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Nairaland Forum / Nairaland / General / Politics / Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! (2367 Views)
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Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by citizenisb: 4:47am On Apr 10, 2015 |
http://www.thisdaylive.com/articles/post-election-bond-rally-stalls-on-naira-concern/206371/ Nigeria’s post-election bond rally is stalling as foreign investors wait for a devaluation of the naira before buying the nation’s debt. Yields on benchmark naira bonds due March 2024 have climbed 61 basis points in the past three days after plunging 118 basis points on April 2, the day after Muhammadu Buhari of the opposition All Progressives Congress was announced the winner in a presidential election. Investors including Morgan Stanley, Aberdeen Asset Management Plc and Landesbank Berlin Investment had cut their local bond holdings in the last quarter of 2014 as the price of crude oil, Nigeria’s main export and source of more than two thirds of government revenue, fell by 37 percent during the period. “Political risks have diminished but the other risks are still in place: a very low oil price and pressure on the naira,” [/b]Bloomberg quoted Lutz Roehmeyer, who oversees Landesbank Berlin’s $1.1 billion emerging-markets debt portfolio to have said. “[b]You can still expect a devaluation. I see a lot of local-currency investors waiting for that to happen before they re-enter Nigeria.” Buhari, 72, a former military ruler who lost three previous election bids, will be sworn in on May 29. Nigerian assets soared after Jonathan conceded defeat on March 31, easing investors’ concerns of a disputed result in a country marred by a history of election-related violence. Nigeria’s average government bond yields fell 81 basis points to 14.47 percent on April 1, the lowest since December 12. Most of the demand came from domestic investors, who don’t have to take the naira’s exchange rate into account, according to head of research at London-based Ashmore Group Plc, which manages $64 billion of emerging market debt,Jan Dehn. While the central bank’s measures have helped steady the exchange rate, they have reduced liquidity and left the naira overvalued, according to a money-manager who helps oversee $12 billion of developing-nation debt at Aberdeen, Viktor Szabo,which firm hasn’t resumed buying naira debt. “The currency hasn’t adjusted sufficiently,” Szabo said. “It’s the turn of the central bank to act. If the move is sufficient –- we’re probably talking to above 220 a dollar –- we’d be inclined to get involved with the local bonds.” |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by Nokiae5: 5:08am On Apr 10, 2015 |
sai buhari change 1 Like |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by tos4u(m): 5:29am On Apr 10, 2015 |
I cant see the reson to devalue naira anymore, buhari will make 1naira=1dollar now very soon 1 Like 1 Share |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by zadok60: 5:55am On Apr 10, 2015 |
is allowed. |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by Nobody: 6:06am On Apr 10, 2015 |
tos4u:Bros the kind dream wey you dey Na hot water fit wake you. 1$=1N very soon? 1 Like |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by Opinedecandid(m): 6:15am On Apr 10, 2015 |
It is as expected. No qualms. |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by harrysterol(m): 6:22am On Apr 10, 2015 |
Buhari we need our 1naira =1 dollar o ![]() ![]() 4 Likes 1 Share |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by Volksfuhrer(m): 6:26am On Apr 10, 2015 |
Let these foreign investors stay away from Nigeria for now, if they still find our economy risky to put their money! The real sector is already groaning at the current rate of exchange, and yet these foreign loan sharks are asking us to further devalue the currency to minimize their risks! 1 Like |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by abduljabbar4(m): 6:30am On Apr 10, 2015 |
jcmaiah:The fact is Buhari never made such promise. They can't provide any audio or video or a reliable source. 1 Like |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by arsetalks(m): 6:31am On Apr 10, 2015 |
I feel for the incoming government. The outgoing government has so bastadized our economy that the task would right from the first day in office be a big task for the incoming government. It is such a shame really. We had no boom in the country when oil prices where extremely above our bench mark rate but we are now suffering when the prices are low. Thats the hallmark of a corrupt government. Yet some people are calling him an hero for conceding defeat to an ELECTION HE LOST. My annoyance is Buhari won't want to probe the clueless jerk when he comes in. He has milked us dry and it will take us a while to fully recover from this. 11 Likes |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by arsetalks(m): 6:33am On Apr 10, 2015 |
