Ok

SenseiX:
Brace yourselves welfare seeking Nigerians, tough times are ahead.
The economy is heading for a recession by the last quarter of the year and if Iran is allowed to release more oil into the already over saturated oil market, oil price might even fall below $40.....
In the midst of all this, the country is yet to get an economic Marshall plan and even an economic team.
Okonjo Iweala's tireless efforts placed the Nigerian economy on a pedestal, kept us at constant 7% growth, single digit inflation, got us into the bond index etc while Bubu's body language or is it body odour has got us here.

No b small body odour

JP Morgan is doing what is best for its investors,

Nigeria should also do what is best for its citizens.

Economics of a nation should not be dictated by people who are seeking fast capital gains.

Top 20 Most Brutal Dictators in Africa

boujaye:
Someone should please speak Hausa to Baba Daura, I don't think he understands all this, he only understands fighting quarruption.

................by mouth action only



www.nairaland.com/attachments/2611317_babamouthaction_jpega1638df5872892ac8b0fd1d92605145b

I am with the central bank on this. Protect our interest first, every other thing follows.
We are one strong nation, we will survive. There's light at the end of the tunnel. If light no dey there, we go hold touch-light.

SenseiX:


Foreign holdings of Nigerian government bonds stood at around $2.75 billion, the head of Africa strategy at Standard Chartered Bank Samir Gadio said.

I don't see any major big deal in this
If this is true, then the worst that can happen is when the foreign holdings is sold off 100% and with foreign exchange reserves sitting at US$31.1bn I will expect the CBN to use part of the reserves to meet any immediate demand for forex resulting from the foreigners selling their bonds. And as such, there should not be any major sell-off in the currency that will now further tighten the liquidity in the system

SenseiX:
Brace yourselves welfare seeking Nigerians, tough times are ahead.
The economy is heading for a recession by the last quarter of the year and if Iran is allowed to release more oil into the already over saturated oil market, oil price might even fall below $40.....
In the midst of all this, the country is yet to get an economic Marshall plan and even an economic team.
Okonjo Iweala's tireless efforts placed the Nigerian economy on a pedestal, kept us at constant 7% growth, single digit inflation, got us into the bond index etc while Bubu's body language or is it body odour has got us here.

An extract from the report:

JP Morgan’s decision to phase Nigeria out of its index which many investors track, marked the conclusion of a process initiated in January, Reuters reported.

How does it affect the price of garri in the market? Nonsense

SenseiX:
Brace yourselves welfare seeking Nigerians, tough times are ahead.
The economy is heading for a recession by the last quarter of the year and if Iran is allowed to release more oil into the already over saturated oil market, oil price might even fall below $40.....
In the midst of all this, the country is yet to get an economic Marshall plan and even an economic team.
Okonjo Iweala's tireless efforts placed the Nigerian economy on a pedestal, kept us at constant 7% growth, single digit inflation, got us into the bond index etc while Bubu's body language or is it body odour has got us here.

Fear not

Have u forgotten so soon baba promised to stabilise world oil price
In the fullness of time, his body language will re-enlist Nigeria into the bond index

SenseiX:
Brace yourselves welfare seeking Nigerians, tough times are ahead.
The economy is heading for a recession by the last quarter of the year and if Iran is allowed to release more oil into the already over saturated oil market, oil price might even fall below $40.....
In the midst of all this, the country is yet to get an economic Marshall plan and even an economic team.
Okonjo Iweala's tireless efforts placed the Nigerian economy on a pedestal, kept us at constant 7% growth, single digit inflation, got us into the bond index etc while Bubu's body language or is it body odour has got us here.

Body odour

CSTR2:
I am sure the Nigerian economy is better than Thailand, malaysia and singapore, who are soaring in the J.P morgan listings and would do anything to remain there.
Zombie.

I demand you write 5 pages of apology to those countries you just mentioned that we are better than.

PassingShot:

An extract from the report:

I have seen that ur main concern about any bad news concerning nigeria is that u always ok with it so far as d blame goes to gej. Smh.

Body language is gradually meeting its limitation.

Great thoughts

superstar1:
We shall weather the storm.

We will emerge stronger.

China did not participate in the derivative market for years. They were driven by need to curb corruption and do things that only benefits their country.

That is the right way to go. It gives us the opportunity to strengthen our bond with more local content than foreign investors that can easily call back their funds at any point in time. Thereby immunising our economy from capital flight and sabotage.

We will only do things that will benefit our people and country. They will come back to beg us.

I love this spirit...

JP Morgan should not remote-control our economy..
They didnt exist for us...We shouldnt exist for them.

Live and let live, jare

PAINGAIN:
I have seen that ur main concern about any bad news concerning nigeria is that u always ok with it so far as d blame goes to gej. Smh.

I only brought out an extract from the report and this is all you have to say?

Am I surprised? Not at all.

It's only clueless people that will fail to understand that for JP Morgan to delist a country from its Bond Index it must have taken painstaking efforts of many months of observing, studying and warnings.

