Dum20:


What about the importers that need dollars for import?

How will they source dollars.

I believe that it is our importation that is driving the fall of the Naira.

Paying for schools fees abroad is also importation as Education is being imported.

Lots of nigerians are going to canada, uk and US schools more than ever before

In the short run the bolded is true but in the long run it is our ability to “earn” that matters most and determines the strength of our currency.

If we decides to cut down import (expense); there is only so little we can cut, very soon will start cutting ourselves. Relying on one source of income (crude oil) is what got Nigeria into this mess.

As an individual and as a Nation we should constantly keep on improving our ability to generate more income. We should not rely majorly on one source of income for our survival or else; sooner or later we will start cutting down the things we really need because we can’t afford it.

RabbiDoracle:


The current system :

If a European wants to buy a shoe in China, he changes his euro to yuan and pays for the shoe. Euro to yuan. 2-way system.

I believe the global payment system should be a 2 way system where banks in one nation will interact with the other banks there without intermediary.

A 2-way system will always reverts back to a 3-way system no matter the government policy put in place to prevent this. Money goes where it needs to go.

GreatEko:


It is actually a two way system here. Naira is easily convertible to CFA at major points (Abokis, Seme, Idi-Iroko, and many markets in Benin). You can even pay for some things in Naira there. Same goes for other Countries using CFA as their legal tender. Naira can also be directly exchanged for Ghana Cedi and SA Rand.

However, it is a black market rate people will be given for the conversion.

At Idi iroko border, the exchange rate is derived from the dollar value of both currencies. Dollar is still the unseen benchmark, if you want to see this in play, notice the rate of Naira to CFA falls when Naira falls to the dollar.

Neverlosemoney:

In the short run the bolded is true but in the long run it is our ability to “earn” that matters most and determines the strength of our currency.

If we decides to cut down import (expense); there is only so little we can cut, very soon will start cutting ourselves. Relying on one source of income (crude oil) is what got Nigeria into this mess.

As an individual and as a Nation we should constantly keep on improving our ability to generate more income. We should not rely majorly on one source of income for our survival or else; sooner or later we will start cutting down the things we really need because we can’t afford it.

That ability to earn is when Nigerian Universities become world class and people from other countries use dollars to buy naira to pay for nigerian universities school fees and other goods and services produced in nigeria

ACCESS: if you still cannot see what is going on, oh well

https://doclib.ngxgroup.com/Financial_NewsDocs/239_NOTIFICATION_OF_SHARE_DEALING_BY_INSIDERS-TENGEN_HOLDINGS_MAURITIUS_LTD.pdf

https://doclib.ngxgroup.com/Financial_NewsDocs/239_NOTIFICATION_OF_INSIDER_DEALING-TENGEN_HOLDINGS_MAURITIUS_LTD.pdf

https://doclib.ngxgroup.com/Financial_NewsDocs/239_NOTIFICATION_OF_SHARE_DEALING_BY_INSIDERS.pdf

Pls explain....some of us need to be educated

thesilentone:
ACCESS: if you still cannot see what is going on, oh well

https://doclib.ngxgroup.com/Financial_NewsDocs/239_NOTIFICATION_OF_SHARE_DEALING_BY_INSIDERS-TENGEN_HOLDINGS_MAURITIUS_LTD.pdf

https://doclib.ngxgroup.com/Financial_NewsDocs/239_NOTIFICATION_OF_INSIDER_DEALING-TENGEN_HOLDINGS_MAURITIUS_LTD.pdf

https://doclib.ngxgroup.com/Financial_NewsDocs/239_NOTIFICATION_OF_SHARE_DEALING_BY_INSIDERS.pdf

Dum20:


That ability to earn is when Nigerian Universities become world class and people from other countries use dollars to buy naira to pay for nigerian universities school fees and other goods and services produced in nigeria

Rightly said. It is not impossible!

ololufemi:


I'm not sure that China will allow its currency to appreciate because it would directly impact the pricing mechanism of their goods and services in comparison with other producers of such products and services for the world. Such an appreciation will lead to a decline in demand for their products and a shift towards other competing economies that can produce them.at a cheaper price.

The production of goods and services at significantly reduced prices is where I think Nigeria ought to invest heavily to benefit the people and the economy. Labour is significantly cheap in Nigeria and the potential for creation of production and service hubs is massive.

Labour is cheap in Nigeria but not readily available as they are not trained. I'll explain:

Dangote needed about 30k workers to build his refinery, he had to import 11.5k foreigners (mostly indians) and pay them with USD. We have many unemployed people in Nigeria but they are useless since they don't have basic vocational training.
Blue collar workers may be laborers but they need some 6 months -1 year training. The Pakistanis and Indians are the ones in construction all over the world and they are remitting money back to their home countries.
Same thing with the Lekki deep port, the transatlantic gas pipe project, railway projects, BUA refinery (which BTW is currently importing foreign welders) and tens of smaller projects around the country.
We are not the Saudis or Arabs who have enormous wealth and can decide to only do white collar supervisory work. We need to be able to grind and do the hardwork ourselves like the Chinese did.