Volksfuhrer:Do you blame the foreign investors? They are realistic people. Don't you know a country's currency is as good as it exports? Our export is oil, is the value of oil is now almost in the junk status, what makes you think naira shouldn't be? The blame should be on our so called president who has so ruined this economy. 1 Like |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by Bevista: 6:47am On Apr 10, 2015 |
abduljabbar4:I have been begging those peddling that propaganda to provide me with a link to any credible article where Buhari said that with his own mouth. I blame News Agency of Nigeria (NAN) for deliberately misleading the public, they started that sh*t. |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by Olamitisoji(m): 6:55am On Apr 10, 2015 |
.... |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by RockMaxi: 7:05am On Apr 10, 2015 |
arsetalks: We shouted on the top of our voices then that the voodoo statistics coming from NOI does not reflect the true state of the economy, but the propaganda sells faster even to the so called elites. Fast forward to recent events, I initally didn't feel excited about this Buhari's victory and like I said Buhari will still face the same hurdle he faced in 1983 if not more in 2015, what a fate. Hope is not all lost because now there will be divergent views on policies as contrast to what is obtainable in 1983. The biggest task is how to contain our impatience to seeing how policies will be implemented. Even if there is going to be any magic it will definitely take time to materialize. |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by arsetalks(m): 7:13am On Apr 10, 2015 |
RockMaxi:Exactly bro. The people are very likely to be impatient and this can only spell doom for Buhari's administration. To me, Buhari's 4 years ( I don't see a second 4 years for him) will be a cleansing one for the next president after him likely to be Okorocha or Fashola or Osinbajo. |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by DaGC(m): 7:23am On Apr 10, 2015 |
Some of the people above are among those who still blames GEJ for every problem Nigeria have but exempt all past leaders before GEJ from blame. Smh. I dared a few of the APC supporters at the state's headquarters while passing by, to name a leader since 1960 that has done more infrastructural projects than this outgoing government. I throw the same to my fellow Nairalanders now. Yes, Oil prices are coming down but don't ever think a time will come anytime soon when oil won't be needed in the world. Pray that likewise the way the outgoing govt diversified to Agriculture and Entertainment, that the incoming also bring more ideas away from oil and sustain the existing ones. Vote for candidate, not for party. Hell, GEJ might switch parties and this same people will call him a 'progressive'. ![]() I voted for the PDP during the presidential elections, but I sure as hell ain't voting their candidate for the gubernatorial election. If Lucky Igbenedion or Ibori enters the APC and seek public offices, these retards falling for the party hype will vote em in without looking at the candidates. Even after saying the PDP ruined Nigeria. If GEJ couldn't solve all Nigeria's problems in 5years and was lambasted for it, then no one should make excuses for the General if he can't achieve them in 4years. Let him focus on the task of rebranding Nigeria into the better Nigeria we all hope for. 4 Likes |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by sultaan(m): 7:32am On Apr 10, 2015 |
Let us all thank the clueless GEJ for giving us the genius Okonja under whose watch Naira is at its lowest value in the history of the Nation. consider long she has been there and things have only gotten worse for the Naira.I know in the west where she claimed she got her degree no one will consider her for a job now hopefully the rewards of working in Nigeria will last a lifetime of her & kids affluence |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by Rose2014: 7:56am On Apr 10, 2015 |
Bevista: abduljabbar4: Vanguard is no longer reliable abi? ![]() ![]() Politicians using our heads since 1835 Sipping my fanta waiting for naira to equal dollar jare. *countdown begins May 29th ![]() |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by citizenisb: 8:09am On Apr 10, 2015 |
Prepare for harsher economic times |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by Jorussia(m): 8:15am On Apr 10, 2015 |
May CBN NOr come kill person jare,we wen want pay school fees in dollars for this summer,them wan just give us headache. |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by arsetalks(m): 8:16am On Apr 10, 2015 |
DaGC:No one is blaming GEJ for the past. We are blaming him for the present. Who met naira at 115 but is leaving it at 200+? Who met the foreign reserve at $60bn or there about and is leaving it at $35bn or there about? Who had the fortune of high oil prices for over 2 years and we are not better for it? Who told us he was removing fuel subsidy partially to build us refineries but did nothing? Under who was so much scam carried out and was not checkmated? Under who did Efcc and ICPC died? If you say we should not blame GEJ cos orders fumbled then we should not praise OBJ for helping to get a reprieve from the debt imposed on us by others? Then we can assume OBJ didn't do well with the Efcc and ICPC? 3 Likes |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by Volksfuhrer(m): 8:18am On Apr 10, 2015 |
