Truth234's Posts
Nairaland Forum › Truth234's Profile › Truth234's Posts
1 2 3 4 5 6 7 8 ... 46 47 48 49 50 51 52 53 54 (of 79 pages)
The Nigerian Naira gained against the US dollar on Thursday after dollar scarcity forced it to trade lower on Wednesday. The local currency improved N5 to close at N465 at the parallel market, from N470 it traded on Wednesday. While both the Pound Sterling and the Euro exchanged at N565 and N505 respectively. At the interbank market, the Naira gained N1.78 from N306.78 it traded on Wednesday to close at N305 to a US dollar, while the Bureau De Change operators exchange at N385. Experts have said the currency appreciated as Bureau De Change operators await the sale of dollars from Travelex, a CBN licenced international forex dealer. “The Naira would appreciate further by the close of trading when BDCs would have all gotten their weekly Forex allocation from Travelex,” said Mr. Harrison Owoh, The Chief Executive Officer of H.J Trust. The currency, which weakened on Wednesday following the dollar scarcity in the forex market, is expected to continue its recovery trajectory due to liquidity boost on the market. Meanwhile, the Iraq has asked for an exemption from OPEC production cut similar to what Nigeria and Libya are likely to get, citing the on-going ISIS war in its country. This, among others, is the huddles likely to hinder the almost a decade success of OPEC institution. A foreign exchange, research analyst at Investors King Ltd., Samed Olukoya said “Once OPEC members reach a consensus on production cut, the issue of liquidity should be addressed.” Currently, the Brent crude is up 48 cents to trade at $50.47 a barrel. http://investorsking.com/naira-gains-on-liquidity-boost/
|
emerich:He was 33 |
How to Win Friends and Influence People by Dale Carnegie Think Big and Grow Rich by Napoleon Hill |
rerhji:Yeah, it should boost your farm produce ![]() |
The Nigerian stock exchange rebounded on Thursday, boosted by a series of positive third quarter financial report released in the banking sector and a surge in oil prices that bolstered shares of oil companies. The Nigerian stock exchange market capitalisation rose by N41 billion to N9.479 trillion from N9.43 trillion on Thursday, while the gauge, NSE All-Share Index appreciated from 27,478.04 basis points to 27,598.34. Investors have attributed the improvement to the nine-month 2016 earnings of GTBank, which announced N120 billion profit in nine months ended September, coupled with 3.67 percent advances in FCMB Group Plc and a 1.44 percent profit in Access Bank Plc. On what will shape today’s trading session, analysts at Vetiva Capital Management Plc, said, “We highlight that market sentiment turned around, particularly within the banking sector following earnings release from GTB – a pointer of what to expect from other banks.” “We think this underscores our erstwhile view that investors currently maintain a wait-and-see approach to Q3 earnings and believe this approach will persist in the sessions ahead.” Meanwhile, improved market liquidity aid reduction of the interbank rate call by 409 basis points to 14.83 percent, while in the foreign exchange interbank market, the Naira remains unchanged against the greenback at N304.75. http://investorsking.com/nigerian-stock-exchange-rebounds-gains-n41bn/ |
mrvitalis: |
Jengem:and you don't know it is the same for other banks? But GTBank have an edge because its master card is the most widely use abroad by Nigerians. Hence, it earn more. The question you should be asking is why is GTB attracting more customers than other commercial banks in the country? By the way, the directive to limit oversea Fx withdrawal came from CBN last week, that is not GTBank decision. |
SamuelAnyawu:I think we should ![]() |
Jengem:and you believe such story? Even after CBN excludes GTBank from selling FX to Bdcs? |
soberdrunk:lol.. those amount to over N4 billion in the statement |
modath:Why not? When others are not doing the same, remember they did the exact same when exchange was high in Q2 |
Guaranty Trust Bank on Wednesday announced a 59 percent increase in profit for the nine months ended September, following an improvement in foreign exchange. The leading fintech bank reported a profit after tax of N119.9 billion, up from N75.2 billion recorded in the same period in 2015, while gross earnings surged to N329.284 billion, a 43.5 percent increase when compared with N229.4 billion generated in the same period in 2015. Accordingly, net interest income surged 10.5 percent to N132.7 billion from N120.13 billion, while net fees and commission income rose 28.2 billion to N37.5 billion. However, net impairment loss on financial assets rose 570 percent from N8.5 billion recorded in 2015 to N57 billion. Other incomes from foreign exchange revaluation gains rose from N6.957 billion to N93.95 billion. Evaluating third quarter performance, analysts have said the report showed strong performance, with a solid N49 billion profit before tax that beats consensus estimates and N46 billion profit after tax, but noted that the profit was largely due to N4.3 billion comprehensive income generated in the quarter and foreign exchange translation gains. The financial institution reported similar success in the first half of the year, after announcing N91.38 billion half-year pre-tax profit, up from N63.11 billion declared in the same period in 2015. Despite economic recession, the leading lender has continued to set the pace in the industry, built on its vibrant fintech platform and effective customer service. http://investorsking.com/gtbank-reports-n120bn-profit-in-nine-months/