Olaide1295:


Labour is cheap in Nigeria but not readily available as they are not trained. I'll explain:

Dangote needed about 30k workers to build his refinery, he had to import 11.5k foreigners (mostly indians) and pay them with USD. We have many unemployed people in Nigeria but they are useless since they don't have basic vocational training.
Blue collar workers may be laborers but they need some 6 months -1 year training. The Pakistanis and Indians are the ones in construction all over the world and they are remitting money back to their home countries.
Same thing with the Lekki deep port, the transatlantic gas pipe project, railway projects, BUA refinery (which BTW is currently importing foreign welders) and tens of smaller projects around the country.
We are not the Saudis or Arabs who have enormous wealth and can decide to only do white collar supervisory work. We need to be able to grind and do the hardwork ourselves like the Chinese did.

Oga I disagree with you that nigerians are not trained.

The asians provide a cheaper alternative to labour.

The chinese are ready to live 12 in a container and on site. They will not disturb you for transport money or other associated expenses. If they mess up, they are sent home to their country unlike a nigerian that will sue you in his own country.

Go to the middle east and everywhere in the world, the pakistanis, indians, chinese dominate those type of work.

Look at the story coming out concerning the world cup in Qatar.

The highest number of immigrants to Canada are indians and Chinese.

It is not a nigerian thing.

NIgerians are hardworking and industrious

Dum20:


Oga I disagree with you that nigerians are not trained.

The asians provide a cheaper alternative to labour.

The chinese are ready to live 12 in a container and on site. They will not disturb you for transport money or other associated expenses. If they mess up, they are sent home to their country unlike a nigerian that will sue you in his own country.

Go to the middle east and everywhere in the world, the pakistanis, indians, chinese dominate those type of work.

Look at the story coming out concerning the world cup in Qatar.

The highest number of immigrants to Canada are indians and Chinese.

It is not a nigerian thing.

NIgerians are hardworking and industrious

Ok.
Do you think the Indians, Chinese love to work in such horrendous conditions or sell their labor for cheap? India and China each have over hundreds of billions in USD reserves each. Why are they not spending the money so their people don't have to work hard in tough conditions?
All the good things we use in our own country are produced in those countries where labor is cheap. Do you think the citizens of those countries don't want to enjoy life too?

It is simply because as a country/ human, you need to be competitive. Unless you have a lot of money like the Arabs, you need to be competitive to industrialize.
If Indian labor is cheaper in Nigeria than local Nigerian labour, It simply means we are not serious or ready. The advantage China had to lead the world in manufacturing was their cheap labour.

@ololufemi had said Nigeria labor is cheap and we should produce. Now do you see the issue. It is really not cheap in comparison.
There are four factors of production, which one is our edge as a country? What exactly is Nigeria's advantage to become a productive country?

When key insiders continue to increase their holdings significantly in a publicly listed company, it suggests only one thing. It is not an automatic guaranty but it is as close as you will get without sitting at the table.

beejay1:
Pls explain....some of us need to be educated

Olaide1295:
First, I do not agree with Rabbi's first call that dollar will crash to Naira. I will only begin to take naira serious:
1. when fuel subsidy is removed (then you have a serious economy)
2. Or oil exports is increased to more than 1.5M barrels daily
3. Or when the CBN stops printing new money for the FG to spend (Over 700 billion new nairas in September alone)
4. Dangote refinery is another factor I am looking at that may help the country

For a country that has about $500M Eurobond due in July and has no option but to debit foreign reserves. How can Naira appreciate long term?

The above was what I meant when I said I've not seen any significant changes in the financial book of the country. For naira to appreciate all or most of the above must be achieved.

By the way make we leave dollar naira matter, na stock carry us reach here.

Be like accumulation of zenith is going on

please who is the registrar of Custodian investment

Mfunkynation:
please who is the registrar of Custodian investment

Custodian and Allied PLC?
Meristem

thesilentone:
ACCESS: if you still cannot see what is going on, oh well

https://doclib.ngxgroup.com/Financial_NewsDocs/239_NOTIFICATION_OF_SHARE_DEALING_BY_INSIDERS-TENGEN_HOLDINGS_MAURITIUS_LTD.pdf

https://doclib.ngxgroup.com/Financial_NewsDocs/239_NOTIFICATION_OF_INSIDER_DEALING-TENGEN_HOLDINGS_MAURITIUS_LTD.pdf

https://doclib.ngxgroup.com/Financial_NewsDocs/239_NOTIFICATION_OF_SHARE_DEALING_BY_INSIDERS.pdf

