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Career › Re: Diamond Bank Sacks 200 Workers - Punch by Truth234(op): 7:41pm On Jun 02, 2016

creepsyme:
total number of staff sacked in Ecobank as at today is approximately 1, 022.

Yea, thanks saw the news this morning.

Career › Re: Diamond Bank Sacks 200 Workers - Punch by Truth234(op): 10:05pm On Jun 01, 2016

creepsyme:
Too bad! Ecobank just sacked over 300 today.

Any source ma'am?

Business › Re: Why Can't A Country Just Keep Printing Money And Become Rich by Truth234(m): 5:07pm On Jun 01, 2016

fiizznation:
Which is not Zimbabwe legal tender any more, the Zimbabwe dollars or what? I don't get

Zimbabwe now use the US dollar, South Africa Rand, Bostwana Pula, Pound, Aussie Dollar, Japanese Yen and the new one is the Chinese Yuan. There is nothing like Zimbabwe dollar again, people just like to talk about it because of the negativity it generated to mock Mugabe.

Business › Re: Why Can't A Country Just Keep Printing Money And Become Rich by Truth234(m): 4:48pm On Jun 01, 2016

ayguru:
Bro, how will you explain the exchange rate of one naira equals to 1.8 Zimbabwean dollars?

It was officially abandoned since 2009 and demonetized in 2015. So it is not a legal tender any more, that website needs to update its system.

Business › Re: Why Can't A Country Just Keep Printing Money And Become Rich by Truth234(m): 4:30pm On Jun 01, 2016*

Serenity008:
You are as clueless as your name. Someone asked an intelligent questions u are here spewing dust.

I bet you don't even know the answer

Thank you, I learn a lot from this thread. From people that do not know but think they know, from those that now think they know after going through this thread, and also from those that thinks their basic economics is all they need to respond to this question. Also I learn a lot from the OP that know he does not know and crave knowledge, but castigated by those that do not know but are limited by their own understanding.

Learn, Unlearn and Relearn.

1 Like

Business › Re: Why Can't A Country Just Keep Printing Money And Become Rich by Truth234(m): 3:09pm On Jun 01, 2016

CFCman:
That's why the US dollar has rapidly lost it's value and purchasing power over the last few years. The Federal Reserve has engaged in "quantitative easing" which they believe would stimulate the US economy, but has in fact, resulted in inflation.

No, that is why the US dollar is the most appreciated currency in the world for the past three years. It is hard to explain all these if you are not in finance/economics.

2 Likes

Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 2:50pm On Jun 01, 2016

Scash:
190,000 naira?

Yea, you can also check with them.

Business › Re: Why Can't A Country Just Keep Printing Money And Become Rich by Truth234(m): 2:38pm On Jun 01, 2016*

Puresolutions:
@PentiumPro ithe forum is a mixed audience and you need to permit people you are in more aware of to ask questions.

Talking out debt monetization and printing money and the effects.

In what is called QQE Qualitative Quantitative Easing

I am responding because you are the only person that know its very possible in modern economics, but there are a lot of proof my friend. Currently, US, UK, Japan and the entire European Union are printing money to stimulate the economy, it is a modern economics model called Quantitative easing (QE).

In fact, US started with $40 billion a month in 2012 and later increase it to $80 billion, that is the reason why they were able to recover from recession faster. UK and Japan are currently doing the same, while the EU introduced a LTRO (long term refinancing operation), a model that allow people to borrow money with zero interest. European Central bank (ECB) print, give to the people to invest in the economy which allow them to create jobs and pay taxes to the government, without having to pay any interest on the money, only the principal is returned. Mind you all these countries are struggling with deflation right now, I mean they can't even get their inflation to just 2 percent target. That is how effective QE is.

QE is different from just printing money endlessly, but it follows a unique pattern which allows the central bank to buy financial assets from commercial banks, in Nigeria it will be treasury/bond, hence raising the prices of those and lowering their yield-return (inflation control). Also, Nigeria Central Bank can stimulate the economy by printing money to create new jobs and generate more revenue from taxes with reduced interest rates, I am talking about 5 to 10 percent not the current 30 percent.