|
To the First Lady, With Love She had rhythm, a flow and swerve, hands slicing air, body weight moving from foot to foot, a beautiful rhythm. In anything else but a black American body, it would have been contrived. The three-quarter sleeves of her teal dress announced its appropriateness, as did her matching brooch. But the cut of the dress scorned any “future first lady” stuffiness; it hung easy on her, as effortless as her animation. And a brooch, Old World style accessory, yes, but hers was big and ebulliently shaped and perched center on her chest. Michelle Obama was speaking. It was the 2008 Democratic National Convention. My anxiety rose and swirled, watching and willing her to be as close to perfection as possible, not for me, because I was already a believer, but for the swaths of America that would rather she stumbled. She first appeared in the public consciousness, all common sense and mordant humor, at ease in her skin. She had the air of a woman who could balance a checkbook, and who knew a good deal when she saw it, and who would tell off whomever needed telling off. She was tall and sure and stylish. She was reluctant to be first lady, and did not hide her reluctance beneath platitudes. She seemed not so much unique as true. She sharpened her husband’s then-hazy form, made him solid, more than just a dream. But she had to flatten herself to better fit the mold of first lady. At the law firm where they met before love felled them, she had been her husband’s mentor; they seemed to be truly friends, partners, equals in a modern marriage in a new American century. Yet voters and observers, wide strips of America, wanted her to conform and defer, to cleanse her tongue of wit and barb. When she spoke of his bad morning-breath, a quirky and humanizing detail, she was accused of emasculating him. Because she said what she thought, and because she smiled only when she felt like smiling, and not constantly and vacuously, America’s cheapest caricature was cast on her: the Angry Black Woman. Women, in general, are not permitted anger — but from black American women, there is an added expectation of interminable gratitude, the closer to groveling the better, as though their citizenship is a phenomenon that they cannot take for granted. “I love this country,” she said to applause. She needed to say it — her salve to the hostility of people who claimed she was unpatriotic because she had dared to suggest that, as an adult, she had not always been proud of her country. Of course she loved her country. The story of her life as she told it was wholesomely American, drenched in nostalgia: a father who worked shifts and a mother who stayed home, an almost mythic account of self-reliance, of moderation, of working-class contentment. But she is also a descendant of slaves, those full human beings considered human fractions by the American state. And ambivalence should be her birthright. For me, a foreign-raised person who likes America, one of its greatest curiosities is this: that those who have the most reason for dissent are those least allowed dissent. Michelle Obama was speaking. I felt protective of her because she was speaking to an America often too quick to read a black woman’s confidence as arrogance, her straightforwardness as entitlement. She was informal, colloquial, her sentences bookended by the word “see,” a conversational fillip that also strangely felt like a mark of authenticity. She seemed genuine. She was genuine. All over America, black women were still, their eyes watching a form of God, because she represented their image writ large in the world. Her speech was vibrant, a success. But there was, in her eyes and beneath her delivery and in her few small stumbles, a glimpse of something somber. A tight, dark ball of apprehension. As though she feared eight years of holding her breath, of living her life with a stone in her gut. Eight years later, her blue dress was simpler but not as eager to be appropriate; its sheen, and her edgy hoop earrings, made clear that she was no longer auditioning. Her daughters were grown. She had shielded them and celebrated them, and they appeared in public always picture perfect, as though their careful grooming was a kind of reproach. She had called herself mom-in-chief, and cloaked in that nonthreatening title, had done what she cared about. She embraced