₦airaland Forum

Jayne2014:
Mine has not shown up on the emgs website even. Since April 26th.

wxyz1:
Keep quiet, must you defend every thing. go and play defense for Arsena

Feshizzy:
Thank you very much mate,
This is indeed helpful.
Happy pipping.

Regards,
EF

Adesiji77:
This should not be surprising...the handwriting can be seen on the wall.

However, Vanguard newspaper reported: "But speaking to Vanguard Mr. Femi Adesina, the special adviser to the president on media and publicity denied the reports. He said there was no such plans."

Source: http://www.vanguardngr.com/2016/05/buhari-devalue-naira-290-dollar/

Cc: lalasticlala, dominique, Mynd44, Seun

Adesiji77:
From deregulation to devaluation...

http://www.punchng.com/flexible-forex-policy-coming-osinbajo/

Cc: lalasticlala, dominique, Mynd44

worksmart:
Two sources you just given are known for negative and inaccurate reports on Nigeria's economy.

Take this story with a generous pinch of salt.

If this potential policy u-turn was credible, it would be also reported in Nigerian press and news media.

worksmart:
Lie lie !
Osinbajo can not announce devaluation consideration.

Any way this story is from unknown source.

Vice President Yemi Osinbajo has said the country is substantially re-evaluating its foreign exchange policy, adding that a flexible approach should be expected soon.

“We expect that with a more flexible policy, we will be able to attract more capital into the system and ease business,” Osinbajo said at an investors’ conference held by Renaissance Capital in Lagos on Wednesday, adding, “We expect that very soon we will see a more flexible approach to the currency.

“We believe there must be some substantial re-evaluation of the foreign exchange policy, especially with a view to increasing foreign exchange supply, encouraging capital importation and also being able to allow free flow of remittances…we expect that with a more flexible policy, we will be able to attract more capital into the system and ease business.”

The vice president said the executive was “not responsible for monetary policy,” adding that he hoped the Central Bank of Nigeria would act soon on the policy changes he mentioned.

The collapse in the price of oil, Nigeria’s main export, has caused a huge shock in the country, the Financial Times reported.

Despite the decline in foreign exchange earnings due to the tumbling oil price, President Muhammadu Buhari has held tightly to his view that the naira should not be devalued further. Since taking office nearly a year ago, he has repeatedly voiced his support for the CBN Governor, Godwin Emefiele’s pegging of the naira’s official rate at 197-199 against the dollar since March 2015.

“We have effectively liberalised downstream sector of oil with a N145 price ceiling. Just not enough forex to continue NNPC fuel importation,” Osinbajo said.

He said he hoped to persuade the CBN to change some polices to improve foreign exchange supply.

He also said the government would make sure that the banks survive an economic crisis due to a slump in oil revenues.

“We will do anything to ensure that the banks remains viable,” he added.

On the renewed attacks on oil installations, he said, “We want to increase security around installations and we have to use a bit more technology and a dedicated force.”

mrikay:
i have a buy there... should i close it?

logic> if there is a rate cut people will divest their funds to other assets... and the value of the nzd will fade... abi?

PIPsharingan:
Good evening family,

My last trade NZD/USD hit my stop lose

sweetmaris:
Shalom n feshizzy
Tanks so much for watching my back
Got whooped

But I don't want to miss the sell that is likely to occur
Before tomorrow evening

STFUandSUCK:
Hmm symptoms of endstage poverty melytus

Pidggin:
Zombies said GEJ destroyed the economy, but all we witnessed was growth in every sector, now we are witnessing economic decline in every sector and the same zombies say it is good for the economy.

Advice: Please ignore all opinions from ZOMBIES, they are counter productive

fejicruz:
The people receiving 200k & above were bought as stars. Yaya, Aguero, Silva etc. Kelechi is still growing. When he is worth 200k, he won't have to demand for that amount cos it would be obvious to everybody including the hierarchy of Man City. So it's not a matter supporting our own although he is due for a substantial raise sha.

Saladin25:
Which first timer are you talking about. Most of the players in man city that earns £100k+ per week were already an established players.
He should focus on having playing time. When CR7 can to Man utd. He craved for more playing time and his hustle helped him. Same as Aguero, Yaya and et al.

fejicruz:
£200k per week? Because you score 13 goals or so? Let's see which other club will offer you even 100k sef. Even in China, they won't pay you this amount.

stagger:
You may have to add binary options as well. Let's keep the business section clear for real business which pays as a result of effort and hard work put in. Not all these kalo kalo gambling enterprises.

adeniyia33:
USDCAD is currently in the bull area, If the price make a reversal from 1.25510, I see a continuation in the Bull area

AK284:
For 'forex' Uk and the US are the first and second in terms of largeness.