Friends, it is very possible as you can see. Most of our leader's models are outdated whereas economics is like your car, there is always a new working model. Japan and the EU just started negative deposit rate, watching to see how that turn-out. Georgry

5 Likes 2 Shares

Business › Re: Why Can't A Country Just Keep Printing Money And Become Rich by Truth234(m): 2:04pm On Jun 01, 2016

moshino:
You don't need an ECONOMIST to explain that to you, you only need a JSS student who listened in class and read their economics book to explain it to you.

No, you actually need an economist because everyone that explained here has failed.

Career › Diamond Bank Sacks 200 Workers - Punch by Truth234(op): 5:30am On Jun 01, 2016

Diamond Bank Plc has fired 200 members of its workforce as the economic challenges affecting the country continue to batter the financial services industry.

This is coming two months after the bank announced that its profit before tax for the first quarter of this year fell to N6.04bn from the N7.94bn it recorded in the first quarter of 2015.

The slowdown in the economy has fuelled a high non-performing loan rate in the banking system, causing banks to record sharp decline in their profits for the 2015 financial year and the first quarter of 2016.

Diamond Bank was said to have fired the workers on Friday.

Confirming the development in a statement on Tuesday, the lender said the sacking of the 200 workers was in line with its strategic plan to drive shareholders’ value.

The statement read, “Diamond Bank recently rightsized its workforce. The rightsizing was a core strategic exercise in line with the bank’s growth objective and the will to continue the drive to optimise cost and enhance value for the shareholders at the end of the business year.

“In the bank’s last appraisal, only 200 staff whose performance scorecards were adjudged to be lower than the minimum required to drive its strategic growth plan for the business year were relieved, with the opportunity to seek employment in other organisations where their respective skills set and individual performances could be enhanced and optimised.

“The yearly appraisal is a general industry standard and enables banks to prune their workforce and prudently allocate resources for optimum result. Diamond Bank is not an exception in the industry and therefore, had carried out its annual appraisal and found the performance of members of staff that were relieved to be below the required minimum performance level that would sustain them in the system. With its trim-and-fit workforce, the bank is sure to meet its target for the current business year.”

However, unconfirmed reports had it that the number of workers who were asked to go was in the region of 400.

The reports stated that the lender was aiming to reduce its N800m monthly wage bill significantly and was also considering pruning workers in the managerial cadre by 80 per cent, a claimed that Diamond Bank denied.

FBN Holdings, the parent company of First Bank of Nigeria Limited, had a few weeks ago said it would reduce costs by gradually cutting down on its workers by 1,000.

This came after the group posted over 80 per cent decline in its profit for the 2015 financial year.

Bad loans in the banking industry rose sharply by 78.8 per cent to N649.63bn in 2015, indicating severe deterioration in the quality of the loan portfolio of the 22 banks, a Central Bank of Nigeria staff report presented to the Monetary Policy Committee revealed.

The report also showed a general increase in bad/non-performing loans among the 22 Deposit Money Banks in the country. This was despite the 30 per cent decline in new loans granted by banks in 2015 to N5.78tn.

According to the report, 18 out the 22 banks recorded increase in bad loans. Furthermore, the number of banks that exceeded the regulatory limit of five per cent for the ratio of bad loans to total loans rose from three in 2014 to eight in 2015, with three banks exceeding 10 per cent.

Economic and financial analysts believe more lenders will lay off a significant number of their workers in the coming months as they battle bad loans, regulatory headwinds and slowdown in the economy.

http://www.punchng.com/diamond-bank-fires-200-workers/

Politics › Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by Truth234(op): 3:59am On Jun 01, 2016

Nigeria’s trade value plunged in the first quarter of the year to N2,72tn from N3,51tn recorded in the preceding quarter, this was 22.6 percent less than what was obtained in the final quarter of 2015, National Bureau of Statistic (NBS) reported on Tuesday.

According to the NBS report, this development was as a result of a sharp decline in both exports and imports goods, exports reportedly declined 34.6 percent quarter-on-quarter and 52.3 percent year-on-year, while imports dropped by 7.8 percent in the first quarter and 15.8 percent year-on-year. This abrupt decline in the export value plunged the country’s trade balance to deficit of N184.1bn in the first quarter of the year, making it the first trade deficit in seven years.

The NBS report also shows imports are mainly from Asia, with 23.8 percent of the total imports coming from China. This further affirmed the imperative of Nigeria-China trade agreement if well implemented, it would ease foreign exchange pressure on the US dollar and help attack surging inflation.