veterans and military families, and became their listening advocate. She threw open the White House doors to people on the margins of America. She was working class, and she was Princeton, and so she could speak of opportunity as a tangible thing. Her program Reach Higher pushed high schoolers to go further, to want more. She jumped rope with children on the White House grounds as part of her initiative to combat childhood obesity. She grew a vegetable garden and campaigned for healthier food in schools. She reached across borders and cast her light on the education of girls all over the world. She danced on television shows. She hugged more people than any first lady ever has, and she made “first lady” mean a person warmly accessible, a person both normal and inspirational and a person many degrees of cool. She had become an American style icon. Her dresses and workouts. Her carriage and curves. Toned arms and long slender fingers. Even her favored kitten heels, for women who cannot fathom wearing shoes in the halfway house between flats and high heels, have earned a certain respect because of her. No public figure better embodies that mantra of full female selfhood: Wear what you like. It was the 2016 Democratic Convention. Michelle Obama was speaking. She said “black boy” and “slaves,” words she would not have said eight years ago because eight years ago any concrete gesturing to blackness would have had real consequences. She was relaxed, emotional, sentimental. Her uncertainties laid to rest. Her rhythm was subtler, because she no longer needed it as her armor, because she had conquered. The insults, those barefaced and those adorned as jokes, the acidic scrutiny, the manufactured scandals, the base questioning of legitimacy, the tone of disrespect, so ubiquitous, so casual. She had faced them and sometimes she hurt and sometimes she blinked but throughout she remained herself. Michelle Obama was speaking. I realized then that she hadn’t been waiting to exhale these past eight years. She had been letting that breath out, in small movements, careful because she had to be, but exhaling still. New York Times http://investorsking.com/chimamandas-thank-you-note-to-michelle-obama/
|
Fg will have to step in big time. Emirates |
fellis:It will create jobs and it web the west Africa financial hub. What Wall Street is to the world. |
Forex Weekly Outlook October 17-21 The US dollar gained against most of its counterparts last week, despite the consumer confidence index (87.9) falling to a year low in September. The economy continued to create jobs by maintaining a four decade low unemployment benefits at 246,000 in the week ended Oct.8, same as previous week. Also, consumer spending rebounded in September surging 0.6 percent from previously declining 0.2 percent in August, while the producer price index rose 0.3 percent for the first time in three months, indicating that consumer prices may be picking up as the increase in costs (energy and food) are pass-on to consumers. This is one of the reasons consumer confidence dropped in the said month, as consumers are likely to react to increase in costs, and also it explained Fed’s position as to why aggressive steps “high-pressure economy” may be needed to lower unemployment further and boost consumption simultaneously, even if it means at a higher inflation rate. Accordingly, the Fed Chair Yellen Janet during 60th annual economic conference in Boston, Massachusetts on Friday noted that extreme economic events like the world is currently experiencing have challenged existing economic views in terms of what drive growth (demand and supply). While, admitting this will necessitate further research from the profession and the Fed, she said there were evidences from post-financial crisis that aggregate increase in demand lead to appreciable effect on aggregate supply against widely accepted notion that an economic output over the long-term is equal to its resources (labour, costs and existing technologies). This was because at a more accommodative monetary policy (interest rate 0.5%), unemployment rate has remained nearly stagnant and so is the output. Therefore, ...Read more http://investorsking.com/forex-weekly-outlook-october-17-21/ |
This is not objective, especially where you compared Hillary Clinton support for her husband to that of Aisha Buhari to President Buhari. Hillary has threatened and even paid women in the past to shut them up, she doesn't care about anyone but her career and family. Also, Melania Trump is a prisoner of Donald Trump, an immigrant running away from hardship to seek better future for herself and family. She once confided in someone in 2005 that Donald abused her severally, the article is in the public domain. Aisha Buhari is not your average woman, just like Chimamanda, Michelle Obama, Oprah, etc are not average. And she owe this country to voice her concern of the very reason we kicked out past administration. I don't know why people are worried about her approach and not the revelation in itself. This saga, just exposed our president poor leadership skill, if Aisha Buhari could go to the public with such information. Trust me, there is more to our president approach to things, I mean he just failed with his wife. |
