₦airaland Forum

Keeper could have done better there

Itsrm:
So how much is it now

You mean the banks sold all the billions they are hoarding and this is still the exchange rate?

Again, CBN should not go and address real issues. They should continue playing.

It's called Net open position in banking.

To be fair I dont think the banks have sold. That much liquidity and volume most likely would have a significant impact.

Except of course, the banks aren't distributing to the economy or are selling to themselves or some sort of concentrated parties

OasisX:


.....imagine businesses in Nigeria charging in Dollars?! And we expect Naira to be stable and strong?!

I thought there is/was a regulation against pricing in dollars in Nigeria?

OasisX:


.....BDC sef don dey fold. Cardoso ain't Meffy.

Dont hold your breadth.

All of these are just stop gaps for the short term. There still needs to be a long term strategy in play

raumdeuter:
Its really brutal. Many guys who were hired as remote workers are told to move to an office or resign, IBM just released their RTO this week. You return to office doesnt even guarantee your job

Say you WFH from Atlanta, IBM is in Austin, So do you fly back and forth maintaining 2 households or relocate your entire family. You relocate your family means your wife either finds a job or becomes Stay at Home. then what happens in 1yr down the line the company says they are not making enough profit and lay you off?

And all those upskilling how much can you really do when 22yr old leetcode monkeys are graduating in bulk, Outsourcing Yapa and with AI.
If we are seeing the impact of AI 1.0 imagine in 10yrs time what will be AI version 7.0? Maybe we will all be jobless

As I dey na prayer to retire early dey my mind now. I wan hang boot by the time I touch 50. I no fit dey keep up with all these jagbajantis. You learn ML 2yrs ago now them dey dry up, so today na to enter cyber. You never learn one thing finish another one don comot. Plus someone telling me to relocate to another city at this point. With sleepless nights of worry over whether you wont be able to login or na layoff email await you in the morning. Na retirement sure pass

Ibime, realistically how much do you need to have in investment accounts 401k plus Trading accounts to live a comfortable life for another 30yrs

There are some really good robo advisors that could help with this since you're mostly going to be passive and goals based. I could recommend a few if you're really serious about it

Itsrm:
They froze foreign currency accounts and "forcefully" converted peoples holdings to their local currency.

This was the result.

Will look for the link and share. I saw it on twitter.

That's not what your snapshot is saying though.

Anyway, please share the link when you get it. Happy to be countered

Itsrm:
Your suggestion will only worsen the situation. I just finished reading a research paper on what happened when Pakistan did exactly what you're suggesting.

Why are speculators not driving the demand for petrol for instance? The reason people are hoarding it is because its scarce. If CBN floods the market with USD today and the price starts crashing, people will be forced to sell.

Not true. Completely different situation.

Except I remember wrong, What Pakistan did was to ban all fx black markets which is different from what I mentioned. I think their aim then was also to take out black money that was in circulation - Terrorist financing e.t.c. Maybe you could share the research paper, let me see what you mean

Also when you say worsen, what exactly do you mean?

OasisX:
......NNPCL is no longer incharge of collecting crude oil revenues but CBN bruh.

So...

Doesnt matter who collects it. Who owns the revenue or earned it?. Its called accrual concept in accounting.

As far as I know. NNPCL is still the one who earned the crude oil revenue, CBN is just collecting on their behalf cos of how shoddy NNPCL has been about the whole thing, so I dont see that much significant difference.

CBN is just sort of acting like a revenue accountant to NNPCL

OasisX:




Naira will bounce back, economy will recover soon. Naija is hard at the moment, very hard to be honest, but I believe PBAT will soon get it right.

Make una no vex, I remain to be an Optimist and a Believer that Naija will be great.

No it wont. At least not in the short or mid term. I still dont see where the supply to meet the exceeding demand will come from

User09:
Anyway, like i've always maintained, speculators, hoarders and arbitrageurs need to be taken out so the CBN can actually access and deal with the real demand.

I've always wondered why the fixation on the dollar and using it as a benchmark for economic assessment when the general populace should be worried about other economic indices.

Even the exaggerated PPP model doesnt predict the current astronomical exchange rate in the market.

