidity to offset those payments. Deposit money bank through the CBN instituted withdrawal limit to curtail excesses of certain people's activities impacting forex liquidity after global oil prices reached a record low of 26/barrel in February 2016 and our foreign reserves plunged.

If you look at GTB 2016 statement, most of their profits came from the high foreign exchange rate, it was their abuse that led to the restriction last year and of course massive profit declaration. Now, take a look at this first quarter statement, most of the profits comes from interest, why? because the naira has improved. This is our argument that the new forex policy is working and needs time.

It is wrong to assess current situation based on past occurrence. The directive released by the CBN on their website is different from what you were told by your bank. I repeat those banks need to be checked, they not doing anything rather profiting from the system and exploiting people as explained above. Good morning.

modath:
989900 , Truth234

In you gentlemen's sustained position about my negative/pessimistic view concerning the CBN's unstable & market destablizing FX policies, I believe I have to bring a recent development to your notices...

I hope you both are aware that CBN has instructed GTB & Access banks do not process card transactions at less than 375 , FCMB then decided to add extra 5 naira for the sheer hell of it..... It used to be 320-325...

Care to explain why that is?

The message might have been passed across wrongly. The directive stated that commercial banks should not sell dollar more than 20% above the official bank rate. The current official rate is N306 and it changes. I am yet to see where the CBN forced them to sell at 375. The 20% was around 375-378 when the official bank rate was 315 a week ago. The 320-325 was when forex liquidity was better than what we have now. These banks need to be checked.

Most of the profits come from the interest generated, the high-interest rate is killing small businesses. Until our monetary and fiscal policy are structured to aid ease of doing business, new job creation we continue to suffer.

It is not low tax-rate that is hurting revenue generation but lack of job creation and high poverty rate. The FG in its NERGP stated the need to up tax to gdp ratio to 15% from the current 6%, this is counter-productive in a nation where unemployment is high.

Donald Trump just released the highest tax cut plan in the history of the U.S, cutting federal tax to 15% for businesses to further aid productivity and achieve 3% economic growth rate target at 4.7 percent unemployment (full employment). Yet, in a nation where unemployment is 13.9% and youth unemployment/underemployment currently stood at 45.7%, the government is looking to raise tax with interest rate at 16%.

These commercial banks will continue to profit from these lapses, both at the capital market and from the masses.

The Guaranty Trust Bank on Wednesday surprised investors with an impressive performance in the first quarter (Q1) of the year.

The bank’s gross earnings rose from N73.4 billion recorded in the first quarter of 2016 to N104.7 billion in Q1 of 2017. Up by 38.8 percent.

Net interest income also improved by 62.1 percent to N66.1 billion from N40.8 billion recorded in 2016, while credit impairment surged 12.6 percent from N3.4 billion recorded in 2016 to N3.8 billion in 2017.

However, the bank recorded N50.4 billion profit before tax in the first quarter of 2017, which is 64.3 percent higher than N39.7 billion recorded in 2016. Profit after tax stood at N41.5 billion, up from N25.6 billion recorded in the same quarter in 2016.

Commenting on the results, analysts said: “Q1 2017 PBT of N50 billion grew by 64 per cent while PAT more than doubled to N41billion, thanks to a positive result on the other comprehensive income line of N568 million (compared with a sizeable loss of N5.3 billion a year earlier).”

According to the analysts at FBN, the main factor behind the strong performance was the net interest income. “Although loan loss provisions of N3.8 billion and opex of N32 billion both grew by 13 per cent and 24 per cent respectively, these increases were not sufficient to make any material impact on the results. Sequentially, the non-interest income result stood out because the Q4 result had been negatively impacted by reversals of FX gains and one-offs. In contrast, non-interest income (which had boosted the bank’s results through most of 2016 on the back of FX-related gains) was up only five per cent,” they said.