arsetalks: All the more reasons why I want them to stay away! Yes, we've had bad leaders messing with economy, but that is no reason to make things worse at the prompt of every foreign investor. Why are we not looking to the needs of our local investors? Why are foreign investors more important than the local ones? We can develop our economy ourselves if we believe we can! |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by sammyj: 8:36am On Apr 10, 2015 |
Let them stay away if that is what they want. however, my greatest disappointment goes to madam Ngozi for allowing this current corrupt government and her cronies to steal the common wealth meant for the development of our economy. GMB/PYO we know, GMB/PYO we trust !!! 1 Like |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by DaGC(m): 8:38am On Apr 10, 2015 |
arsetalks: Yet a lot of the APC supporters here go all bunkers on how the PDP ruined Nigeria, yet the OBJ you are indirectly praising was part of it. My main point here is the disturbing amount of blame being put on the man like Nigeria was Los Angeles before he came on board. Some people here made it seem like before GEJ came on board, Nigeria had stable electricity, great air travel system, no pump price increase, that there were no strikes by public institutions etc and that GEJ ruined it all. Its absurd!!! ![]() I'm sure you saw my dare above about all our leaders since 1960. That he was meek, doesn't make him bad. Let's just allow the President-elect focus on his rebranding of Nigeria into a better one, because a better Nigeria favours us all. No need making excuses for him now because if GEJ was lambasted for not solving Nigeria's problems in 5years, then 4years should be enough for the General or he gets the same treatment. In 2019, we shall re-evaluate. For now....... #PeacefulNigeria #UnitedNigeria 2 Likes |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by overlord77: 8:47am On Apr 10, 2015 |
DaGC: Thank you sir |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by lovat(m): 8:51am On Apr 10, 2015 |
Any further devaluation of naira will damage the economy of the country, rathe we need to manage the exchange rate and look for ways to increase our exports of other local commodities and diversify our economy |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by wordychap: 8:52am On Apr 10, 2015 |
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Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by wordychap: 8:57am On Apr 10, 2015 |
arsetalks: I pray your prayers are answered |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by GBTYO: 8:58am On Apr 10, 2015 |
Opinedecandid: They stopped buying our oil before crashing the price with the help of the Saudis Prior to that they stopped investing in our bonds and stock market. All this because Nigeria was aligning more economically with China. The APC alongside Boki Haram where created by the White House. Nigeria has been mortgaged to JP Morgan |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by HzRF(m): 9:52am On Apr 10, 2015 |
arsetalks:Stories that touches Ur Messiah has already started d blame game By d tym a barrel of oil is sold at 30$ we would see |
Re: Breaking:- Naira To Be Devalued After Elections, Minimum 220=$1!!! by DaGC(m): 4:05pm On Apr 10, 2015 |
HzRF: Bro, they always made it seem like GEJ was the worse thing to happen to Nigeria, and that before GEJ came, Nigeria was like London. With stable electricity, great health care system, no pump price increase, great air travel system, great roads, no strikes whatsoever etc. APC's state headquarters was where I dared people to tell me which Nigerian leader since 1960 has done more infrastrucrtural projects than GEJ and till now, no answer. And they are always quick to speak of corruption against other public officers and ministries, but none about the man. Ask them to provide where it states in the constitution that the President is in charge of persecuting criminal offenses and they shudder. He hasn't even been sworn in and a whole lot of them are already making excuses for him. If GEJ couldn't fix Nigeria in 5years and was lambasted for it, then 4years is also a good enough time for the General. Personally, I pray it all works out, because a better Nigeria favours us all. Although the amount of decamping is worrisome. If the APC is right about PDP ruining Nigeria, why not reject PDP members trying to join the APC. That would have shown us that they are different. To the rabid APC supporters, they should just let the man to carry out his work as promised and advertised. No excuses. |
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