Agbalowomeri:
Game changer for naira

https://www.vanguardngr.com/2024/12/bill-on-prohibition-of-foreign-currency-use-in-nigeria-scales-first-reading-in-senate/

Changes nothing!

Who will arrest who?

Even those passing the law are guilt of same.

After spending many years in the market, many are still not able to understand psychology of the market. Majority of investors will still repeat the same behavioural pattern in every similar situation. This will explain why investors expecting oando to gain 10% this morning can make a 360 degree turn to expect the same oando to lose approximately 40% of its SP less than a mere 6 hrs after.

Perfect for JiJo

Harvestock01:
After spending many years in the market, many are still not able to understand psychology of the market. Majority of investors will still repeat the same behavioural pattern in every similar situation. This will explain why investors expecting oando to gain 10% this morning can make a 360 degree turn to expect the same oando to lose approximately 40% of its SP less than a mere 6 hrs after.

faoogoke:


Changes nothing!

Who will arrest who?

Even those passing the law are guilt of same.

It will work

That provides a legal ground for prosecution

I expect dom accounts to be outlawed by the same bill

KarlTom:
Perfect for JiJo

They provide liquidity to jijoists🤣

Agbalowomeri:


It will work

That provides a legal ground for prosecution

I expect dom accounts to be outlawed by the same bill

It is a good idea but the usefulness or practicability may be limited because the naira is not a convertible currency in the international markets.
How would you pay for imports and online purchases if they outlaw domiciliary accounts.
Stop going too far. Nigeria is not China or Russia

Princkez:
I think so...they opted for cash distribution instead ,amount is still unknown

Nothing like cash option!
It's only bonus shares in pro rated basis.
Ratio to be determined.
Where will the company get cash to pay shareholders?
Make Una collect your shares jejely and thank God as well as the management of O & O.

Agbalowomeri:


It will work

That provides a legal ground for prosecution

I expect dom accounts to be outlawed by the same bill

If DOM accounts are outlawed, what happens to folks working abroad while in Nigeria?

mikeapollo:


It is a good idea but the usefulness or practicability may be limited because the naira is not a convertible currency in the international markets.
How would you pay for imports and online purchases if they outlaw domiciliary accounts.
Stop going too far. Nigeria is not China or Russia

As for paying for imports, AliExpress and its senior bro, AliBaba are apparently accepting naira via Opay and Globus respectively. Not a problem. But how would Nigerians in Nigeria get paid by foreign companies?


We will resort to opening foreign accounts and receiving those funds in dollars, only converting when we want to spend.

Agbalowomeri:
Game changer for naira

https://www.vanguardngr.com/2024/12/bill-on-prohibition-of-foreign-currency-use-in-nigeria-scales-first-reading-in-senate/

No be the same politicians....
dey arrange with dollars...during elections...
Most laws in Naija are for masses...
Not for the elites...

Those that Eunisell and Johnholt have been monkey hunted into, who ll bail them out? Asking for poor victims.😁😭😭😭😁

yMcy56:

Nothing like cash option!
It's only bonus shares in pro rated basis.
Ratio to be determined.
Where will the company get cash to pay shareholders?
Make Una collect your shares jejely and thank God as well as the management of O & O.

Hello Mcy. I dont seems to understand all this arrangement. Can you please help brake it down.

Agbalowomeri:


It will work

That provides a legal ground for prosecution

I expect dom accounts to be outlawed by the same bill

How do you pay for international transactions if there is no Dom acct ?

Are the banks ready to remit dollar and debit my account in Naira...?

We like to implement laws in Nigeria without first building the operational framework ...

Harvestock01:
After spending many years in the market, many are still not able to understand psychology of the market. Majority of investors will still repeat the same behavioural pattern in every similar situation. This will explain why investors expecting oando to gain 10% this morning can make a 360 degree turn to expect the same oando to lose approximately 40% of its SP less than a mere 6 hrs after.

Human behaviour remain constant

That's why TA works

Willie2015:


How do you pay for international transactions if there is no Dom acct ?

Are the banks ready to remit dollar and debit my account in Naira...?

We like to implement laws in Nigeria without first building the operational framework ...

Why not?

Naira accounts will have to link up with the global payment systems the way it works elsewhere

If they ban dollar payments, then they will have to outlaw dom accounts, else there is no sense in that

Willie2015:


How do you pay for international transactions if there is no Dom acct ?

Are the banks ready to remit dollar and debit my account in Naira...?

We like to implement laws in Nigeria without first building the operational framework ...

Exactly!
They are talking as if Nigeria is mostly export-oriented country like China or Russia.
As long as we depend on imports. the seller will always dictate the currency of transaction.

Willie2015:


How do you pay for international transactions if there is no Dom acct ?

Are the banks ready to remit dollar and debit my account in Naira...?

We like to implement laws in Nigeria without first building the operational framework ...

We operated like that before dom accounts become popular.

You receive money in forex and bank credit you in Naira.

You send money in forex with naira from your account.

NSEstudent:


If DOM accounts are outlawed, what happens to folks working abroad while in Nigeria?

They get paid the naira equivalent. I really don't know whether any country exist that operates a dom account system for foreign currencies?

Dom accounts are an anomaly sincerely

Agbalowomeri:


They get paid the naira equivalent. I really don't know whether any country exist that operates a dom account system for foreign currencies?

Dom accounts are an anomaly sincerely

It is the reliance on dollars that apparently necessitated DOM accounts. If everything will be done in naira, that would be nice.