What is all this constant monitoring of dollar rate and using it for political and economic assessment. I have seen enough to know that the speculators are the ones driving the market - which I wouldnt be surprised if the CBN folks account for most of this given that a number of their senior directors are involved in the black market business

Like I have always said and would keep harping on. The dollar needs to leave the Nigerian banking system. I'm almost certain it is a radical but the only way to go now.

raumdeuter:
Kyle Walker don cummm again

https://news.sky.com/story/kyle-walker-manchester-city-and-england-star-apologises-to-wife-after-fathering-second-child-with-model-13059201

Territorial battle between women lol.

Wont be surprised if the main wife wants a 4th and/or a fifth child.

At 33 he's getting close to retirement; fortunes may soon start to dwindle, I feel sorry for him though

Itsrm:
The are not competitors to normal banks.

1. They still use normal banks for their settlement because they are not allowed to open accounts with the CBN

2. Traditional banks have mastered the art of making money. Bad as the economy was in 2023, they are posting hundreds of billions in profit. I think Zenith bank was on 500bn+ as at end of Q3 2023. Using the logic of most people, you would expect their profit to dwindle seeing as it was the year moniepoint and the likes really came into limelight due to Emefiele and his useless policies.

3. There is nothing moniepoint and the likes are doing that traditional banks cannot do ten times better. The reason they don't bother is because there's not much money to be made from the retail arm of banking. I won't be surprised if moniepoint is actually running at a loss. As past events have shown, these fintech coys are masters of cooking their books

I'll wager that most of this is just based off of exchange gains from the FX sitting in their balance sheet.

Bank's performance are generally expected to move in tandem with the economy. Nigerian banks are just not creating or driving any value in their economy

afrodoc2:
I am not following. What do you mean?

I am saying bombing the kidnappers with the hostages ≠ eliminating/reducing the future threat; There are so many other possibilities

Especially since we all agree that these folks operate with the mindset of a terrorist

afrodoc2:
It depends.

Are you happy for them to bomb your wife, kids, and parents in order to save the family of izzou, Amoto, afrodoc, jodera, and oasis in the future?

The options arent binary though?

There's a million and one iterations/possibilities

GloriousGbola:
The boss compiled a document of 'Nigerian traits'. Not a record of performance gaps.

I am not happy with your performance, and it is because you are a Nigerian and I have documented evidence of this.

Then the doozy picks African time. Do you think Nigerian workers in the corporate space can play African time? The foolish woman set the company up.

If Ibime sister is as cunning as her sibling, she sef fit use one foolish oga to cash out.

Interestingly, the boss is Venezuelan which many would argue is a bit similar to the Nigerian environment

GloriousGbola:
https://www.nairaland.com/7975975/tolulope-fayokun-wins-racial-profiling




When you take profiling to the next fking level.

Not sure I totally agree seeing as the other claims were dismissed.

I think this is just one of those cases where oga and subordinate dont see eye to eye and she played into her hands with those comments.

Also worth nothing that this was 2020 at the height of COVID where most employees at J&J would have had significant workloads. Interestingly the oga in question has left J&J, so I wonder if that counts for anything

9 mins seems a lot

raumdeuter:
Maybe na for Nigerian audience sha

Cos if Ivorians hear am, dem fit popo his head

Language barrier. Wouldnt mind French commentary atp

Leyqute:
What’s he on about?

Extremely biased. Speaks only from the Nigerian perspective. No single commentary on CIV plus poor grammaire

Amokachi giving the most biased commentary I've ever listened to in a game of sports

Good one on Osimhen not standing up there

nihilistjnr:
Omo no talk this one for outside.

Indian resource (as in resource based in India, and not UK/US based resource of Indian descent) behave very similarly to Nigerians in my experience. There's good and bad talent, highly skilled resource and grifters blagging their way through roles, highly conscientious workers and lazy bums in every workforce.

But the idea that Indians take work more seriously than most is a big MYTH.

Brah, I've worked with a lot, and alongside a lot in my consulting travels - and the majority of the ones I've worked with are shït, having either lied about their skills and qualifications to land on jobs they couldn't do, to being unable to produce documentation in simple English, to being incredibly lazy bums.

In my experience, they work well on repetitive task roles where they have to follow scripts, like call centres, but that doesn't require additional work ethic beyond basic gumption.

No talk this thing again for outside.

Totally agree with this.

In all of my experience with diverse people in the workforce, I have never seen a set of people play the blame game like these folks.

Infact when you read their email and response to issues, you can sort of sense it. Although they tend to quickly behave when called out on it

Itsrm:
The fact you don't see his name means nothing. Some of those names you see on the list of shareholders are SPVs and you may never know the actual people behind the SPV.