SenseiX:
Brace yourselves welfare seeking Nigerians, tough times are ahead.
The economy is heading for a recession by the last quarter of the year and if Iran is allowed to release more oil into the already over saturated oil market, oil price might even fall below $40.....
In the midst of all this, the country is yet to get an economic Marshall plan and even an economic team.
Okonjo Iweala's tireless efforts placed the Nigerian economy on a pedestal, kept us at constant 7% growth, single digit inflation, got us into the bond index etc while Bubu's body language or is it body odour has got us here.

HEAR HEAR!!!!


While i want buhari to fail, i want Nigeria to succeed, if the price of Nigeria succeeding is buhari succeeding, then so be it! The handwriting is on the wall already...........................mene mene, tekel pasin

Buhari you're been weighed

Buhari you're been measured

Buhari so far so badgood , you are likely to be found ______________

boujaye:


Someone should please speak Hausa to Baba Daura, I don't think he understands all this, he only understands fighting quarruption.

From the report:

JP Morgan’s decision to phase Nigeria out of its index which many investors track, marked the conclusion of a process initiated in January, Reuters reported.

tougher times ahead...

SenseiX:
Brace yourselves welfare seeking Nigerians, tough times are ahead.
The economy is heading for a recession by the last quarter of the year and if Iran is allowed to release more oil into the already over saturated oil market, oil price might even fall below $40.....
In the midst of all this, the country is yet to get an economic Marshall plan and even an economic team.
Okonjo Iweala's tireless efforts placed the Nigerian economy on a pedestal, kept us at constant 7% growth, single digit inflation, got us into the bond index etc while Bubu's body language or is it body odour has got us here.

Nigerians thought issuing orders with immediate effect stimulates economic growth and job creation. It least for once this generation will see the other side. Maybe, just maybe they will all learn something after the dark years ahead.

Trailblazer1:
I hereby invoke APC economic think-tank on Nairaland to explain the economic implications of this action

you already know who it is

Ngeneukwenu, pls take the floor and educate us

You're joking right?

This is what you get when an illiterate dullard who has absolutely no clue about governance is hoisted on the country.

In 100 days Nigeria has lost all its progress in every sector.

Nigeria was listed in 2012 under GEJ and in January following anxiety on the upcoming elections stemming from violent open threats made by the dullard we were placed on a watch list.

Now the elections are over, The world has been watching and there is no internationally acclaimed economic team they can relate with, no likes of Okonjo they can negotiate with.

They do not understand the politics of putrid body odour aka body language, they work based on concrete policies and institutions and this slow snail in Aso rock who got F9 in most of his papers does not comprehend this simple fact. He is busy chasing rats while the economy is in flames.

JP Morgan had no choice. This is just the beginning, if this snail of a president does not act fast then nothing will be left of our economy.

I understand the decision of JP Morgan however I support the decision of the CBN.

JP Morgan an investment bank lists 1. Lack of liquidity. 2. Poor transparency 3. Forex uncertainty as their official reasons for delisting Nigerian government bonds.
However the biggest reason is "lack of liquidity". Understand that an investor's interest and the interests of the local economy are not always similar.

Liquidity means availability of cash/funds. If there is a lot of liquidity the value of the local currency drops. It also makes the assets of the local economy cheaper. This favours a foreign investor as his dollars gets more for less. However this does not favor the local people or economy as in effect they are losing value.

The decision of the CBN to implement currency controls is very good wisdom. It is to protect the currency from a damaging devaluation. There are obvious side effects but they are temporary as the CBN has to show foreigners we are not some fly spick African nation like Zimbabwe or Uganda who allowed foreign speculators to turn them into countries where you take a bag of money to buy a loaf of bread.

CSTR2:
In four years time, we will gauge the extent of economic damage this govt will have inflicted on this country.

Learn to read and comprehend.

This extract is from the same report:

JP Morgan’s decision to phase Nigeria out of its index which many investors track, marked the conclusion of a process initiated in January, Reuters reported

JPMorgan Chase & Co. has excluded Nigeria from its local-currency emerging-market bond indexes tracked by more than $200 billion of funds, after restrictions on foreign-exchange transactions prompted investor concerns about a shortage of liquidity.
The first phase of removing Africa’s biggest economy from the Government Bond Index-Emerging Markets, or GBI-EM, will take place at the end this month followed by a full exit by the end of October, the New York-based lender said in a statement sent to Bloomberg on Tuesday by spokesman Patrick Burton.

Nigeria’s central bank under Governor Godwin Emefiele introduced several foreign-exchange trading restrictions from December to stem the drop of the naira amid weaker oil prices. The country is Africa’s largest producer of crude, which accounts for about 90 percent of exports and two-thirds of government revenue. JPMorgan placed Nigeria on index watch in January, saying the foreign-exchange measures made it more difficult for foreign investors to replicate the gauges.

Currency Reaction

The country will “lose a significant chunk of regular portfolio inflows,” Gareth Brickman, a market analyst at ETM Analytics NA LLC in Stamford, Connecticut, said in a e-mailed note on Wednesday, estimating that more than $3 billion of Nigerian bonds will need to be sold. “The pressure will most certainly be back on the bank to allow the official naira rate to be at a lower, more sustainable level. Whether this comes with a more liberalized foreign-exchange regime is now anyone’s guess.”