We are seeing

Dum20:


That ability to earn is when Nigerian Universities become world class and people from other countries use dollars to buy naira to pay for nigerian universities school fees and other goods and services produced in nigeria

Yes, you are right. But then, payment for school fees is just a small percentage compared to other factors draining our foreign exchange. What majorly contributes to depreciation of the naira are the constant demand for foreign exchange to import crude oil products. Think of the amount of dollars needed to import fuel on a yearly basis and you will know that we are our enemy. Another one is the demand for foreign exchange by manufacturers to procure raw materials abroad, not to talk about high cost of operations largely due to energy to power their factory. As we speak, diesel is around N800.

The question is: do we have any business at all importing fuel? The answer is NO. About 80% of funds expended to build Dangote Refinery were loans obtained from consortium of banks. So, this same government that has been borrowing to build rail lines cannot borrow to build refinery under 7 years, rather they prefer to spend trillions on subsidy every year. This subsidy payment comes in million of dollars and it is a huge drain on our national reserve.

Jerekre:
Custodian and Allied PLC? Meristem

Thanks

Breaking news:

Inflation in Nigeria accelerates to 21.09% in October 2022.

So what will CBN do? Raise rates to 21%

Nah. Siddon dey look time has reached.

kolaish:
Yes, you are right. But then, payment for school fees is just a small percentage compared to other factors draining our foreign exchange. What majorly contributes to depreciation of the naira are the constant demand for foreign exchange to import crude oil products. Think of the amount of dollars needed to import fuel on a yearly basis and you will know that we are our enemy. Another one is the demand for foreign exchange by manufacturers to procure raw materials abroad, not to talk about high cost of operations largely due to energy to power their factory. As we speak, diesel is around N800.

The question is: do we have any business at all importing fuel? The answer is NO. About 80% of funds expended to build Dangote Refinery were loans obtained from consortium of banks. So, this same government that has been borrowing to build rail lines cannot borrow to build refinery under 7 years, rather they prefer to spend trillions on subsidy every year. This subsidy payment comes in million of dollars and it is a huge drain on our national reserve.

If the goverment invest in a refinery such that it is a joint venture between goverment and a private firm, it can work.
However, if it is solely owned by goverment, it will be grounded in few years. Saboteurs will find a way to keep the refinery grounded.

Dangote refinery will work because it is a private business and the owner will do everything possible to prevent sabotage.

Hi! Which stockbroker with good online portal/app can one access in trading stocks in Nigeria?

FBNH

Hello,I’m Sophie by name,I’m deeply sorry if this goes off the topic here
Please if you can loan me #200,000 to invest on my beadmaking business which I would refund with interest in the space of six months,kindly message me on WhatsApp 07015371845
My location is ilorin

Tendd:
Hi! Which stockbroker with good online portal/app can one access in trading stocks in Nigeria?

Go to: www.meritrade.com and thank me later.

dapix:


Go to: www.meritrade.com and thank me later.

Okay, thanks alot for the info.

Is the CHAKA platform okay to start your investment journey in the Nigerian Stock Exchange?
Any Pros and Cons to consider before putting funds in such platform?

Germany and Poland seized Russia's Gazprom subsidiaries in their countries

RabbiDoracle:
Breaking news:

Inflation in Nigeria accelerates to 21.09% in October 2022.

So what will CBN do? Raise rates to 21%

Nah. Siddon dey look time has reached.

RabbiDoracle:
Breaking news:

Inflation in Nigeria accelerates to 21.09% in October 2022.

So what will CBN do? Raise rates to 21%

Nah. Siddon dey look time has reached.

So what happens if they are not able to raise interest rates?

delvzy:
Is the CHAKA platform okay to start your investment journey in the Nigerian Stock Exchange?
Any Pros and Cons to consider before putting funds in such platform?

Run oh.
Run
So many Cons
No Pros

Dum20:


So what happens if they are not able to raise interest rates?

Savings and fixed deposits suffer. Financial repression continues till people find the ways to invest their money.

thesilentone:
Germany and Poland seized Russia's Gazprom subsidiaries in their countries

They have been nationalising assets since including ailing utility companies like Uniper in Germany and EDF in France. Pretty normal.

Meanwhile..... Fed announced this today.

I thought they only did so at the height of the Ukraine war, I am surprised they have continued down that same route. I understand Germany need to protect the gas supplies but I'm having flashbacks of when Idi-amin nationalised foreign companies in his country. Maybe his scale was different but nonetheless it looks like the same act.

RabbiDoracle:


They have been nationalising assets since including ailing utility companies like Uniper in Germany and EDF in France. Pretty normal.

Meanwhile..... Fed announced this today.