The President of National Association of Nigerian Traders, Ken Ukaoha, said other factors also contributed to the development.

“We have for so long remained import-dependent; we have also continued to cultivate a mono product economy, which is oil, and our earnings from oil is presently disappointing. Apart from the fact that the price of oil is depreciating, you also find out that the quantity of our export is going so terribly low as a result of vandalism.” Ukaoha said.

He further stated “We are talking about import substitution, but all the strategies needed there are not in place. Also, the delay in the passage of the budget made all the private sector operators who are major players in exports to relax waiting for the budget passage in order to know the next line of action.”

While other economists said the negative balance of trade would impacts other areas of the economy as external reserves would deplete further.

“The implication of a negative trade balance for a country that does not have invisible imports is that we are going to have a severe negative balance of payment; the implication of this is that our external reserves will deplete further because we will need to use much of it to pay for imports,” said Johnson Chukwu, the Chief Executive Officer, Cowry Asset Management Limited.

http://investorsking.com/nigeria-trade-deficit-rises-to-n184-1-billion-in-q1/

1 Like

Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 11:08pm On May 31, 2016

Scash:
Thank you so much Truth and allhavesinned.

Is it advisable to travel without my school fees then? So it can be sent via money gram when I get there?

I have 1,500myr with me in cash. can that suffice as travelling allowance?

You are a student, it is enough. But with money gram, you can't send more than #190,000 a month from Nigeria. To be on a safer side, you may want to come with your ATM card as well.

Education › Re: Deji Akinwande Awarded PECASE By Obama by Truth234(m): 8:10pm On May 31, 2016

jboy73:
nonsense ordinary research.. Price wont even reach $1000

When Igbo man philip emeagwali don bag better award tire,
This olodo the get award for research the happy.
I sure say na research to trace fall of Naira him go do get that award.

Not to burst your bubbles, philip Emeagwali was a fraud and still a fraud. Failed to get his Phd, after two attempts and lied about discovering internet. He has not gotten any award apart from patent right he got for his useless oil-field related invention, he basically lied his way to fame.

http://www.rense.com/general81/dnt.htm

http://saharareporters.com/2010/10/18/how-philip-emeagwali-lied-his-way-fame

4 Likes 2 Shares

Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 3:54pm On May 31, 2016*

Scash:
And please what's the current naira to ringgit rate?

Where can I convert it in Naija? I leave for Malaysia this Monday, so please, urgent responses desperately needed.

Thank you.

I don't think you can convert it in Nigeria. Just get your dollar, you can change it at numerous money changers here.

Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 3:51pm On May 31, 2016

Scash:
Hi, I'm going for my PH.D in USM next week, I tried contacting some banks here if they could process the paying of school fees, but all of them said they only pay school fees in dollars.
of which, USM specifically requested for fees to be paid only in ringgit.
Now I'm thinking about money gram. Like, I should get there first then husband should send d money to me via money gram. That way the black market rate might be avoided to some extent and my naira won't spoil totally. But I heard it's hard for Nigerians to receive money via money gram in Malaysia.

Please, how true is this?
And for those that are already there, USM, specifically, how are you paying your fees without changing money at black market.

Not hard at all, you just need your passport and money gram details.

Business › Re: Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Truth234(op): 1:39am On May 26, 2016

plaetton:
50 or so visionless people.

If I say join me now to rearrange the system, you will first ask what tribe I am.

Perhaps Nigerians deserve the type of leaders they get.

No, you assumed. Ask him first and see, trust me there are people ready, they just need right minds.

9 Likes

Business › Nigerian Currency Crisis Explained: What We Know And Don’t Know - Bloomberg by Truth234(op): 10:41pm On May 25, 2016

Nigeria’s central bank may soon give bond and stock investors what they have been pleading for: a weaker naira.

Governor Godwin Emefiele announced after a meeting of the Monetary Policy Committee in Abuja, the capital, on Tuesday that a more flexible foreign-exchange system would be unveiled “in the coming days.” But he gave scant detail and left plenty of questions. Here are some answers:

What’s the problem?

Nigeria has held the naira at 197-199 per dollar since March 2015, even as other oil exporters from Russia to Colombia and Malaysia let their currencies drop amid the slump in crude prices since mid-2014. Foreign reserves dwindled as the central bank defended the peg, while foreign investors, fearing a devaluation, sold Nigerian stocks and bonds.