proeast:That happened last week, this month. This is a report for September usually released 15th of the following month. |
PassingShot:You are funny you know, how many times have you travelled with PMB or Godwin Emefiele to know about their doings and activities? Not once I suppose, but are you conversant on the state of things in the country? I will say yes, how much the wife of the president that has access to much more? |
PassingShot:If she is a wife of a prominent politician that has contested for the office four times during that 27 years and campaigned for 16 years across all the Nigerian states with him. It is logical she have an idea of these people if they are indeed active in their various jurisdictions. |
To be honest, there are no valid points here except the number 2. When Obama administration appointed Hillary Clinton as a Secretary of State, it wasn't because she was the only qualified candidate for the job, but because of the mutual understanding Obama and Hillary share in terms of ideology to move the nation forward. I put this to you, if these set of people are passionate about Nigerian situation, how come they don't have common voters card? Hence, there is need to know your ministers reasonable enough, not just based on recommendation of some powerful inner cabal. Again, she is not arrogant, she seems to be an honest person that is ready to call a spade a spade. If you are supporting Buhari anti-corruption stand, I see no reason you shouldn't respect this amazing woman for risking everything to safeguard the nation from certain set of people. Lastly, if a western president referred to his wife like our president did while sitting beside Angela Merkel. Media will call for his head. But as this is Nigeria, where sentiment is above sense of reasoning. It is normal to relegate our beautiful queens to the kitchen, after all what does a woman know. |
The cost of living in Nigeria continued to rise in September, as prices of goods and services climbed over persistence scarce foreign exchange and high cost of importation. The consumer price index, which measures inflation rose from 17.6 percent (year-on-year) in August to 17.9 percent in September, according to the National Bureau of Statistics (NBS) report released on Friday. On a monthly basis, inflation rose by 0.8 percent in September, down from 1.0 percent recorded in August. While, core sub-index rose by 17.7 percent during the month, a 0.5 percent increase from 17.2 percent recorded in August. “During the month, the highest increases were seen in Clothing materials, other articles of clothing and clothing accessories, Garments, Shoes and other footwear, Books and stationeries, Jewelry, clocks and watches, and Motorcycles,” NBS stated. The Central Bank of Nigeria increased interest rate by 200 basis points to attack surging inflation and sustain capital inflow needed to fill the deficit created by oil short-fall. But analysts and experts across the country have called for ease monetary policy, insisting it is cost-push inflation and not demand-pull, hence, increased inflation rate will have no meaningful effect on consumer prices. Accordingly, the food index climbed 0.8 percent in September, down from 1.2 percent recorded in August. On a 12-month basis, food index rose by 16.6 percent. The increase has been attributed to the high cost of meat, bread and cereals and oil and fats. http://investorsking.com/cost-of-living-in-nigeria-surges-to-17-9-in-september-nbs/ |
If you followed this weekly analysis, you should be in profits, with EURUSD first target already met. Truth234: |
There is more to this CBN directive. They can't just restricts 19 banks from selling to BDCs. |
double post |
989900:The agreement reached by Saudi and Russia in Turkey yesterday will likely bolster oil prices to about $60 a barrel if follow through, and with Nigeria planning to increase her production per day, we should be good in the mid-long term since production cap will have minimal effect on our output considering our volume. |
Adesiji77:That will be taken care of via CBN intermittent intervention, and as long as interest rate remains 14%. The CBN should be able to sustain it, pending when things will normalize. |
McAustin92:It takes time for the new initiation to crystallize and filtered through all segments. But once the CBN and Travelex can strike pricing balance to bring all stakeholders on board, I believe the Naira value will improve substantially. |