Feshizzy:
Thanks for the heads up mate,
I was expecting you to say that,
There's Holiday, but not that Major as the big players financial house is still fully operational

Regards,
EF

livgenius:
the main reason for the decline is [b]not forex [/b]or MDA funds.

The bank made a provision of almost N120 billion towards non performing loans as a result of over exposure to the oil sector.

We all know what's going on in the oil sector at the moment. If you go through the accounts you will notice that both gross earnings and operating earnings actually went up. The sizeable provision expense is the reason for the huge decline

YoursGEJ:
OP where did the GMD mention scarce forex as a reason for decline in his company's profits? These are financial results from the 2015 fiscal year. Forex scarcity began at the end of last year.

By the way, you did not ask yourself the question: which bank makes 82% of its profit by trading forex? You forgot to include the major reasons why banks are seeing a decline in profits. They are no longer keeping government money due to TSA which was implemented last year.

It's also happening with other banks
http://www.vanguardngr.com/2016/04/profits-5-banks-drop-n10-52bn-first-quarter/

It's just worst with first bank because they were the biggest beneficiary of Govt officials stashing MDA money in accounts to generate interest

merrycent:
May I ask, how does it affect the people who has shares in the bank?

YoursGEJ:
OP where did the GMD mention scarce forex as a reason for decline in his company's profits? These are financial results from the 2015 fiscal year. Forex scarcity began at the end of last year.

By the way, you did not ask yourself the question: which bank makes 82% of its profit by trading forex? You forgot to include the major reasons why banks are seeing a decline in profits. They are no longer keeping government money due to TSA which was implemented last year.

It's also happening with other banks
http://www.vanguardngr.com/2016/04/profits-5-banks-drop-n10-52bn-first-quarter/

It's just worst with first bank because they were the biggest beneficiary of Govt officials stashing MDA money in accounts to generate interest

South African based Pick n Pay Stores Ltd. announced plans to enter Nigeria after posting a 26 percent increase in full-year profit.

The company said it agreed to partner with Nigeria Stock Exchange listed AG Leventis & Co. to enter the Nigerian market because of its over 90 years’ experience doing business in Nigeria.

“A key part of the group’s strategy is to establish a second engine of growth in markets in the rest of Africa,” the company said in a statement on Tuesday. Pick n Pay will hold 51 percent of the operation in Nigeria, “which will roll out a combination of large and smaller formats to meet consumer needs.”

Currently, South African retailers are experiencing weak domestic consumer confidence, a weak currency and rising interest rates. The central bank cut economic growth forecast for South Africa to 0.8 percent this year, the slowest pace since the 2009 recession.

While speaking to the press after the company’s year-end results, CE Richard Brasher said:

“The opportunity presented by Nigeria is well-known: a population of 180m, an economy worth US$500 billion, and GDP growth of around 5% a year. Some analysts forecast that by 2030 Nigeria could have 160m households with sufficient incomes for discretionary spending, and a consumer goods market worth more than US$1 trillion.

“The development of modern shopping malls since 2005 in a few major cities reflects rising incomes and changing lifestyle options enjoyed by middle class Nigerians. Existing formal players in this market have relatively little scale.

“Nigeria is a country and a market which Pick n Pay cannot ignore in its quest for long-term sustainable growth. The challenge of course is how to succeed in Nigeria. We can all point to examples which have not worked.

“I set three pre-conditions for success in the Nigerian market:

First, we need to understand local consumer needs and how these are evolving in the country. We have done an enormous amount of research on-the-ground over the past two years to get this right.

Secondly, given the complexities of the Nigerian market, we believe a joint venture with an experienced local partner is the right approach. I am delighted with our decision to enter Nigeria with AG Leventis, which has nearly 90 years’ trading experience in the country. AG Leventis has huge expertise in supply chain logistics from their activities in the FMCG, motor vehicle, logistics and real estate sectors, and notable FMCG capabilities through Leventis Foods.

Thirdly, as elsewhere in Africa, our growth must take place in a deliberate, planned, and unhurried way, without putting the business under undue risk.
“Leventis is a family business with a similar operating ethos to that of Pick n Pay and I am confident that we have the right decision, the right partner and the right plan.”

AG Leventis Group Executive Vice Chairman and CEO Michael Economakis said:
http://investorsking.com/south-africas-pick-n-pay-to-expand-into-nigeria/