The reason we prefer getting paid and saving in dollars is obvious - naira is very unstable.

Surely this will even make matters worse? Why should expats be paid in Naira? Assuming the bill becomes law, they will just take their naira salaries and run back to the black market to convert it to USD, heaping more demand on the rate

Agbalowomeri:
Game changer for naira

https://www.vanguardngr.com/2024/12/bill-on-prohibition-of-foreign-currency-use-in-nigeria-scales-first-reading-in-senate/

robobo:
Hello Mcy. I dont seems to understand all this arrangement. Can you please help brake it down.

* OANDO is giving shareholders bonus shares
* This bonus will be pro-rated....e.g. 1:10 (1 new for every 10 held or as the company deems fit (na example I give here ooo)
* This bonus shares came about as a result of debts owing OANDO by one of the debtors
* The initial plan was to pay this debt to Oando in a space of 15yrs ....But..
* They opted to pay in kind and with shares.......I think by forfeiting some of their OANDO shares.....
* This forfeited shares will then be distributed to shareholders
* Qualification Date is today OR within 5 days after today.
* This will be communicated to shareholders soon

** This is my understanding of it so far....
We will get more clarity when meeting outcome is out.

Exactly. I haven't seen any country aside Nigeria where a foreign currency litters their streets.

I used to pay for foreign transactions with my Naira Mastercard and even receive payments from abroad on the same card.

In Europe, I pay for any offshore dealings with my Euro carte bancaire.

There are so many things we turn upside down in Nigeria. The POS that has become cash machines in Nigeria is called Point Of Sales because it is used as a payment system for businesses. It comes to Nigeria and we turned it to something else. Rather than helping a cashless system, it has become the very problem it is meant to solve.

Agbalowomeri:


They get paid the naira equivalent. I really don't know whether any country exist that operates a dom account system for foreign currencies?

Dom accounts are an anomaly sincerely

Agbalowomeri:


They get paid the naira equivalent. I really don't know whether any country exist that operates a dom account system for foreign currencies?

Dom accounts are an anomaly sincerely

Some years back, when I started working with an IMTO, we were all receiving our salaries in GBP until the onset of fx crisis when the company started paying us in Naira. I have no idea how they do it nowadays.

ghm:


We operated like that before dom accounts become popular.

You receive money in forex and bank credit you in Naira.

You send money in forex with naira from your account.

U need to ask why they stopped it...in the first place..

Do they have FX liquidity to manage their needs ?

I remember some banks reducing their limit to $10 per month...

Thats how bad it was..and very frustrating those times I need

to fund my foreign brokerage account..

In fact, there is practically no country like in Nigeria where even the government collects payment for domestic services in $, the citizens can freely buy foreign currency in the street and put it in their bank accounts, and the central bank feeds the black market.

Agbalowomeri:


They get paid the naira equivalent. I really don't know whether any country exist that operates a dom account system for foreign currencies?

Dom accounts are an anomaly sincerely

Sunrisepebble:
Surely this will even make matters worse? Why should expats be paid in Naira? Assuming the bill becomes law, they will just take their naira salaries and run back to the black market to convert it to USD, heaping more demand on the rate

Is it not possible for them to change naira to their own currencies in their countries?

It comes down to the instability of naira. If the value is the same everywhere and every time, everyone would be cool to accept it. No?

Agbalowomeri:


They get paid the naira equivalent. I really don't know whether any country exist that operates a dom account system for foreign currencies?

Dom accounts are an anomaly sincerely

It is definitely an anomaly.
But is the government ready to change the narrative?
It would have made better sense if the bill is coming from the executive. They hold the axe.

jckgroup1:
Sir Loco, torchlight Lasaco.

Is Lasaco about to rally high like Sunu Assurance? It is presently at N2.80.

We watch and wait...

How is it an anomaly? I have a foreign currency account with my UK bank. Most banks allow you to open such accounts in the UK

Agbalowomeri:


They get paid the naira equivalent. I really don't know whether any country exist that operates a dom account system for foreign currencies?

Dom accounts are an anomaly sincerely

It seems as if Aradel, SPDC deal has been approved. What I'm hearing

This one is not from my usual confam source so NFA/DYOR

yMcy56:

* OANDO is giving shareholders bonus shares
* This bonus will be pro-rated....e.g. 1:10 (1 new for every 10 held or as the company deems fit (na example I give here ooo)
* This bonus shares came about as a result of debts owing OANDO by one of the debtors
* The initial plan was to pay this debt to Oando in a space of 15yrs ....But..
* They opted to pay in kind and with shares.......I think by forfeiting some of their OANDO shares.....
* This forfeited shares will then be distribute to shareholders
* Qualification Date is today OR within 5 days after today.
* This will be communicated to shareholders soon

** This is my understanding of it so far....
We will get more clarity if there's any again

Ohhh ok. Thank you very much.

It is much clearer now. O & O wants to settle some of its debt with part of their holdings in Oando then those shares would be distributed to other shareholders

A very ingenious and creative scheme.

If O & O bought those shares in the days of sub 10/20 ( which i very much suspect) then its a win win for all sides, i.e. O &O, minority holders and the coy (Oando) itself. The losers are those shareholders that O & O bought from, because technical it is the gain they couldn't wait to collect that is being shared by all other parties.

yMcy56:

Oga Emma go finish Wale there....
They for don mark such shareholders, dem no go give him mic, or highest, bouncers go do their job 😁