While President Muhammadu Buhari and Emefiele argued a devaluation would fuel inflation, that happened anyway: consumer prices accelerated at the fastest pace in six years in April as the black-market naira rate plummeted. To make matters worse, data released four days before the MPC meeting showed the economy contracted in the first quarter for the first time since 2004 as the dollar shortage curtailed manufacturing. That probably surprised policy makers, prompting the change of heart, according to Mathias Althoff, a fund manager at Tundra Fonder AB, which has about $200 million invested in frontier market stocks, including Nigerian banks.

What happens next?

While Emefiele didn’t specify what he meant by “greater flexibility,” analysts at Renaissance Capital Ltd. believe the central bank will allocate dollars at a fixed rate to strategic industries — like energy and agriculture — while letting the naira weaken in the interbank market, where everyone else would buy their foreign currency. The central bank may also try try to control the new interbank rate by imposing a trading band of about 5 or 10 percent around it, according to Althoff.

Will that satisfy investors and save the economy?

If the central bank doesn’t allow the naira to drop enough, foreign investors will continue to shun Nigerian assets, according to Althoff. The currency should trade at around 285-290 per dollar, according to Alan Cameron, an economist at Exotix Partners LLP. A devaluation won’t solve Nigeria’s structural economic problems — which include an over-reliance on oil exports — and may fuel inflation in the short term. But it would make Nigerian exports more competitive, curb imports and encourage foreign investment.

What are the pitfalls?

Most investors would prefer a fully-floating naira, yet doubt that Nigeria, which has always had currency controls of some sort, will take that option. And there are concerns it will be impossible for the central bank to ensure that only importers meeting its criteria will be able to buy foreign-exchange at the discounted official rate. Many analysts fear that in a nation U.K. Prime Minister David Cameron described as “fantastically corrupt,” access to the official rate will come down to political connections.

“The suggestion of a dual exchange rate, with the maintenance of the official window, is a concern,” Razia Khan, head of African research at Standard Chartered Plc, said. “This might lead to continued distortions in the market, ultimately with pressure on foreign-exchange reserves.”
What else should investors watch out for?

Buhari. He has made it clear that he, not Emefiele, is the person in charge of exchange-rate policy. The president is loath to allow the currency to drop unless he’s forced to and in February likened such a move to “murder.” He has yet to make any response to the MPC’s announcement. And while he is due to make a speech on May 29, the first anniversary of his coming to power, local press reports suggest he will focus on the government’s fight against corruption and Boko Haram’s Islamist insurgency.

The central bank has hinted at change before, only to do nothing. “The MPC has dangled the carrot of exchange rate reform, but without giving any details of what a reformed market would look like,” Cameron at Exotix said. “To the skeptics among us, this will simply sound like a re-hash of the same old material we’ve been hearing about since December 2015.”

http://investorsking.com/nigerian-currency-crisis-explained-what-we-know-and-dont-know/

1 Like 1 Share

Business › Re: CBN Adopts Flexible Exchange Rate Policy by Truth234(m): 8:15pm On May 24, 2016*

franciskaine:
devaluation has neva helped Nigeria economically, not even now. We are gonna be worse off.

No we won't, I was against it before, like CBN. But on looking at all the data coming out from NBS since Q3 last year, you will agree with me that if forex policy is not adjusted our inflation will continue to rise with unemployment as our major GDP contributor, services sector dropped for the first time in over 12 years. This is because we are import dependent economy and oil take over 70 percent of our foreign exchange, so it is important CBN allow importers to source for their forex at a more flexible rate instead of the previous rigid policy.

2 Likes

Investment › Re: Treasury Bills In Nigeria by Truth234(m): 8:02pm On May 24, 2016

silvoice:
I believe you, though is like you're an insider or part of the MPC team

Nah, after over a decade of analysing/studying global economics. I just have to know what to look for.

Business › Re: CBN Adopts Flexible Exchange Rate Policy by Truth234(m): 7:01pm On May 24, 2016

franciskaine:
Just don't devalue what is left of the naira. Those shouting devalue will come back to shout when a matchbox equals #100. Just imagine politicians returning all their looted funds in US dollars, we would have surplus dollar to augment our failing economy. But no, they had prefer keeping them in foreign countries. Corrupt politicians are the common enemy of all.