They further stated that “Both PBT and PAT were 17-18 per cent ahead of our forecasts because of the strong net interest income result which surprised positively by 15 per cent. The only other notable positive surprise was loan loss provisions. GTBank booked 16per cent less in provisions than we had forecast. Having said that, given the volatility that is inherent on this line, and that this is only the first quarter of the year, we would not make too much of this variance. Non-interest income and opex were close to our forecasts.”

http://investorsking.com/gtb-beats-expectations-posts-n42bn-profit-q1/

izzou:


Anytime there's is something good about productivity, check well. It must be China

Why?

Can't we take engineers here,train them abroad, and bring them back so we can have our own?

Most made in Nigeria products smell of China

It is a gradual process, the guys working with the Chinese at the assembly are Nigerians and sooner or later they will pick up. The problem is not sending them abroad for training, the issue is they don't usually come back after their training. So it's better to train them on-job here than to waste our scarce resource (dollar) on people that may likely not return.

Dangote Sinotruck West Africa Limited on Tuesday rolled out its first set of locally assembled Chinese trucks as it began an eight-hour shift, assembling between four and five trucks per day at its Lagos-based plant.

The Group General Manager, Projects, Mr. Hikmat Thapa, who spoke in company with other senior managers of the company after conducting journalists round the assembly plant in Ikeja, said it was the first phase of the project.

He said that the second phase would begin in June with two shifts per day and hoped to do 24 hours daily operation moving from Semi-Knocked Down components to Completely Knocked Down (parts) assembly.

“As soon as we move on to 24-hour daily operation, we will churn out between 20 and 30 trucks per day. We are starting with SKD and now waiting for the CKD parts coming at the end of the month,” he said.

Thapa said the project was a joint venture between Dangote, owned by Africa’s richest man, Alhaji Aliko Dangote and Sinotruck of China, with the former controlling 65 per cent, and the later, 35 per cent.

According to him, the plant, with installed capacity to assemble 10,000 trucks annually, will take care of local demand as well as produce for export to some West African countries.

Thapa also hinted about the company’s plan to start producing the cabin needed by the locally assembled vehicles, which would signal the inclusion of local content in the truck production venture.

He said engine production was part of the programme of the company but did not give details.

The company said, in a statement, it would assemble and produce full range of commercial vehicles covering heavy duty truck, medium truck, light truck and other semi-trailers, which would create 3,000 jobs for Nigerians.

“It will also provide new employment opportunities, improve local automobile technology, equipment and technology level, promote the economic development in Nigeria,” it added.

Giving a background of the technical partner, it stated, “Sinotruk (Hong Kong) Limited, which was eestablished in 1960, has the largest production and export base for heavy-duty truck in China.”

http://investorsking.com/dangote-rolls-nigeria-assembled-trucks-targets-10000-vehicles/

obstead200:

I will be uncomfortable, even as a fellow Nigerian, to sell to someone who will take the trouble of going online to order champagne and flowers all the way from south africa, rather than walking into a shop in naija to pick up the items.
Smells like stolen credit card things to me sha

Xenophobia doesn't happen in Nigeria and neither is Netflorist delivering to Nigeria, it means the guy lives in South Africa.

The Nigerian Naira plunged against the United States dollar on Monday to its lowest in a week.

The local currency which closed at N380 to a U.S. dollar on the parallel market on Friday, slid to N390 on Monday.

However, the Naira which has been hovering between N380 and N410 to a dollar in the past two weeks has failed to substantially close the gap between the official and black market rates.

Prompting the Central Bank of Nigeria to sell about $3 billion since the intervention began in February.

Accordingly, the CBN on Monday offered a fresh $246.2 million to authorised dealers at the forex auction in the interbank wholesale window –‘the Small and Medium Enterprises and invisibles’ segments.

The breakdown shows the sum of $150 million was auctioned at the wholesale window while the SMEs and invisibles were appropriated $52 million and $44.2 million respectively.

This was confirmed by the CBN spokesman, Mr. Isaac Okorafor, who stated that the forward sales would be concluded in the days to come.

He further stated that the CBN would continue its weekly sales to dealers in the Bureau de Change segment in order to guarantee onward sale to end users.