Nigeria will not be eligible for re-entry for at least 12 months from the date of exclusion, JPMorgan said. The country has a 1.5 percent weighting in the biggest GBI-EM index, which is tracked by $183.8 billion of funds, according to the bank.
“Investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” JPMorgan said in the statement. “As a result, Nigeria will be removed.”
The naira weakened 20 percent to a record low of 206.32 per dollar in the year through Feb. 12. Extra curbs introduced by Emefiele after that slashed trading in the interbank market and have seen the currency stabilize at an average of 198.93 since the beginning of February.
“We would like to strongly disagree with the premise and conclusions upon which the decision rests,” Ibrahim Mu’azu, a spokesman for the Abuja-based central bank, said in a statement on Tuesday.
Nigeria has already introduced an order-based, two-way foreign-exchange market to stabilize the naira and limit speculation, according to the statement.

“Despite these positive outcomes, JPMorgan would prefer that we remove this rule; even though it is obvious that doing so would lead to an indeterminate depreciation of the naira,” Mu’azu said.
Emefiele repeatedly said that Nigeria wanted to remain in the indexes and that there’s enough liquidity in the currency market for foreigners to buy and sell naira bonds. Average yields on those securities rose 11 basis points to 16.04 percent on Sept. 7, the highest among 18 countries included in the GBI-EM indexes, according to data compiled by Bloomberg.
‘Big Blow’
“This will place additional pressure on the currency and even more upward pressure on domestic yields,” Stephen Bailey-Smith, head of Africa strategy at Standard Bank Group Ltd., said by phone from London.

JPMorgan included Nigeria in the GBI-EM in October 2012 after Emefiele’s predecessor, Lamido Sanusi, removed a rule that foreign buyers of naira bonds had to hold them for at least a year. Foreign holdings of the country’s local debt surged as a result to a peak of about $11 billion in 2013 before falling to $3 billion today, Samir Gadio, head of Africa strategy at Standard Chartered Plc., said by phone from London.

The exclusion hurts Nigeria just as President Muhammadu Buhari, in power since May, prepares to announce his cabinet, according to Ronak Gopaldas, head of country risk at Rand Merchant Bank. Buhari said he would have ministers in place by the end of the month.
“The move is a big blow to the country’s prestige and will result in negative market sentiment and capital outflows,” Johannesburg-based Gopaldas said in an e-mailed response to questions. “The performance of the currency, stock market as well as yields on the country’s debt are all expected to be adversely affected.”

http://www.bloomberg.com/news/articles/2015-09-08/jpmorgan-to-remove-nigeria-from-emerging-market-bond-indexes

Trailblazer1:


Ngozi Okonjo Iweala deserves to be celebrated for keeping us afloat all these years. she is indeed a rare gem

regardless of her haters from some bigoted sect. she is our hero

You must a glorified illiterate for you not to read where the report clearly stated that the process for delisting Nigerian from their index began since January .

Doesn't the country have a big account with them, why not close that account and move the money to a country or bank which is willing to list the bond. Rather, let our own country banks have our money and list our bonds

[s]

Alphaoscar:





You must a glorified illiterate for you not to read where the report clearly stated that the process for delisting Nigerian from their index began since January .

[/s]

You people are full of rubbish

PassingShot:

Learn to read and comprehend.

This extract is from the same report:

The wailers are only shooting themselves in the heart believing they are criticizing Buhari.

MKO4ever:

I don't see any major big deal in this
If this is true, then the worst that can happen is when the foreign holdings is sold off 100% and with foreign exchange reserves sitting at US$31.1bn I will expect the CBN to use part of the reserves to meet any immediate demand for forex resulting from the foreigners selling their bonds. And as such, there should not be any major sell-off in the currency that will now further tighten the liquidity in the system

CBN present gov is not like ex cbn gov sanusi.
they will not toe this path at all.

SenseiX:
Brace yourselves welfare seeking Nigerians, tough times are ahead.
The economy is heading for a recession by the last quarter of the year and if Iran is allowed to release more oil into the already over saturated oil market, oil price might even fall below $40.....
In the midst of all this, the country is yet to get an economic Marshall plan and even an economic team.
Okonjo Iweala's tireless efforts placed the Nigerian economy on a pedestal, kept us at constant 7% growth, single digit inflation, got us into the bond index etc while Bubu's body language or is it body odour has got us here.

you really can't read can you? Did you read the part that said the process started in January or you were rushing to post without thinking? This information is basically beyond your league I'd say. Why not let those who know and can discuss these implications without sounding like ignoramuses talk and you can learn?

Abracadabra... We that knows and understands the Duarian, warned the gullible ones about his lack of common sense. Now just look at where the old soldier is taking us back to. It's a pity!

baby124:
Doesn't the country have a big account with them, why not close that account and move the money to a country or bank which is willing to list the bond. Rather, let our own country banks have our money and list our bonds

can you list the countries because Europe is stressed