What we know is, Osinbajo was one of the pioneer shareholders of MTN. To the best of my knowledge, you don't even get invited to be a pioneer investor except you're buying something substantial. I think Dangote set his at $50m

He may not be a majority shareholder in the real sense of the word but he definetly has substantial holdings.

No he doesnt but let's just leave it at that. Also you can look at my other posts

He wasnt one of the pioneer sharehoders. To the best of my knowledge, It was more of Africa Capital Alliance that created the SPV that brought them in

BlueRayDick:
As I no get energy for shalaye nko ?

Where is the actual CCB disclosure which would contain more details. Pretty sure some miniscule shares prior to 2015 wouldnt count for major or significant shareholding today - which is what you said

As an aside, a lot of your stories dont check out. It's easier to just ignore since the overall motive of the story checks out

You always seem to know someone or have a friend who's experienced all kind of scenarios. - I'm sure you know what they say about people like that.

Ease off on the need to speak on everything. I only corrected what I'm pretty sure was wrong

BlueRayDick:
Yes it’s false

You said he's one of the major shareholders in MTN.

There's only been one from time and its been the same.

Even on the retail side, Osinbajo name doesnt even pop-up. There are some notable names there but definitely not Osinbajo.

And Yes, this is me speaking having seen their shareholding register

BlueRayDick:
Osinbajo is not a civil servant/government appointee. He was voted into an elected position. I know Osinbajo is one of the major shareholders in MTN, but I don't think the rule that applies to these ministers & civil servants applies to governors, presidents and vice presidents.

No be me write Nigerian constitution, public service rule and Public procurement Act. What the law says is that public servants can only engage in farming.

This is false. He's not.

I doubt he even has any MTN shares

Itsrm:
Just saw in this link that UBA contributed $100m. So 5 of them combined together to raise $500m

Interest to UBA will be about $11.5m

It's through an SPV, so I doubt the bolded.

Also its 2% facilitation fee for the lead arrangers (which i'm pretty sure wont be UBA), They'll be really stupid to offer $300m. I'm more concerned about the pledged security especially given the tenor

Chelsea having the most penalty in a season isnt something anyone could have predicted

"Your genetics load the gun. Your lifestyle pulls the trigger"

The above was a popular quote back in school. Don't know who said it

afrodoc2:
Greatness is by the wins on your resume. If you don’t have great wins then don’t have disgraceful performances,

Fury has no great wins. He has disgraceful performances.

Once he struggles we start hearing he is fat between fights. Whose fault?

As in. Anything just to make Fury seem like what he isnt. Who uses the excuse of lazy, undisciplined and fat for an athlete

Even went as far as comparing with Ali. Ali that beat most boxing greats and hall of famers; Archie Moore, Bob Foster, Ken Norton, Foreman, Floyd Patterson, Sonny Liston, Joe Frazier. He even beat most of them multiple times.

Nothing in Fury's resume even compares. Beats bums or people off their peak or shape, has a history of ducking fights. Not one of his single fight was against a rated opponent who was in top shape.

BlueRayDick:
Not at all.

When bank liquidates , the first set of people that will get compensated are the creditors of the bank followed by those who hold preference shares. If at that time money no dey again to share to anybody ; e don be for any other stakeholder be that .

Now that’s where NDIC comes in; NDIC will pay a Maximum of N500k to u for the funds u have with the bank as a customer and that’s the end . Cos the N500k is the Maximum NDIC can guarantee they can pay on behalf of the bank if it fails .

But don’t fret , NDIC and CBN through their risk based supervision of banks have made it almost impossible for banks to fail post 2005 bank consolidation exercise . ( Just like itsrm pointed out ) . Instead make bad thing happen , rain go fall .

Before a bank fails CBN would’ve seen it miles ahead and they would’ve stepped in . It’s one of the reasons AMCON was established ; if not for
AMCON banks like FBN, UBN etc would’ve failed due to their bad debts wey people like Oba Otudeko , Ben Bruce and the likes dey owe them.

Historical NPL ratios of these banks says this is incorrect. Ecobank Nigeria was more befiting of your example

afrodoc2:
These receipts are solid but not insurmountable for a seasoned vet like Dayo.

I could even help him. There's a bit of synergy between what he posited earlier and COP28.

All he has to do is talk about transition risks which Nigeria stands to be one of those severely impacted being an oil-dependent nation.

Making a case at these sort of summit is not unheard of