“The SME operators no longer have to patronise or source foreign through unofficial windows and no more pressure on either the BDCs or any other unofficial source with the opening of the special window,” he added.

http://investorsking.com/naira-plunges-to-n390-per-dollar-on-parallel-market/

modath:
Cos i don't build my castles in the air....I should be castigated & demeaned? Can any currency exist in a vacuum or in a state of perpetual flux...Pump it appreciates, lull same problem returns.... abegiiii!!!

Flight ticket of 300k just around one year ago is over 450k , pack of cereal i used to buy at 4k is now 6.5k, a tin of sardine is 300 naira & yall think I'm happy about the nation's predicaments? How much of these myriads of problem affect the elite?

So knowing the truth & refusing to accept the band aid over festering sore is an act of sabotage? Must we all sleep and face same direction? Until we all stop lying to ourselves, we will continue to revolve around same circle and make no appreciable progress.... We have to produce to progress, anything short is self deception....


P.S... I've given 989900 the only response i owe him, you've gotten yours as well.... Now both of you can find one corner to rub against yourselves in your one sided prism view of patriotism...... mtcheeeewwww!!!!


*mic drop*

Hehe.. madam na fight? Building an economy is a gradual process. Consumer prices are still high but that does not negate recent progress as reported by NBS. The country would be out of recession in the second quarter and prices would adjust accordingly.

modath:
Without mincing words, I'm really disappointed in you!!!

But why are you disappointed? I somehow feel the same way too.

The naira recorded a major gain on Wednesday, closing at 390 per United States dollar at the parallel market, up from 405/dollar on Tuesday.

This came barely 24 hours after the Central Bank of Nigeria announced the injection of $280m into the various segments of the forex market and the commencement of its weekly $20,000 sale to licensed Bureau De Change operators.

Before closing at 405/dollar on Tuesday, a day after the Easter holidays, the local unit had closed flat at 410/dollar for seven consecutive days.

As a result, currency analysts had expressed concerns over the exchange rate resistance to the CBN’s continued dollar supply into the forex market aimed at bridging the gap between parallel and official exchange rates.

Last week, some currency analysts predicted the naira would appreciate this week if the central bank sustained its interventions in the market.

Some experts, however, expressed doubt that the CBN possessed the stock of forex to wage the currency war against speculators.

But the regulator has assured the market participants that with the external reserves currently at $30bn and with oil hovering above $50/barrel, it will sustain the regular dollar injections.

The local currency had closed at 375/dollar about three weeks ago amid record dollar injections by the central bank.

Last week, commercial banks could not purchase $39m out of the $100m offered for sale by the CBN on Thursday due to shortage of naira.

A breakdown of the CBN’s $280 intervention on Tuesday showed that invisibles such as Business Travel Allowance, Personal Travel Allowance, medical bills and tuition received $80m, while the Small and Medium Enterprises window received $100m. Together with the wholesale bid auction of $100m, the CBN sold $280m into the market.

The bank’s spokesman, Mr. Isaac Okorafor, said the CBN was committed to supplying forex to genuine bank customers.

http://investorsking.com/naira-gains-momentum-closes-at-390dollar/

Aristo3146:
I hope the same Nairalanders who no allow person hear word, saying pmb plunged us into recession will also acknowledge PMB's foresight and competency...PMB did what every reasonable and intelligent leader would have done, he allowed the whole world to see the damage that was done to our economy before fixing it...everybody wishing PDP to come back to power in 2019 should say Amen to this prayer..."May God send a Dansuki who will come into your life and loot your destiny just the way PDP sent a Dansuki on Nigeria in JESUS mighty name...." Give me a big Amen...

Believe world economics at your own risk.

The country is still in recession and won't be out until second quarter. The inflation report is higher than we expected, therefore, has created daunting picture of the economic outlook --especially retail level.

alignacademy:
Thanks for sharing.

How do you break all this down for the layman to understand?

Economic recovery in Africa giants due to the surge in global commodity prices is expected to aid growth across Sub-Saharan Africa this year and in 2018.