Once it is a function of the market, its devalued but with a unique name. It means CBN are tired of paying for the difference of the fixed rate, and now they want the market determine exchange rate.

2 Likes

Investment › Re: Treasury Bills In Nigeria by Truth234(m): 6:22pm On May 24, 2016

Truth234:
MPR has already been increased to 12%, anything other than unchanged today is bad for the economy. I am even leaning more towards unchanged or a return to 11%, 14% is not feasible.

Like I said, its unchanged wink

Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 2:48pm On May 24, 2016

Jayne2014:
My school is USM.

Even more better, USM is ranked second best University in the Country.

Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 12:56pm On May 24, 2016

Jayne2014:
Thanks, though the school sent me a mail confirming that they have received the documents and have started processing it. I will still call them.

If your school is UPM, be rest assure they've started. They are one of the best schools around and if there is any issue they will communicate it to you. The problem is usually with slow EMGS processing time, but still call them.

Investment › Re: Treasury Bills In Nigeria by Truth234(m): 11:30am On May 24, 2016*

GANDALF1:
Not buying your guess bro. Nigeria operates a real interest rate model. This means that at every point in time, the MPR should be higher than the inflation rate in the country. Official sources currently put our inflation rate at 13.78% but in reality, its higher than 20%. This MPR dictates the market rate and will definitely go higher by today's evening hence expect even higher rates in coming weeks.

My prediction of today's MPC outcome;

1. MPR increment from 12% to 14% with a wide band of up to 1000 basis points

2. CRR hike to 50% for both public and private sector funds,

3, Liquidity ratio index of 20%, and

4. Devaluation of the Naira to between 240 and 285. ( or creation of an alternative forex window that allows for two way quotes)

MPR has already been increased to 12%, anything other than unchanged today is bad for the economy. I am even leaning more towards unchanged or a return to 11%, 14% is not feasible.

Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 10:13pm On May 23, 2016

deligatus:
Pls is emgs having problems @ OP?

No, the process is just slow.

Politics › Re: Rochas Okorocha's Maid, Charity Weds Hycenth (Photos) by Truth234(m): 1:04pm On May 23, 2016

Fadekebisola:
thats never a maturity...the guy simply gave him his own dose.....even though am yoruba i dont subscribe to referring to a tribe as baby factory

Why do you always have to tell people you are yoruba to be objective?

5 Likes

Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 7:26pm On May 22, 2016

ChiChi0296:
Please sir I need an urgent reply. My brother we be travelling to Malaysia next month with student visa and he has paid all the necessary fees from Nigeria. Is there any need for him to declare up to 2000 dollars at the Nigerian airport before traveling to Malaysia?

No, once he is a student. He is good

Business › Re: Adewunmi The Blackmailer by Truth234(m): 8:33am On May 22, 2016

Ligxy:
Well, I saw it. I just don't want to be too quick to judge. It doesn't seem like he initially wanted to scam her, but he later resorted to cheap blackmail according to the text message. Blackmail ain't scam. They're both acts of thivery tho.

Business › Re: Adewunmi The Blackmailer by Truth234(m): 1:30am On May 22, 2016*

Ligxy:
Oga, he demanded to see the SIZE, what would you have done when you have the bottle that can show him the size? Habba, make we dey put ourselves in people's shoes before commenting.
I don't know about the text message tho, buy I think Adewunmi is not necessarily a scammer. Just very impatient and too suspicious.

I can't believe you are saying this, do you use whatsap at all? Check his whatsapp messages if the key areas not shared by the OP but sent by Adewumi delivered? Those are lies and check the time, TODAY boldly written on it even after the OP has deleted him almost two days before, who was he typing to? Why must he type those messages before screenshot, to cover up or what? I am surprised no nairalander see that.

3 Likes

Politics › Re: Nigeria’s GDP Crashes To 25-year Low by Truth234(m): 8:52am On May 21, 2016

grossintel:
Any way you put it the fact is that it's crashing and it's crashing really fast. These days the media can't deceive anyone anymore. We are feeling the heat first hand, even my rent never expire but landlord is begging me for 1k.

But even the western world are feeling the heat, its not only us. Things are bad globally

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