The Nigerian Naira appreciated on the parallel market on Tuesday, following the introduction of Travelex to the Bureau De Change segment last week. The local currency rose N2 to N468 against the dollar from N470 it was traded on Monday. While, on the interbank market the Naira closed at N304.75 to the greenback. Last week, Travelex commenced the sales of dollar to Bureau De Change operators in the country, and immediately started selling directly to travellers to further boost liquidity in the market and aid economic activities. Samed Olukoya, a foreign exchange research analyst at Investors King Limited, said “If the CBN and Travelex can sustain the current arrangement it, will help fight speculation and gradually prop up the Naira value against the dollar.” While, other experts have said the Naira was being battered by market speculators and that the N500 exchange rate to the dollar was not the true value of the local currency. However, Aminu Gwadabe, the president of the Association of Bureau De Change Operators, said that the authority still have to review the selling price of the dollars to the Bureau De Change operators to encourage Nigerians in Diaspora, whose remittances was being sold to the Bureau De Change operators. He further stated that the new improvement in the Naira value would discourage the patronage of unlicensed parallel market traders and likely impact the progress made thus far. http://investorsking.com/naira-maintains-gain-on-parallel-market/ |
Forex Weekly Outlook October 10-14 The US macro data showed remarkable improvement last week, with economic activity in the services sector rising as high as 57.1 in September, the highest in almost a year. While unemployment claims improved by 5,000 to 249,000 — the lowest since April, and 83 consecutive weeks that unemployment benefits will be below 300,000. Although, labor market added fewer jobs (156,000) than expected in September, the economy continued to grow on so many levels. For instance, the drop in jobs created in the private sector in September was because the US economy is nearing full employment, hence, job growth is expected to slow. Two, the increase in Trade deficit is also as a result of the surge in imports of capital goods and record purchases of services, fees to broadcast the Olympic Games from oversea, which outweigh exports. This should normalize now that the Olympic Games has ended and the manufacturing sector (51.5) has picked up. Likewise, the increase in the unemployment rate to 5 percent from 4.9 percent recorded in August was due to surge in participation rate. Again, average hourly earnings rose 0.2 percent to 2.6 percent on a yearly basis, indicating that employers are hesitant to fire workers amid a tightening labor market. These are the reasons I think the Friday dip in the US dollar against all the major currencies is temporary, and I expect the greenback to rebound this week as investors digest the data. Read more.. http://investorsking.com/forex-weekly-outlook-october-10-14/ |
That is why Travelex introduced compulsory biometric registration before selling to BDC operators. It will curb their activities to some extent and help boost liquidity in the market. Maybe that is why some of the BDC operators are reluctant to register.When I said the above this morning, I didn't know it will be this fast. Travelex has dropped price from N470 to N356 per dollar within 12 hours. Better days ahead. |
Travelex, an international money agent, has commenced sales of dollars directly to travellers on Friday. The company’s office at the Muritala Muhammed International Airport, Lagos was filled with hundreds of travellers looking to buy dollars at a price better than both Bureau de Change and parallel market’s price. The international money agent sells at N356 to a dollar, while Bureau de Change operators within the terminal were selling from N470 to N472 to travellers. Although, Travelex sells at a moderate price, however, the company gave stringent conditions for the purchase. Travellers are required to bring valid international passport, visa to destination, Biometric Verification Number (BVN) card, airline boarding pass and signed copy of the transaction. The company also directed that cash would only be handed over to the traveller at the boarding gate after security and immigration checks. According to Travelex “These conditions are to ensure that the dollar is sold to only genuine travellers, and discourage racketeering.” Accordingly, some of the travellers were unable to purchase dollars because they could not produce their BVN cards. A traveller, Mr Uche Ikediashi, said he didn’t know about the BVN card. “Yesterday I bought dollars from a BDC at N470. Today I was told that Travelex is selling at N356; that is why I came here, but they said I needed to bring my BVN card and I don’t have it,’’ he said. While another traveller, Mr Samson Uduak, commended the CBN for the initiative, he said it has created easy access to forex for travellers. “Buying directly from Travelex is very good, but the CBN needs to sensitise Nigerians to go and obtain their BVN cards from their banks,” said Uduak. http://investorsking.com/travelex-sells-dollars-at-n356-to-travellers/ |
1 2 3 4 5 6 7 8 ... 46 47 48 49 50 51 52 53 54 (of 79 pages)



